Egypt eyeing $60 billion in foreign direct investment

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Egypt’s much-talked about investment conference in Sharm el-Sheik is taking place later this week – and the country is targeting $60 billion in foreign direct investment. This is to achieve a growth rate of 7% over the next four years.

The country announced a raft of new legislation that will make it a more attractive investment destination. Planning minister, Ashraf al-Arabi says Egypt also plans to lower the unemployment rate from 13% to below 10% and is working on decreasing its budget deficit.

The government will also introduce a new electricity law that will open the door to private sector investment in the new and renewable energy sector. The law will be published by President Abdel Fattah al-Sisi within this month.

There’s also been work done on a new civil service law, that gives public sector employees the option to retire at 55 instead of 60 without losing any benefits. Egypt suffers from a bloated state bureaucracy, with over 6 million employees.

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