Egypt plans to award tenders for 30 investment projects valued at $20 billion at a global summit aimed at securing long-term investment in March, a report said.

A total of 20 consultants and investment banks have studied the projects and will promote them at the three-day Egypt Economic Development Conference in Sharm El Sheikh event, Ashraf Salman, the Minister of Investments was quoted as saying in The National report.

Egypt is seeking to attract $8 billion in foreign investment in the fiscal year ending in June, almost double the previous year’s total, according to Bloomberg News.

Sultan Al Jaber, the UAE Minister of State and the chairman of the coordination office of the UAE-funded development projects in Egypt, was quoted as saying that the summit would highlight efforts being made to boost the Egyptian economy and attract regional and international investors.

The IMF last month revised up its forecast for economic growth in Egypt this year because of lower oil prices, the report said, noting that the country is a net importer of energy and has a large subsidy bill.