Egypt needs $10bn investments, government to continue in New Administrative Capital project

Minister of Investment Ashraf Salman said the government needs dlrs 10 billion worth investments from the private sector and foreign investors to up the targeted growth rate from 5 to 5.5 percent by the end of the 2015/2016 fiscal year.

Addressing the annual Euromoney conference which opened here Monday under the theme of " Financing the Future", Salman said the government would continue planning for the New Administrative Capital despite challenges it has confronted in the past period, expecting the end of the first phase in the project within seven years.

He said the new gas exploration made by Italy's Eni is a historical event not only at the local level but also at the international one, noting that this exploration is one of the outcomes of Sharm El Sheikh Economic Development Conference held in March.

Salman also reviewed some of the problems facing the industry and investment sectors in Egypt, citing the licenses, allocation of lands and other administrative measures that the government is working on to settle.

Egypt is seeking to improve its economic relations with the world countries, especially Asia, Salman said, noting that President Abdel Fattah El Sisi's recent tour in Asia aimed at bolstering economic relations with the countries included in his tour and drawing on the expertise of countries like Singapore in the management of harbors and achievement of an overall economic progress.

He also said Egypt has several investment chances that should be utilized by many countries such as China, noting that Beijing is seeking to tap emerging markets and promising investment opportunities.

Source: MENA