Mar 5, 1:09 PM EST

Egypt to present about 50 projects at investors conference, valued at $35 billion

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CAIRO (AP) -- Egypt's investment minister says his government hopes to attract up to $35 billion from about 50 projects offered to investors during a much-hailed international economic conference later this month.

Ashraf Salman said Thursday that Egypt's recovering economy has already attracted some $1.3 billion in foreign investment in the first quarter of the current fiscal year that ends in June. He said the government hopes the figure reaches $8 billion by the end of the fiscal year, nearly double the amount from the previous year.

The 3-day economic conference, which begins March 13, is one tool to attract the investment.

Egypt's economy was battered by years of turmoil. The country has received more than $20 billion in aid from Gulf allies since 2013 as the budget deficit hovered around 12 percent.

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