CAIRO: The government has launched an ambitious plan to develop the western part of the Northern Coast area at an estimated cost of LE 60 billion by 2022.
Developed by the Egyptian Ministries of Planning and International Cooperation, the plan envisages investments to focus on development schemes directed to export-oriented activities and the promotion of human skills.
Minister of Planning Osman Mohammad Osman said that the total investments in various sectors, such as agriculture, industry and tourism amount to LE 25.8 billion or 43 percent of investments under the plan. Infrastructure and support investments will amount to LE 13 billion or 21.7 percent of total investments.
Investments in the housing, trade and financial services are estimated at LE 21.2 billion, or 35.2 percent of the total plan.
Osman said the private sector will contribute 48 percent of total investments, and international investors will account for 14 percent. “International donors will contribute 5 percent of the plan and government investments will make up 33 percent of investments and will focus on infrastructure and environment projects, he added.
The minister estimates that the new plan will create 384,000 jobs and will help attract residents from the narrow valley to the Northern Coast area which will house about 1.5 million people by 2022.
The minister of planning estimates required investments in agricultural, fish farming and cattle raising projects at LE 10.8 billion by 2022. The scheme aims to build up new rural communities and to encourage growing strategic crops, such as wheat growing to meet the local demand along with export-oriented products. Noozz
