Egypt sees record increase in gov’t investment spending

Cairo – Mubasher: Egypt is witnessing an unprecedented increase in government spending on investments in fiscal year 2020/2021, the country’s finance minister Mohamed Maait said.

The government allocated EGP 280.7 billion to investments in 20/21 budget, including EGP 225 billion to be financed from the state treasury and other sources, up by 35% from the previous year, alongside other self-financing sources such as state-run funds and authorities, Maait added in a statement on Sunday.

These investments are aimed at driving the country’s economic growth and creating new jobs to maintain economic reforms amid the coronavirus (COVID-19) crisis. 

Mubasher Contribution Time: 02-Aug-2020 09:37 (GMT)
Mubasher Last Update Time: 02-Aug-2020 09:37 (GMT)