Egypt : Public investments in Luxor to reach LE2.86B during 2020/21
- 10 November 2020 / News / 204 / Emerging Africa
CAIRO - 8 November 2020: Egypt’s Luxor governorate will see 174 development projects with a total public investment of LE 2.86 billion as part of the country’s investment plan for fiscal year (FY) 2020/21. The new investments directed to the governorate witnessed a 45.2 percent increase over the 2019/20 plan.
According to a Saturday statement by the Ministry of Planning and Economic Development, Luxor’s new investments represent 1.1 percent of Egypt’s public investments, and indicate a 43.7 percent growth in the investments financed by the public treasury and directed to the governorate.
In the statement, Minister of Planning and Economic Development, Hala El-Said, reviewed the features of the "Citizen Plan" in Luxor for FY 2020/21. The Citizen Plan, which was launched for the second year in a row, covers all Egyptian governorates. It aims to activate community participation and involve citizens in planning and follow-up.
The plan includes targeting an economic growth rate of 3.5 percent, in addition to achieving an investment rate of about 10.8 percent, with total investments estimated at LE 740 billion, and for the unemployment rate to reach about 10 percent.
It aims to direct LE 13 billion to encourage self-employment as well as micro, small, and medium enterprises (MSMEs), in order to provide 870,000 job opportunities.
The Minister pointed out that 15 percent of the public investments were directed to Upper Egypt.
With regard to the sectoral distribution of public investments in Luxor, El-Said said that LE 1.1 billion worth investment was directed to the housing sector and informal settlement development, accounting for 38.5 percent of total investments in the governorate in 2020/21. The local development sector received LE 592.1 million or 20.7 percent of investments. In addition, about LE 580 million was directed to the higher education sector, representing 20.3 percent.
El-Said added that the pre-university education sector was devoted to investments worth LE 162 million or 5.7 percent, while the irrigation sector received LE 98 million or 3.4 percent. A total of LE 327.9 million or 11.4 percent went to other sectors.
Moreover, the Minister highlighted the features of the “Decent Life” Initiative in Luxor during 2020/21. She noted that four villages will benefit from the initiative, and the volume of investments is estimated at LE 154.9 million. The number of beneficiaries is estimated at 40,600 people.
The initiative plans to allocate LE 723.3 million to drinking water and sanitation services, as well as the pre-university education sector, as it aims to establish 25 schools comprising 444 classes
With regard to the development goals of the irrigation sector in the 20/2021 plan in Luxor, Egypt aims to establish, replace, and renew 36 bridges and archways, in addition to the rehabilitation of waterways of 80 km length.
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