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27 August 12:00 AM

Egypt's gov't investments to be almost doubled in 2018-2019 - min.

The total Egyptian government investments will hit LE 148.5 billion in 2018-2019, marking a  46% rise in comparison with 2017-2018, the planning minister said.

Reviewing the sustainable development plan before the parliament on Sunday, Hala El-Said said upping governmental investments requires restructuring public expenses.

The sustainable development plan aims to up growth rate to 5.8% in 2018-2019 and 8% in 2021-2022,she  said.

Under the plan, the government will also ratchet up saving rates from 7.3% in 2017-2018 to 11.1% in 2018-2019 and to 20 % in 2021-2022.

She added that investment rates should also gradually surge from 16.9% to 18%, then to 25.6%.

Under the sustainable plan, total investments are expected to post about LE 942.2 billion in 2018-2019, she said.

North Sinai national development projects will go on under the plan, she said.

Under the plan, industrial production growth rate will rise from 5% to 6.5% in 2018-2019, she said.

The annual non-petroleum exports are expected to up by  over 12% and generating about 150,000 jobs in the petroleum score, she added.

Under the plan,LE 16.4 billion will pour into 270 projects of potable water and sanitation. About 15.5 million people will benefit from these projects, she said. 

The communication and IT growth sector will post 10% in 2018-2019, the minister said, referring to the establishment of four technological complexes that secure about 15,000 jobs.

About LE 8 billion were earmarked for boosting health care programs, she said.

About LE 9 billion will be injected into local development, especially for improving the services offered to people nationwide, she said.

The plan targets creating 750,000 jobs, thus downing unemployment to 11%.

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