The Egyptian government targets to inject about LE294.2 billion, representing 21 per cent of the country’s total investment plan for FY 2022/2023, in the urban development sector, said Planning and Economic Development Minister Hala el Said.
This came in a report issued by the Planning and Economic Development Ministry to clarify the objectives of the urban development sector in the plan for the current FY 2022/2023.
The urban development sector is closely related to the sectors of economic and social development through providing integrated urban and residential communities that include housing units suitable to all segments of the society, added the minister.
The minister, meanwhile, clarified that real estate activities constitute the largest part of investments at a rate of 53.7 per cent (LE157.9 billion), while 35.1 per cent of investment (LE103.4 billion) is directed to water and sanitation projects, and 11.2 per cent (LE32.9 billion) is allocated to construction works.
Egypt targets to increase the output of the urban development sector at the current prices from LE2936.5 billion in FY 2021/2022 to about LE3395.2 billion during FY 2022/2023, representing an increase of about 15.6 per cent, according to a report issued by the Planning and Economic Development Ministry.
The sector’s share of GDP involves the construction work achieving about LE985 billion in FY 2022/2023, up from LE834 billion in the previous fiscal year, said the report.
The report also said that the real estate activities target achieving about LE922,4 billion during FY 2022/2023, up from LE805.8 billion in the previous fiscal year and the water and sanitation sector that expects to attain LE48.1 billion output FY 2022/2023, representing an increase of about 14.8 per cent compared to the previous fiscal year.
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