The Egyptian executive is spending $4.4 billion for the agricultural sector in the fiscal year 2022-2023.
The daily Egypt today lifted the veil on what still seemed like a rumor. Indeed, according to the media, the Egyptian executive power has allocated 82.9 billion pounds sterling, or $4.4 billion, for the current agricultural campaign 2022-2023. Last year, it was 62.9 billion pounds ($3.2 billion) allocated to the sector, a much lower sum compared to this year, with a difference of 24%.
Indeed, according to the Minister of Planning and Economic Development, Hala El-Said, the initiative will boost production levels by increasing the area planted and increasing interventions in irrigated agriculture.
In Egypt, agriculture represents 11% of the country’s gross domestic product (GDP). Thus, the leaders aim to boost agricultural exports beyond the 3.6 billion dollars in 2022 revenues expected at the end of the 2021-2022 campaign.