H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in a meeting of the Economic Committee of the House of Representatives, chaired by MP Mohamed Suleiman. The meeting was attended by the committee’s deputy chairs, MP Mohamed Abdel Hamid, MP Kamal El-Din El-Shafei, and MP Tarek Hassan Ammar, the committee’s secretary, and the members of the committee, to discuss the implementation of the 2023/2024 economic and social development plan.
The Minister of Planning, Economic Development, and International Cooperation clarified that the ministry is working on establishing a national narrative for economic development that includes foreign direct investment strategy, industrial development strategy, human development, entrepreneurship, and other sectors to drive economic development efforts. H.E. Dr. Al-Mashat emphasized the importance of setting unified targets that reflect Egypt’s Vision 2030 and the government’s work program.
H.E. Dr. Rania Al-Mashat confirmed that despite the significant challenges the Egyptian economy faced in previous periods, there has been noticeable improvement in several sectors, particularly in economic growth during the first quarter of the current fiscal year, driven by the non-oil manufacturing, tourism, transport, and storage sectors. She expects the Egyptian economy to achieve a 4% growth in the current fiscal year.
H.E. Minister Al-Mashat also reviewed the government’s efforts to govern public investments to enhance macroeconomic stability, achieve fiscal discipline, maintain public debt sustainability, and combat high inflation rates, all of which have resulted in increased private sector investments in the first quarter of the current fiscal year.
H.E. Dr. Al-Mashat noted that the ministry holds meetings with various ministries to discuss the targets of the investment plan for the next fiscal year, with full coordination to align these targets with current developments and ensure they align with Egypt’s Vision 2030 and the government’s program.
H.E. Minister Al-Mashat highlighted the achievements made in the 2023/2024 economic and social development plan. She emphasized that the ministry continues its role in monitoring the implementation of the plan, which aligns with the state’s efforts for sustainable and comprehensive development and reducing development gaps.
H.E. Dr. Al-Mashat pointed out that the total investments implemented in the 2023/2024 plan amounted to approximately 1,626 billion Egyptian pounds, with a growth rate of 5.8% compared to the previous fiscal year and an implementation rate of about 98.5% of the targeted plan, which was estimated at 1,650 billion pounds.
H.E. Minister Al-Mashat outlined the total public investments implemented, which amounted to approximately 926 billion pounds, with a growth rate of 6.3% compared to the previous year, and an implementation rate of 88% of the targeted amount of 1,050 billion pounds. As a result, the percentage of public investments relative to total investments dropped to about 57% compared to the targeted 64%, in line with the state’s strategy of promoting private-sector-led economic development.
Regarding private-sector investments, H.E. Minister Al-Mashat affirmed that they increased to reach 700 billion pounds in 2023/2024, with a growth rate of 5.3%, exceeding the target of 600 billion pounds by 116%, raising their share of total investments to about 43% compared to the targeted 36% in the plan. The significant increase in private-sector investments helped compensate for the decline in total public investments, reflecting the state’s direction to boost private-sector investment activities in line with the State Ownership Policy Document.
H.E. Dr. Al-Mashat added that the plan’s implementation maintained the main development priorities of the state, particularly in human and social development sectors such as school education, higher education, scientific research, and health services, which accounted for approximately 107.9 billion pounds. These investments exceeded the target, reaching 34.6% of total public investments compared to the targeted 24.4%. This was achieved despite a decline in the volume and growth rate of investments, which was accompanied by a slowdown in economic growth. Additionally, infrastructure sectors accounted for approximately 180.6 billion pounds, or 57.9% of total public investments, which was lower than the targeted 66.3%. These allocations were directed towards human development sectors, with an increase in their share of the current year’s plan, reaching 42.4% of total public investments. This reflects the state’s commitment to supporting human development sectors, as outlined in constitutional requirements.
H.E. Minister Al-Mashat also pointed out that investments in local development during the year amounted to about 23.2 billion pounds, representing 7.5% of total public investments, exceeding the targeted 7.2%. The Upper Egypt governorates received about 35% of total local development investments during the year, compared to 21.4% in the previous year.
Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.
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