Egypt to offer projects worth USD 35 billion during conference

Egypt's investment minister says his government hopes to attract up to USD 35 billion from about 50 projects offered to investors during a much-hailed international economic conference later this month.

Cairo: Egypt's investment minister says his government hopes to attract up to USD 35 billion from about 50 projects offered to investors during a much-hailed international economic conference later this month.

Ashraf Salman said today that Egypt's recovering economy has already attracted some USD 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 USD 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 USD 20 billion in aid from Gulf allies since 2013 as the budget deficit hovered around 12 per cent.

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