GAFI: Egypt’s FDI Hits $2.3 billion in 2014

Egypt’s volume of foreign direct investments from Arabs and foreigners has reached US$2.343 billion in 2014, said Hassan Fahmy, Head of General Authority for Investment and Free Zones (GAFI).
Egypt’s Investment Minister Ashraf Salman had said in June the government was seeking to bring FDI to US$10 billion next fiscal year and to US$14 billion in three years.
Fahmy said, in a press statement, a total of 9423 companies were established during 2014, across several sectors like services, industry, constructions, tourism agriculture, financing, telecoms and IT.
Egypt’s government is pinning hopes on the upcoming economic summit scheduled for March to lure more foreign investors during the new year.
Egypt is working on reviving its economy that has been battered by unrest over three years since the popular uprising that toppled former president Mubarak in 2011. Economic reports show that the economy is recovering gradually.
The government is seeking to achieve 5.8% economic growth over the coming three years, while keeping deficit at within 10% of GDP.