CAIRO: Egypt is to pump 600 billion Egyptian pounds ($38 billion) into a project to improve rural living standards throughout the country.
The Egyptian government’s Decent Life development initiative aims to deliver on its nationwide targets within three years, said President Abdel Fattah El-Sisi during a speech to mark the anniversary of the June 30 revolution in 2013.
“Initially, it was planned that the cost of the project during the three years would be about 450 billion (Egyptian) pounds, but Prime Minister Mostafa Madbouly and the ministers concerned estimated that the amount allocated for each phase would reach 200 billion, with a total cost of 600 billion,” he added.
The president said priority would be given to national industries in implementing the project and that it would present Egyptian manufacturers with a real opportunity to develop their capabilities, improve product quality, and maximize profits.
“The implementation of the project will bring about a real change in the lives of more than half of Egypt’s population in the countryside. We are talking about more than 50 or 60 million citizens in the Egyptian countryside, and this is a very large effort and huge resources will be spent, and we hope that it will be completed within three years.
“We will evaluate our performance as a country in the development efforts implemented during the initiative,” El-Sisi added.
Each ministry will be given targets to achieve in relation to their involvement in the initiative.