According to a report released by the Ministry of Planning and Economic Development, Egypt has allocated EGP83.3 billion ($1.75 billion) for investments in the 2023/2024 plan. This represents a significant increase compared to the expected investments of EGP56 billion by the end of 2023/2024, reflecting a growth rate of 48.8 percent.
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The communications and information technology sector in Egypt plays a crucial role in driving this growth, accounting for 5 percent of the total investments in the plan. The private sector is instrumental in this progress, as private investments are estimated to reach approximately EGP52.4 billion, constituting around 63 percent of the total. On the other hand, public investments amount to EGP31 billion, making up approximately 37 percent of the total.
In terms of targets for the fiscal year 2023/2024, the report projects that the sector’s production will reach about EGP827 billion ($17.36 billion) at current prices, compared to EGP525 billion in 2023/2024. At fixed prices, the corresponding values are expected to be approximately EGP560 billion, representing a growth rate of about 33.3 percent, compared to EGP420 billion in 2023/2024.
Furthermore, the plan aims to achieve a gross domestic product (GDP) of about EGP346 billion at current prices and approximately EGP277 billion at fixed prices for the year 2023/2024. This is in contrast to the expected figures of about EGP546 billion and EGP368 billion, respectively, by the end of the plan.
Enhancing ICT infrastructure
The government’s objective is to build a digital Egypt by strengthening the information and communications technology infrastructure. This initiative seeks to improve the business environment, reduce transaction costs, enhance digital government services, and increase the efficiency and quality of services provided.
The development plan for the sector focuses on adapting to the digital age and achieving strategic objectives. It aims to promote digital justice by providing affordable internet services to all segments of society across all geographical regions. Additionally, the plan aims to enhance the IT skills and capabilities of individuals, foster an academic environment that encourages innovation, attract global data centers for investment, and position Egypt as a regional center for data and knowledge exchange using artificial intelligence. Furthermore, the plan aims to capitalize on emerging technologies to create new investment opportunities in the sector.
Overall, the government’s goal is to leverage the communications and information technology sector to foster economic growth, enhance digital services, and position Egypt as a regional hub for technological advancements and innovation.
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