Ashraf Al-Araby (Photo: Al-Ahram)
Egypt has set its total investment target for fiscal year 2016/17 at LE531 billion ($59.76 billion), representing 16-16.5 percent of Gross Domestic Product (GDP), the minister of planning said on Saturday.
According to Al-Ahram's Arabic news website, Ashraf Al-Araby told a news conference that private investment is expected to reach EGP292 billion ($32.86 billion).
The government will invest EGP107 billion ($12 billion) in the fiscal year starting 1 July 2016, up from EGP75 billion ($8.44 billion) in the same period a year earlier, while public sector and economic entities plan EGP132 billion ($14.86 billion) in investment.
Egypt saw investment worth EGP172 billion ($19.36 billion) in the first half of the current fiscal year, representing 12.9 percent of GDP.
Egypt’s economy grew 4.5 percent of GDP in the six months to 31 March, slower than the 5.5 percent growth rate achieved in the same period a year prior, Reuters quoted Al-Araby as saying in the press conference.