CAIRO – Egypt's investment minister says his government hopes to attract up to $35 billion from about 50 projects offered to investors during a much-hailed international economic conference later this month.
Ashraf Salman said Thursday that Egypt's recovering economy has already attracted some $1.3 billion in foreign investment in the first quarter of the current fiscal year that ends in June. He said the government hopes the figure reaches $8 billion by the end of the fiscal year, nearly double the amount from the previous year.
The 3-day economic conference, which begins March 13, is one tool to attract the investment.
Egypt's economy was battered by years of turmoil. The country has received more than $20 billion in aid from Gulf allies since 2013 as the budget deficit hovered around 12 percent.