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3 years ago
Egypt investment minister says targets $10 bln FDI next year
June 21, 2014 / 9:40 PM / 3 years ago

Egypt investment minister says targets $10 bln FDI next year

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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)

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