Egypt sets $11bn FDI target

The Egyptian government is looking to increase its foreign direct investment by more than 40% and create 750,000 jobs in the current fiscal year as part of a five year development plan. Egypt raised $7.9 billion in FDI in the last fiscal year, ending June 2018 and is now looking to reach an $11 billion target. Planning minister Hala al-Saeed has also forecast a rise in economic growth to 8% for the 2021-22 fiscal year, up from the 5.8% forecast for 2018-19.  The plan is also aiming to raise non-oil exports by an annual average 13% to $35 billion and increase average savings to 23% by 2021-22. Earlier this year the Egyptian government approved a bill to establish its first sovereign wealth fund with $11.3 billion in initial capital. ©2018 funds global mena

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