Investments for communications sector estimated at EGP 67.1 billion in FY 2022-2023

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Planning and Economic Development Minister Hala el Saaed said investments allocated for the communications and information technology sector are estimated at 67.1 billion pounds in Fiscal Year 2022-2023, with an increase of 15% compared to investments in the previous year.

This came in a report issued by the ministry on the targets and investments of the communications and information technology sector during FY 2022/2023.

She said this vital sector plays an important role in enhancing sustainable development as modern means of technology stimulate investment and production.

According to the report, the ICT output is likely to increase by 20 percent at current prices and 14.3% at steady prices.

The sector’s contribution to the GDP is expected to rise from 2.5 percent to 5 percent in two years while outsourcing services are expected to surpass 6 billion dollars against 3.5 billion dollars in 2021/2022.

About the sector’s accomplishments in 2021, the report said it achieved a 16-percent growth rate against 15.2 percent in 2019/2020 while digital exports were up from 4.1 billion dollars in 2019/2020 to 4.5 billion dollars in 2020/2021.

According to Bridging the Digital Divide report, issued by Roland Berger, Egypt jumped 43 places in Roland Berger’s GSMA Mobile Money Regulatory Index in 2020, ranking 36th, compared to the 79th in 2019.