Egypt is targeting an economic growth rate of 8 percent in the 2021/2022 fiscal year, Prime Minister Mostafa Madbouly said on Thursday.

“The government aims to gradually increase economic growth rates from 5.3 percent in the 2017/18 fiscal year to 8 percent by the year 2021/2022,” Madbouly said during an economic conference in Beirut.

Egypt’s gross domestic product went up 5.3 percent in the 2017-18 fiscal year, the highest rate in 10 years amid tough economic reforms aimed to boost the economy.

Egypt is also targeting an industrial growth of 10.7 in 2021/2022, from 6.3 percent in the current fiscal year ending in June, the prime minister added.