Tawfik made his statements Saturday, during the final day of the 47th annual meetings of the Islamic Development Bank (IsDB) that Egypt has been hosting in Sharm El-Shiekh over the past four days.

He added that the sectors that are available for investors to tap into are hotels, fertilisers, entertainment, dyeing and processing industry related to cotton manufacturing as well as land development located in the south Toshka lakes.

Egypt plans to merge up to eight state-owned hotels into a single company during FY2022/2023 paving the way to be listed on the Egyptian Exchange as investment opportunities offered to investors in cooperation with The Sovereign Fund of Egypt (TSFE).

Egypt’s Prime Minister Mostafa Madbouly said on Friday that of the $40 billion total, $10 billion will be offered in 2022, with the remainder coming in the following years.

In May, Madbouly said that Egypt intends to raise the private sector share in the Egyptian economy to 65 percent, up from the current 30 percent over the coming three years.