Planning Ministry targets EGP 34.5bn agriculture, irrigation investments in FY 2020/21
The Ministry of Planning and Economic Development aims to allocate EGP 34.5bn public investment to the agriculture and irrigation sectors in the fiscal year (FY) 2020/21.
Minister of Planning and Economic Development Hala El-Said said this figure compares to EGP 33.9bn investment in FY 2019/20, an increase of 2%.
El-Said added that the Ministry of Water Resources and Irrigation’s investments for FY 2020/21 were estimated at EGP 8.32bn, of which EGP 8bn, or 96%, would come from the public treasury.
The ministry has indicated that the agriculture sector’s most significant targets for FY 2020/21 are to increase production to EGP 1.075trn at current prices, from EGP 938.9bn in FY 2019/20, a growth of 14.5%, equivalent to 11% of gross domestic product (GDP).
Egypt is looking to increase agricultural production at constant prices to EGP 632.7bn in FY 2020/21, from EGP 612.6bn in FY 2019/20, a growth rate of 3.3%.
It also plans to increase GDP from agriculture at current prices to about EGP 768.3bn in FY 2020/21. This reflects an annual growth rate of 14.7%, up from the approximately EGP 670.1bn in FY 2019/20, and equivalent to 11.8% of GDP constant prices.
The ministry aims to increase GDP from agriculture and irrigation sectors to about EGP 455bn in FY 2020/21. This compares to about EGP 439.1bn in FY 2019/20, achieving a growth rate of 3.6%.
The statement said the ministry aims to increase agricultural exports to 10%, a rise of 5%, to reach $2.6-2.7bn in FY 2020/21.