Egypt Invests EGP 1.3 bn in Neediest Villages in FY 2018/19

Egypt Invests EGP 1.3 bn in Neediest Villages in FY 2018/19

Deputy Minister of Planning and Administrative Reform Ahmed Kamaly said Egypt has carried out investments worth EGP 1.3 bn in 158 most needy villages during FY 2018/19, benefitting merely 2.5 mn citizens residing in five governorates, Invest-Gate reports.

Improving the infrastructure of governorates is a pivotal step for luring investments, Kamaly said in a ministerial statement on August 6, adding, “Egypt has two kinds of economies: the official and unofficial. Employees of the latter account for 50% of the country’s manpower and 40% of its GDP.”

He elaborated, “Merging the unofficial economy with the state’s official economic system contributes to fighting poverty. In this regard, new laws are set to be introduced to help in this process.”

According to Kamaly, the fluctuating inflation rates have essentially contributed to increasing Egypt’s poverty rates. However, the government has been exerting efforts to enhance livelihood of Egyptians.


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