Egypt plans LE2.86 bn investments for Luxor during 2020/2021

Luxor will see 174 development projects with a total public investment of LE2.86 billion as part of the country’s investment plan for fiscal year 2020/2021, Minister of Planning and Economic Development Hala al-Saeed announced.

In a Saturday statement, Saeed said that investments directed towards the governorate witnessed a 45.2 percent increase over the 2019/20 plan.

Luxor’s new investments represent 1.1 percent of Egypt’s public investments, she added, and indicate a 43.7 percent growth in the investments financed by the public treasury towards the governorate.

Saeed also reviewed the “Citizen Plan” in Luxor for 2020/2021.

The Citizen Plan, which was launched for the second year in a row, covers all Egyptian governorates. It aims to activate community participation and involve citizens in planning and follow-up.

The plan includes targeting an economic growth rate of 3.5 percent, in addition to achieving an investment rate of about 10.8 percent with total investments estimated at LE 740 billion, and for the unemployment rate to reach about 10 percent.

It aims to direct LE13 billion to encourage self-employment as well as micro, small, and medium enterprises (MSMEs), in order to provide 870,000 job opportunities.

Saeed pointed out that 15 percent of the public investments were directed to Upper Egypt.

And in regards to Luxor’s sectoral distribution of public investments, Saeed said that investments worth LE1.1 billion were directed to developing the housing sector and informal settlement, accounting for 38.5 percent of total investments in the governorate in 2020/21.

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