CAIRO: Egypt targets total investment worth 416.6 billion EGP ($53.9 billion,) during fiscal year 2015/2016, up from 353.7 billion EGP forecasted at the end of the previous fiscal year, Planning Ministry said in a Thursday report.
President Abdel Fattah al-Sisi ratified Thursday the state budget for FY 2015/2016 (started July 1,) after being revised to slash the projected deficit to 8.9 percent of GDP (251 billion EGP,) compared to an estimated 10.8 percent at the end of FY 2015/2016.
Egypt hosted an economic summit in March to showcase mega-projects and economic reforms to reinstate investors’ confidence in its economy, battered by years of political turmoil following the January 25 Revolution in 2011.
The conference ended in anticipated investments of $72.5 billion.
A recent report released by the United Nations Conference on Trade And Development (UNCTAD) showed that foreign direct investment (FDI) to Egypt grew by 14 percent in 2014 to $4.8 billion.