Egypt working on national projects worth LE4.5 trillion

Egypt working on national projects worth LE4.5 trillion 

 

 

Ahmed Kamel

The government is working a number of key national megaprojects to decrease the unemployment rate, support the economy and improve the nation’s infrastructure. Prime Minister Moustafa Madbouly said megaprojects worth LE4.5 trillion are underway to create jobs and push growth ahead.

The prime minister was quoted by the local media that despite the Covid-19 pandemic, Egypt tops economic growth in the Middle East and Africa.

“Prior to the coronavirus crisis, Egypt’s growth reached 5.9 per cent,” Madbouly said, noting that Egypt’s constructions sector will be the largest in the Middle East region in the coming 10 years.

The government has earmarked LE300 billion for public investments in the 2020/21 fiscal year. It also targets the reclamation of around 1.2 million acres of land to boost the nation’s food security, relying on its agricultural resources.