CAIRO: The Ministry of Planning, Economic Development, and International Cooperation has unveiled its annual harvest report for 2024, marking significant strides in Egypt’s economic landscape. This announcement follows the merger of two key ministries aimed at enhancing the integration of development funding and aligning investment plans with international partnerships to foster economic growth.
According to State Information Service Egypt, the newly formed ministry has introduced a comprehensive framework for sustainability and economic development, focusing on qualitative growth as a priority for the nation. The framework is built on three primary pillars: addressing developmental gaps across various sectors, bolstering macroeconomic stability through structural reforms, and the optimal allocation and utilization of resources while encouraging private sector investments.
The report highlights the launch of the Integrated National Strategy for Development Financing during the Future Summit at the 79th session of the United Nations General Assembly in New York. This strategy aligns with Egypt’s national policies and aims to mobilize private financing to bridge funding gaps in key sectors such as social protection, education, health, and climate change.
The recent appointment of a new government coincided with the fiscal year’s onset, prompting Minister Dr. Rania Al-Mashat to implement governance measures for investment spending. These measures include adhering to a public investment ceiling of approximately EGP 1 trillion and forming the “Technical Secretariat for the Governance of Public Investments Committee” to oversee investment strategies.
The government aims to increase private investments to around EGP 987 billion in the current fiscal year, representing nearly half of total investments. The first quarter of 2024/2025 saw a growth rate of 3.5%, with private investments accounting for 63.5% of total investments, demonstrating a significant shift towards private sector involvement.
Public investments, however, experienced a sharp decline, reflecting the government’s strategy to create an investment-friendly environment for the private sector. Despite this, the government remains committed to prioritizing human development, directing over two-thirds of its investments towards sectors like education and health.
The report also notes an increase in facilitated financing directed to the private sector, reaching USD 4.17 billion in 2024, up from USD 2.9 billion in the previous year. This growth is attributed to strong partnerships with development partners and state measures to enhance economic stability.
In preparation for future planning, the Ministry is drafting the Economic and Social Development Plan for 2025/2026, aligning with Egypt’s Vision 2030 and recent legislative changes. The plan focuses on stimulating private sector participation in sustainable development, supported by a robust planning framework and spatial information systems to enhance developmental efficiency.