Investment chief says major upgrades to road and power infrastructure will drive foreign interest
Egypt’s investment chief has revealed that the North African country hopes to attract $10 billion in foreign direct investment (FDI) as it looks to step up efforts to revive its struggling economy.
Speaking to Reuters in an interview, Mohammed Khodeir, CEO of the General Authority for Investment and Free Zones (GAFI), said that Egypt drew more than $6.8 billion in FDI in the 2015/2016 fiscal year – something he hopes will rise to $10 billion in 2016/2017 following major upgrades to the country’s road and power infrastructure.
“Egypt has had a very difficult five years preceded by a historical baggage of things that needed to be done and were not done, and Egypt has taken a decision to confront this,” he told Reuters.
“So you have issues such as subsidies being tackled, issues such as electricity infrastructure, files that have been left alone for so many years.”