Main features of Egypt's 2002-2003 plan
Egypt, Politics, 3/26/2002

The main axes of Egypt's 2002-2003 socio-economic development plan gained centre stage this week in line with Egypt's strenuous efforts to establish a solid production base and push forward its development drive.

In a relative note, Minister of planning Osman Mohammed Osman asserted late in the week that the plan's projected investments hit L.E. 73 billion including L.E. 31.5 billion for the public business sector, economic bodies and other governmental institutions.

The private sector's investments under the plan are estimated at L.E. 38 billion, out of the government's keenness to expand the private ownership base and enhance the private sector's role in the process of development.

A targeted growth rate of 4.5 percent will also be realized under the 2002-2003 plan as compared to 3.5 percent under the 2001-2002 plan.

"Ensuring a better living standard for citizens, improving services and realizing social justice are main priorities under the new plan," Osman added.

Special interest will also be given to Upper Egypt's governorates to ensure a fair distribution of investments to remote and disadvantaged areas in these governorates.

On the same note, a sum of L.E. 7 billion is earmarked under the new plan to complete infrastructure projects all over Egypt's governorates with the aim of upgrading services especially in Egyptian villages.

Striking a balance between resources and expenditures and making optimal benefit of available potentialities are important goals under the plan.

Foremost among the main objectives of the new 2002-2003 plan is paring down the unemployment rate from 9 percent to 4 percent, through ensuring 700,000 new working opportunities.

This, besides establishing training centres for developing human resources and enhancing skills.

The plan will also capitalize on financing fast-yielding projects, promoting loans for small-scale projects and enhancing the competitive capacity of Egyptian products.

Rationalizing imports, updating Egypt's taxation system, enhancing local manufacturing rates and boosting exports are included in the new plan.

To experts, axes of the new 2002-2003 plan run parallel with the government's well-designed steps towards boosting the national economy and meeting requirements of the social dimension.

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