Egypt’s Prime Minister Mostafa Madbouly announced the proposed investment budget for FY 2020/21 will rise to 230 bn from EGP 150 in the previous year, Invest-Gate reports.

This came during a meeting with the representatives of the real estate development and contracting sectors, in the presence of Minister of Housing, Utilities,  and Urban Communities Assem El Gazzar, according to a statement issued by the cabinet on May 7.

“We are keen on supporting the real estate development and contracting sectors amid the current conditions and in line with the government’s efforts to combat the coronavirus pandemic,” he said during a meeting on May 7.

Madbouly added the construction industry, in general, helps the state achieves its development targets, while contributing to providing labor-intensive job opportunities.

He highlighted the proposals presented by the property sector’s representatives concerning the financial facilitations demanded from the Central Bank of Egypt (CBE) have been referred to the bank’s governor Tarek Amer, who promised to look into the matter.

Madbouly also ordered to speed up the payment of all financial dues to contracting companies.