Egypt expects foreign investment to surge to $7bn

Egypt’s net foreign direct investments (FDI) are expected to rise to $7 billion during the next financial year, the Minister of Planning, Hala El-Said, announced yesterday.

The Egyptian financial year begins in July and lasts until the end of June of the following year.

“FDI is expected to reach $6.8 billion by the end of this financial year, which is ending late next month,” El-Said told government officials, adding that the net FDI had risen by “nearly 10 per cent in the second quarter of the current financial year, hitting $1.75 billion, compared to $1.6 billion the previous quarter.”

The American rating company, S&P Global, recently said that Egypt’s FDI would amount to two per cent of the country’s total Gross Domestic Product (GDP) for the financial year 2021-22, compared to 1.4 per cent last year.

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