Egypt adds 633 mln USD in public investments to create job opportunities

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SOCHI, RUSSIA OCTOBER 24, 2019: Egypt's Minister of Finance Mohamed Maait at the 2019 Russia-Africa Summit and Economic Forum, at the Sirius Park of Science and Art. Donat Sorokin/TASS Host Photo Agency (Photo by Donat SorokinTASS via Getty Images)
SOCHI, RUSSIA OCTOBER 24, 2019: Egypt’s Minister of Finance Mohamed Maait at the 2019 Russia-Africa Summit and Economic Forum, at the Sirius Park of Science and Art. Donat Sorokin/TASS Host Photo Agency (Photo by Donat SorokinTASS via Getty Images)

Egypt’s Ministry of Finance announced on Thursday that public investments will be increased by 10 billion Egyptian pounds (nearly 633 million U.S. dollars) to create more job opportunities.

“The move is aimed at paying the dues of contractors and suppliers and upgrading the quality of services introduced to the public,” Minister of Finance Mohamed Maait said in a statement.

The minister added that Egypt’s economic reform program, that has been adopted since 2016, helped in mitigating the impact of the coronavirus.

He highlighted “the government’s keenness on supporting the economy’s various sectors to keep the production cycle operating along with applying the preventive and precautionary measures.”

He stressed that the government is eager to make available strategic and food commodities for the people and support the service sectors affected by the COVID-19 outbreak.

The Finance Ministry has provided the allocations required for buying nearly five million tons of wheat, the minister added.

Egypt is expected to purchase 3.6 million tons of wheat starting from April 15 to cover 4.5 months of consumption.

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