Egypt is looking to invest EGP 60.6 billion into the development of the petroleum, natural gas, and mineral resources sector during fiscal year (FY) 2020/2021, representing about 8.2% of overall investments, the country’s Minister of Planning, Hala El-Saeed, said on Sunday.

The petroleum sector is the key pillar to ensure sustainable development, being the main source of energy.

During FY20/21, production at current prices is set to increase by 7.2% to around EGP 586.6 billion, compared to EGP 547.3 billion in FY 19/20, the minister noted.

In addition, production at fixed prices is expected to grow by 4.5% to stand at EGP 460.7 billion in FY20/21 from EGP 441.1 billion in the previous year.