Egypt’s Prime Minister Mostafa Madbouly said the investment budget for the coming fiscal year will surge to EGP 230 billion, up from EGP 150 billion last year.
A statement issued by the cabinet on Thursday noted that the move is meant to expand the development and service projects.
Madbouly added that the budget of the new urban communities authority will also be increased in the coming fiscal year to expand its ventures.
Madbouly's remarks were made during a meeting with Housing Minister Assem El-Gazzar and representatives from the real estate development and contracting sectors, a cabinet statement said on Thursday.
“Egypt is keen on supporting real-estate development and contracting sectors over the repercussions of the coronavirus pandemic,” said Madbouly, praising the construction sector in general which assists the state with achieving its development targets and provides intensive job vacancies.