EGP 11.6 billion in government investments in FY 2023/2024 for North, South Sinai

Egypt's Minister of Planning and Economic Development, Hala al-Said, has underlined a renewed focus from the government towards improving living conditions and raising incomes across various regions and governorates in Egypt. This comes as Egypt plans to invest EGP 11.6 billion in the fiscal year 2023/2024 for development efforts in the North and South Sinai governorates. As part of the 6th October War Victory anniversary celebrations, Said reviewed various programs and strategies aimed at achieving these goals.Said disclosed that the value of this massive investment is targeted at the sweeping development efforts proposed for both the North and South Sinai governorates. Out of this investment pool, around 44.6%, which translates to EGP 2.9 billion, will be borne by Egypt's public treasury. Additionally, part of the funds totaling to about 6.5 billion Egyptian pounds will be particularly devoted to the development of the North Sinai Governorate.Framed as part of a larger development focus, these initiatives are set to significantly transform the socioeconomic landscapes of the regions, potentially driving growth, creating jobs, and improving overall living conditions for residents. The investment is also a testament to the government's commitment to regional development and a departure from over-reliance on major cities for economic sustainability. By directing resources and attention to these regions, Egypt is also hoping to bridge the economic disparity and promote balanced regional development, benefiting not just the urban but also rural inhabitants of the country.