Egypt increases agriculture and irrigation investments by 71% for FY2023/2024.

by Local Media

According to a study released by the Ministry of Planning and Economic Development, the Egyptian government boosted investments in agriculture and irrigation by 71 percent year on year (YoY) to EGP 116.6 billion ($3.77 billion) for fiscal year (FY) 2023/2024.

The governmental plan includes increasing private investments in the sector by 44 percent of total investments.

The plan also incorporates increasing the total value of agricultural production in Egypt by 4.1 percent YoY to EGP 1.34 trillion, or 11.3 percent of the country’s GDP.

The Egyptian government is planning to attract $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024.

The privatization initiative is part of Egypt’s $3 billion loan agreement with the International Monetary Fund (IMF).

Egypt hopes to speed up the implementation of the IPO plan in order to complete the first and second evaluations of the deal, which Morgan Stanley anticipates will take place in the coming months.

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