Egypt plans to increase public investments in the agriculture and irrigation sector during the fiscal year 2020/2021, Minister of Planning and Economic Development Hala al-Saeed announced.
A Sunday statement from the ministry said that Saeed issued a report regarding agricultural sector targets for the fiscal year 2020/2021 plan.
Estimated public investments in the agriculture and irrigation sector are about LE34.5 billion during 2020/2021 compared to around LE33.9 billion during the 2019/2020 fiscal year, she explained — an increase of two percent.
Saeed added that investments of the Ministry of Irrigation and Water Resources in 2020/2021 are estimated at LE8.32 billion, including eight billion LE in public treasury financing at 96 percent.
The most important targets of the agricultural sector for its 2020/2021 plan are to increase agricultural production from LE938.9 billion in 2019/2020 at current prices to LE1075.1 billion in 2020/2021, with a growth rate of 14.5 percent — equivalent to 11 percent of total production.
The Ministry of Planning and Economic Development is looking to raise agricultural production at constant prices in 2020/2021 to LE632.7 billion, compared to about LE 612.6 billion in 2019/2020, for a 3.3 percent growth rate.
The ministry further plans to increase the agricultural gross domestic product at current prices to about LE768.3 billion for 2020/2021, compared to about LE670.1 billion in 2019/2020, at an annual growth rate of 14.7 percent equivalent to 11.8 percent of the gross domestic product at constant prices.
The statement said that the ministry aims to increase agricultural exports by five percent to 10 percent to reach around US$2.6 billion to $2.7 billion in the 2020/2021 plan.