(Photo from Ministry of Planning )
Egypt’s Ministry of Planning has issued a guide that allows citizens to follow up on the country’s developmental projects.
The guide – known as the ‘Citizen’s Guide’ – includes details on the share of each governorate from the government’s stimulus package and also the sectors that possess the largest portion of the package.
Greater Cairo possesses the largest share of government investments followed by -Alexandria, Delta and Suez Canal areas, the ministry said in a statement.
The ministry pointed out that they hope to keep the population informed about the government’s projects due to the fact that the current transitional period requires a rapid push towards accomplishing social and economic developments that can be felt by the citizens.
Each governorate has its own specific guide that includes general background information regarding its population, workforce, unemployment and poverty rates. The information can be accessed through the Web site of the Planning Ministry.
According to the statement, EGP 5.2 billion from the government’s EGP 30 billion stimulus package has been allocated for founding social justice initiatives. The Ministry added that these stimulus projects are scheduled to end on 30 June 2014.
The government said in August that the projects will be implemented over a six to nine month period.
The interim cabinet adopted its first economic stimulus package in August, valued at EGP 29.6 billion and aimed at creating a 3% growth rate over the current fiscal year and reigning in the 13.8% GDP budget deficit to 10%. The package includes investments focused on developing infrastructure that will support the economy and boost the private sector.
In November, Finance Minister Ahmed Galal announced that a second stimulus package would be adopted by the government. He later pointed out that its value will be around EGP 30bn.
The government will use a US$ 9 billion deposit in the Central Bank of Egypt (CBE) to finance the two packages. The deposit has sat untouched in the CBE since the 1991 Gulf War, Galal said. He added, “Former President Hosni Mubarak had made himself the only one authorised to sign off on the deposit.”
In the government’s plan for the 2013/2014 fiscal year, the value of targeted investments stands at EGP 291 billion; EGP 170.4 billion of which is directed towards private investments. The value of public investments amounted to EGP 120.6 billion, or 41.3% of the total value.
