Egypt expects reforms and an improvement in investment laws to boost capital inflow in the next years, with a target to attract at least $12 billion in 2024.

A senior investment official, quoted by the Arabic language daily Addustour on Monday, said Egypt is “determined” to clear all obstacles facing investors.

Hussam Haiba, CEO of General Authority for Investment and Free Zones (GAFI), said Cairo is taking measures to attain that target through reforms which include fresh tax exemptions, lower customs tariffs, and project incentives.

“We are working to tackle all obstacles and problems facing investors…our expectation is that there will be an increase in foreign direct investment this year,” he said.

He told the paper that the targeted investments this year can be achieved through the public and private sectors, noting that 77 new services would be available in the next few days on the Investment Portal.

(Writing by Nadim Kawach; Editing by Anoop Menon)


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