EGP 244.7 BN ALLOCATED FOR EGYPT’S TRANSPORT SECTOR IN FY 21/2022: MINISTER OF PLANNING & ECONOMIC DEVELOPMENT
09 September 2021
Transport networks are the arteries of economic life: Says Hala El-Said
The Ministry of Planning and Economic Development reviewed the objectives of the transport sector in the current fiscal year 21/2022 plan, which is the fourth and final year of the medium-term plan for sustainable development (18/2019 - 21/2022(.
Dr. Hala El-Said, Minister of Planning and Economic Development, stressed that the transport sector occupies special importance within the scope of the national projects adopted by the state to strengthen the foundations of the country's infrastructure.
El-Said referred to the importance of transportation networks, on which economic and social development plans and programs are built.
“Through these networks, production centers and consumer markets are linked,” El-Said said.
El-Said added that the transport sector occupies fundamental importance in the national economy due to Egypt's distinguished geographic location in the middle of international transport routes, and its proximity to major markets in Europe, Africa, and the Middle East.
El-Said pointed out that at the national level, transportation investments are characterized by diversity and integration between its services and extensions to cover all parts of Egypt, and to link its population and urban communities.
El-Said indicated that the total investments targeted for the transport sector in the 21/2022 plan amount to EGP 244.7 billion, achieving an investment boom with a growth rate of 104%, which is more than double the investment expected in 20/2021, compared also to the years before the outbreak of the Corona pandemic.
This is in light of the ambitious plan adopted by the Ministry of Transport to strengthen the infrastructure and develop the performance of all types of transport activities.
The report of the Ministry of Planning and Economic Development included a reference to the development vision for the transport sector, as Egypt’s Vision 2030 aims to provide a transport system that achieves sustainable development goals.
Concerning the development goals of the transport sector in the plan for the year 21/2022, the report indicated that they are represented in the sector’s growth by 3.8%, similar to the year 20/2021. In terms of the sector’s production at current prices in the year 21/2022, it is targeted to rise to about EGP 469 billion, compared to EGP 430 billion expected in 20/2021, with a growth rate of 9.1%.
About the sector’s output, it is estimated to rise from EGP 313.9 billion at current prices in 20/2021 to EGP 345.6 billion in the year of the plan, registering an increase of 10.1%.
The output of the transport sector is estimated to contribute 4.7% of the real GDP at the level of economic sectors, similar to what is expected in 20/2021, and with a greater participation rate compared to the years 18/2019 and 19/2020, in light of the state’s tendency to expand investments for the transportation sector.
