Egypt’s Finance Ministry aims to reduce the budget deficit each year by 1 to 1.5% to reach 4 or 5% by 2022, Invest-Gate reports.

Cutting the budget deficit and public debt will provide more resources for investment, as well as raise growth rates, especially in the private sector, Finance Minister Amr El-Garhy said in a statement.

Egypt’s budget deficit fell to 10.9% in FY2016-17, which ended last June 30, compared to 12.5% a year earlier.

The Ministry is currently considering issuing two new international treasury bonds in dollars and euros in 2018 to diversify funding sources, the statement added.

According to the statement, the ministry targets USD 10 bn worth of foreign direct investments (FDIs) this year.