Egypt targets FDI worth $10-15 billion soon: minister

Egypt wants to attract foreign direct investments ranging between $10 billion and $15 billion in the coming period spurred by an anticipated new investment law, the country’s investment minister said Sunday.

Dalia Khorshed further said the Egyptian government plans to finalise reviewing the new investment draft law by the end of this November.

Egypt also seeks to attract indirect foreign investments worth between $5 billion and $10 billion through the government’s scheme to sell some shares in state-run companies on the local stock exchange by 2017, Khorshed added during an economic conference in Cairo.

The Committee for Settlement of Investment Contract Disputes, headed by the prime minister, has settled around 387 disputes since it became operational in August 2015, she stated.

Egypt saw nine ranks up in the Doing Businesses index for 2017 compared to the last year’s report to be placed 122nd out of 190 countries, the World Bank’s group revealed in a recent report. The country took the fifth place among comparator economies in the MENA region in terms of the ease of doing business, scoring 56.64 points and was preceded by UAE, Turkey, Saudi Arabia, and Jordan.