(Ecofin Agency) - Egypt wishes to grab $10 billion of foreign direct investments (FDI) next year in order to automate firm creation process, boost foreign exchange and revive its economy, said Mohamed Khodeir, Chief of the General Authority for Investments (GAFI). The nation has attracted more than $6.8 billion of FDI in 2015-2016, and aims in 2016-2017 for $10 billion which it use to rehabilitate old road and power infrastructures, he added.

The official also said the government passed last year a law on investment that opposes strong bureaucracy in the country. The law will help improve business environment for investors, Reuters reported.

In 2015, Egypt received $14.5 billion FDI and ranked first across the continent in terms of FDI.

Coming out of a 5-year political crisis ended in 2011 by the fall of Hosni Mubarak, the Egyptian economy is struggling to restart. The nation’s reserve currency has dropped sharply from $36 billion, before the 2011 uprising, to $15.53 billion in July 2016.

Alain Okpeitcha