(MENAFN) The Egypt's Investment Ministry said that the country is targeting USD8 billion to USD10 billion in foreign direct investments (FDI) to the country in 2015, though it admitted that the country has an 80 percent chance of reaching this goal
The target, which is almost double the USD4.2 billion the country had in 2014, is part of Egypt's efforts to attract more investments to the country after its economy was severely hit by the political turmoil in the country for the last 3 years, leading the country to struggle with high debt and a debilitating energy shortage issue.
The Ministry said that foreign direct investments (FDI) increased to about USD1.8 billion during the first quarter of the current fiscal year compared with USD745 million a year earlier, while tourism revenue rose to USD2.1 billion from USD931 million.
"I am comfortable with a probability of 80 percent that the country will achieve its target by the end of fiscal year 2015. We need to make the investment climate more attractive. We need a serious legislation reform that was started by trying to scrutinize the laws that have relation with investment," Egypt's Investment Minister said in an interview.
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