Egypt investment minister says targets $10 bln FDI next year

CAIRO, June 22 Sat Jun 21, 2014 5:37pm EDT

Related Topics

CAIRO, June 22 (Reuters) - Egypt's newly appointed investment minister Ashraf Salman said he targets $10 billion in foreign direct investment (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 ended the autocratic rule of Hosni Mubarak. FDI for the first nine months of 2013-14 fiscal year stood at $4.4 billion. Egypt's financial year starts on July 1.

Salman, a veteran banker, was speaking in a late TV interview on Saturday. He was appointed last week in a limited cabinet reshuffle that followed the election of former army chief Abdel Fattah al-Sisi as president. (Reporting by Yasmine Saleh; Editing by Lisa Shumaker)

FILED UNDER: