(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.
