Egypt to Invest $315 M in Sinai
Egypt said on Thursday it would invest 5.23 billion
Egyptian pounds ($315 million) in the Sinai Peninsula in fiscal 2019-20, a 75%
rise on the year, in a venture officials say is intended to stabilize a region
hit by violence from armed groups.
The Planning Ministry, which directed 2.986 billion
pounds in investments to Sinai in the 2018-19 fiscal year, said in response to
a Reuters question that the 2019-20 investments would be “general investments
directed to all sectors”.
Egypt has been fighting against an ISIS insurgency
concentrated in the peninsula’s north since the overthrow of President Mohamed
Mursi in mid-2013 after mass protests against his rule.
The government hopes investing in the region will
help curb extremism and bring stability by reducing higher-than-average
unemployment.
North Sinai will receive 2.85 billion pounds of the
investments, while South Sinai will take 2.38 billion pounds, Planning Minister
Hala al-Saeed said in a statement.
“The investments in North Sinai are in education,
water, agriculture, irrigation, transport, storage, real estate activities and
construction projects,” Saeed said.
According to Reuters, South Sinai investments will
be “in the agriculture, irrigation, transport, education and other services
sectors,” she said.
