Egypt aims to attract about $8 billion in foreign direct investment (FDI) and boost economic growth to 5.8 percent in the fiscal year that begins July 2010, the Economic Development Ministry said on Wednesday.

 

Figures published by the ministry in a report on its website projected foreign direct investment would reach $5.5 billion this fiscal year, which ends June 30, and gross domestic product (GDP) would grow by 5.2 percent.

Foreign direct investment is one of Egypt’s main sources of foreign currency, along with tourism, oil and gas exports and remittances from Egyptians living abroad.

It surged to well over $10 billion per year before the global financial crisis, but tumbled as investors pulled money out of emerging markets in the downturn.

Egypt attracted $2.63 billion in investment in the first half of this fiscal year, according to central bank figures.

In March, the ministry said it expected FDI to reach $10 billion in 2011/12 after hitting $7.5 billion in 2010/11.