Egypt aims for $83.3B investments in communications & IT sector by 2023/2024

Egypt allocates EGP 83.3 billion for investments in the 2023/2024 plan, compared to the expected investments of EGP 56 billion by the end of 2023/2024, reflecting a growth rate of 48.8%, according to a report issued by the Ministry of Planning and Economic Development issued a report on the communications and information technology sector in Egypt.

 

The sector's investments account for 5% of the total investments in the plan, with the private sector playing a crucial role in driving growth. Private investments are estimated to reach around EGP 52.4 billion, which is approximately 63% of the total, while public investments amount to EGP 31 billion, constituting around 37% of the total.

 

In terms of targets for the fiscal year 2023/2024, the report states that the sector's production is projected to reach approximately 827 billion Egyptian pounds at current prices, compared to EGP 525 billion in 2023/2024. At fixed prices, the corresponding values are expected to be about EGP 560 billion, compared to EGP 420 billion in 2023/2024, representing a growth rate of approximately 33.3%. The plan also targets a gross domestic product (GDP) of about EGP 346 billion at current prices and about EGP 277 billion at fixed prices for the year 2023/2024, compared to about EGP 546 billion and EGP 368 billion, respectively, by the end of the plan.