Egypt’s newly appointed investment minister, Ashraf Salman has said he targets $10bn in foreign direct investment (FDI) for the coming fiscal year and $14bn in three years, Reuters has reported. “I need FDI. It has a magical effect in creating jobs and lowering poverty,” said Salman in a TV interview with Egypt’s private CBC TV. FDI for Egypt’s first nine months of the 2013-14 fiscal year that starts on July 1 stood at $4.4bn. It was $3 billion in the year ended June 2013, almost $1bn less than in the previous year.