Global food and beverage giant PepsiCo is investing $500m in Egypt this year to boost production, riding on achieved sales of $1.2bn in the country in fiscal 2014.

Coming a day after Gulf Arab allies pledged to invest $12bn in Egypt’s central bank, and the news of General Electric investing $200m in the country, these announcements serve as a big boost to President Abdel Fattah al-Sisi’s plan to rebuild the economy, which has taken a hit following years of political turmoil.

Egypt is targeting investments of upto $8bn from overseas firms this fiscal year, which it hopes, will present a picture of stability and boost investor confidence.

PepsiCo offers diversified product range such as Pepsi, Quaker and Tropicana. It invested $600m between 2011 and 2013 in Egypt.

Currently, it has 11 facilities and 47 distribution centres across Egypt.