The Egyptian government is targeting LE416.6 billion (US$55 billion) in investments for the fiscal year of 2015/16, compared to LE353.7 billion in FY14/15, according to a Planning Ministry report.
Out of the total projected amount, the Planning Ministry sees LE236.5 billion coming from the private sector and the remaining LE180 billion from the government.
The government is also expecting consumption to remain strong, growing at a rate of 15.3 percent y-o-y, to reach LE2.64 trillion, 87.5 percent out of the total coming from the private consumption and the remaining 12.5 percent from the government consumption.
The new budget for Egypt’s 2015-16 fiscal year was ratified on Thursday by President Abdel Fattah-el Sissi. The budget projected an overall growth of 5.5 percent in the economy, compared to a projected growth rate for 2014-15 of 4.2 percent.
Egypt’s GDP grew 3.0 percent y-o-y in 3Q2014/15, up from 2.5 percent y-o-y a year earlier but down from 4.3 percent y-o-y in the previous quarter, according to the report.
