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Egypt needs $61 bn in investments to grow at 5%: Investment Minister to Euromoney

Waad Ahmed , Monday 7 Sep 2015

Egypt's investment minister told Euromoney Egypt Conference that the country needs $61 billion in domestic and foreign investments to grow at five percent

Egypt
Egypt's Investment Minister Ashraf Salman talks to the media during the Euromoney Conference in Cairo, Egypt September 7, 2015 (Reuters)

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Egypt needs LE400 billion ($51.1 billion) in domestic investments and $10 billion in foreign direct investments to grow at a rate of 5 to 5.5 percent of GDP, minister of investment Ashraf Salman told the Euromoney Egypt Conference on Monday.

Egypt has embarked on 'aggressive' fiscal policy reform since the election of president Abdel-Fattah El-Sisi in June 2014 to clench the widening finance gap.

The government is targeting a 5 percent growth rate in fiscal year 2015/16, up from the expected 4.2 percent in the previous fiscal year. 

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