Egypt eyes $10b FDI in FY2010-11

04 Nov 2010

(MENAFN) Egyptian Minister for Trade, Industry and Investment Rachid Mohamed Rachid stated that Egypt will push ahead with economic reforms in order to achieve the targeted $10 billion in foreign direct investment in the 2010-11 fiscal year, Reuters reported.

Egypt’s FDI halved to $7 billion in 2009 from $14 billion in 2008 due to the financial crisis, said Rachid in a press conference in Abu Dhabi.

Rachid also said he had held talks with the Abu Dhabi Investment Authority (ADIA), the emirate’s sovereign wealth fund. One of the world’s largest sovereign wealth funds, ADIA already has investments in Egypt, he said.

Egypt is currently targeting investments in four major infrastructure and industrial projects, namely Port Said, Suez, West Alexandria and the Upper Egypt, he said.

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