At least 162 development projects, worth a total of EGP 10.8 bn of public investments, are in the pipeline at the Red Sea Governorate as part of the state’s “Citizen Investment Plan” for FY 2020/21, which aims to bridge the planning process of Egypt Vision 2030, Invest-Gate reports.
The housing sector secures EGP 3.47 bn (32.2%) of total public investments directed to the Red Sea Governorate, while the oil and gas, electricity, transportation, and local development sectors get EGP 3.19 bn (30.5%), EGP 1.59 bn (14.8%), EGP 784.4 mn (7.3%), and EGP 585.8 mn (5.4%), respectively, whereas other sectors account for EGP 1.05 bn (9.8%), said Minister of Planning and Economic Development Hala El Saeed in an official statement on December 7.
Speaking of investments allotted for the Red Sea Governorate’s housing sector in the FY 2020/21 development plan, the most important aspect is directing EGP 2.7 bn to the national social housing program. That is in addition to the allocation of almost EGP 416 mn to water supply and sewerage treatment services, to ensure the safety and wellbeing of the area’s residents, El Saeed continued.
She explained that this comes as part of the continuation of the Citizen Investment Plan across Egypt’s governorates for the second year in a row, with the FY 2020/21 plan marking a 31% increase over investments allocated for FY 2019/20.
According to the statement, the Citizen Investment Plan includes the most prominent features of the Sustainable Development Plan for FY 2020/21 at the national level. It also covers the key economic indicators for each governorate, represented in the gross domestic product (GDP), real growth rate, unemployment rate, labor force participation rate, among other data.