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05/08/2017 - 07:00hs

Foreign investment in Egypt hits USD 8.7 billion

The estimate for the 2016-2017 fiscal year, which ended in June, has been released by the government, which is expecting to see over USD 10 billion in the current fiscal year.

Cairo – The government of Egypt estimates foreign direct investment (FDI) to have reached USD 8.7 billion in the 2016-2017 fiscal year, which ended in June, up from USD 6.9 billion in the preceding period. The information is from the Ministry of Investment and was made public by Reuters this Friday (4).

The ministry expects FDI inflows to exceed USD 10 billion in the 2017-2018 fiscal year, which began in July.

Late last year, Egypt agreed on a USD 12 billion, 3-year loan from the International Monetary Fund (IMF). It also floated its currency in a bid to bring back foreign investors who’d fled the country following the political uprising of 2011.

This week, the Central Bank of Egypt said its foreign exchange reserves widened by USD 4.73 billion in July to USD 36.04 billion. The level is higher now than it was prior to the 2011 demonstrations that led to the ousting of then-president Hosni Mubarak.

According to the Ministry of Investment, 3,556 businesses were started in Egypt during the last fiscal year. The country is also hoping to draw foreign companies in through a new investments law approved last June that provides fiscal incentives. The law’s executive regulations, which will provide details regarding eligibility, is expected to be passed in coming weeks.

*Translated by Gabriel Pomerancblum

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