Planning Minister Hala El Saeed said Egypt endeavors to see a growth of 3.5% in FY 2020/21, yet this figure could cripple to 2% if the coronavirus pandemic continues till December, Invest-Gate reports

“The government had been targeting annual growth of 5.6% in FY 2019/20, but was now looking at 4.2% due to the crisis,” El Saeed added in a recent ministerial statement.

The minister expects private investments, which were estimated to reach EGP 740 bn in FY 2020/21, to decline by 30% due to the economic repercussions of the coronavirus outbreak.

In early 2020, El Saeed highlighted that the government had directed investments amounting to EGP 944 mn to implement 202 projects in FY 2019/20. The developments are aimed at developing villages in the governorates of Sohag, Beni Suef, Minya, Assiut, and Aswan.