Egypt targets FDI worth $60bn over 4 years

Cairo - Egypt wants to attract foreign direct investments worth $60bn and to get an average growth rate of 7% over the next four years, the country's planning minister said.

Ashraf al-Arabi also said Egypt was targeting lowering unemployment - now at about 13% - to below 10% over the coming four years.

Egypt is gearing up for a much-heralded investment conference in Sharm el-Sheikh later this week. It hopes to attract billions of dollars in investments to lift the economy, which has been battered by four years of turmoil since the 2011 uprising that toppled then-president Hosni Mubarak.