Egypt seeks $10b FDI in 2015

Egypt seeks $10b FDI in 2015

Egypt seeks $10b FDI in 2015

(Cairo) – Egypt’s newly appointed investment minister Ashraf Salman said he targets $10 billion in foreign direct investment, or FDI, for the coming fiscal year and $14 billion in three years.
Egypt had been hit by an economic crisis following a 2011 uprising that ousted Hosni Mubarak. Since then, the state’s successive governments have been trying to steer a course between boosting revenues without discouraging investors.
FDI for Egypt’s first nine months of the 2013-14 fiscal year that starts on July 1 stood at $4.4 billion. It was $3 billion in the year ended June 2013, almost $1 billion less than in the previous year.
“I need FDI. It has a magical effect in creating jobs and lowering poverty,” said Salman.

Posted on Jun 23 2014. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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