Egyptian President Abdel Fattah El Sisi ratifies the social and economic development plan for the fiscal year 2017/2018, Invest-Gate reports.
The strategy sees the GDP at current prices reaching EGP 4072.4 bn in the fiscal year, a growth of 4.6% year-on-year, buoyed by an increase in overall resources and investments in nonfinancial assets.
Under the plan, a program of buying non-financial assets worth EGP 646 bn will be launched for the FY17/18 with EGP 646 bn.
The approved plan stipulates that the public treasury will provide needed funding for the governmental bodies.
The government will provide soft loans valued at EGP 150 mn, of which EGP 120 mn will be allocated for the social housing at a 6% interest rate.