Egypt allocates EGP 125.7 bln to processing industry

Egypt has allocated a total of EGP 125.7 billion in public investments for the processing industry sector in the current FY2021/2022, Minister of Planning and Economic Development Hala El-Said announced on Thursday.

This came after reviewing the objectives of the processing industry sector in the current FY2021/22, which is the fourth and final year of the medium-term plan the ministry designed for sustainable development (FY2018/19-FY2021/22).

EGP 16.6 billion of these investments will be directed to petroleum refining industries, while the remaining EGP 109.1 billion will be going to non-petroleum processing industries, according to El-Said.

She also indicated that the plan includes increasing industrial non-petroleum production in FY2021/22 by 9.9 percent to reach EGP 1.7 trillion (in current prices) compared to FY2020/21.

In this respect, the plan targets increasing non-petroleum industries by a minimum of 10 percent during FY2021/22 to post $26 billion, up from $23 billion in FY2020/21.

Moreover, it is also aiming to raise non-petroleum processing industries’ production by 11.9 percent, compared to FY2020/21, in FY2021/22 to record EGP 808 billion (in current prices), according to El-Said.