Egypt targets $60 bln in investment in FY 2016/17

Egypt has set its total investment target for fiscal year 2016/17 at LE531 billion ($59.76 billion), representing 16-16.5 percent of Gross Domestic Product (GDP), the minister of planning said on Saturday.

According to Al-Ahram's Arabic news website, Ashraf Al-Araby told a news conference that private investment is expected to reach EGP292 billion ($32.86 billion).

The government will invest EGP107 billion ($12 billion) in the fiscal year starting 1 July 2016, up from EGP75 billion ($8.44 billion) in the same period a year earlier, while public sector and economic entities plan EGP132 billion ($14.86 billion) in investment.

Egypt saw investment worth EGP172 billion ($19.36 billion) in the first half of the current fiscal year, representing 12.9 percent of GDP.