Planning Minister Hala El-Saeed said that Egypt targets a 25% growth in investment rates during its medium-term sustainable development plan over the next four years, Invest-Gate reports.
The country aims to achieve a 7.5% to 8% in economic growth rate during the same period, El Saeed noted during a meeting held with a delegation of foreign investors led by Director of Citi Bank Activities Mohamed Abdel Qader and a number of representatives of investment companies and banks operating in Egypt on October 3.
In addition, the meeting tackled the serious efforts exerted by the government to implement the national economic reform program, launched in November 2016, which has so far resulted in raising growth rates to 5.3% and reducing unemployment rates to 9.9%, according to a ministerial statement.
Earlier in August, El Saeed said Egypt aims to raise its foreign direct investments (FDIs) to USD 11 bn in FY 2018/19, up from USD 7.9 bn in the prior-year period, Reuters reported.
Under the medium-term development plan, the government endeavors to offer nearly 750,000 job opportunities in the current fiscal year which ends in July 2019, the minister noted, adding that the plan, which is part of Egypt’s Vision 2030, intends to bolster the Egyptian economy’s competitiveness.
