Egypt has set its total investment target for the current fiscal year at LE416.6 billion ($53.9 billion), up from LE353.7 billion ($45.8 billion) expected at the end of the last fiscal year, state news agency MENA reported the planning ministry as saying on Thursday.

As President Abdel Fattah El-Sisi was elected last year, Egypt began a reform plan with the hope of uplifting an economy battered by years of political turmoil.

The budget deficit for this fiscal year, which started on 1 July, was projected to reach 8.9 percent, down from an estimated 10.8 percent at the end of FY 2015/16.

Private investments for the current fiscal year are expected to amount to LE236.5 billion ($30.6 billion), while public investments will contribute LE180 billion ($23.3 billion), LE55 billion ($7.1 billion) of which will be government investments in infrastructure and the remaining of which will be from public sector companies and economic entities.

In March, Egypt hosted a well-acclaimed economic development conference to lure investors to the country, garnering $33 billion in investment deals and $92 billion in MOUs. But most of the MOUs remain in the negotiations process.