Egypt cuts investment plan for FY 2023/24 by 15%: Elsaid

Updated 2/19/2024 9:11:00 AM
Egypt cuts investment plan for FY 2023/24 by 15%: Elsaid

Arab Finance: Egypt has trimmed its investment plan for the current fiscal year of (FY) 2023/2024 by 15%, which represents EGP 45 billion, Minister of Planning and Economic Development Hala Elsaid told Al Arabiya Business.

She noted that the country signed a $1.5 billion agreement with the International Finance Institution (IFC) for the petroleum sector and subsidized commodities.

Furthermore, the minister said that the country targets achieving an economic growth of 3% in FY 2023/2024.

The state also sims to achieve economic growth of 4.2% in FY 2024/2025, to rise later to 4.8%, she added.

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