FDI IN EGYPT HITS 8.7 BLN USD IN 2016-2017 FISCAL YEAR

Egyptian ministry of investment said on Friday that foreign direct investment (FDI) in Egypt is expected to have risen to 8.7 billion U.S. dollars in 2016-2017 fiscal year which ended in June.

In a press statement, the ministry said the FDI in the previous fiscal year stood at 6.9 billion dollars.

According to present indicators, FDI will exceed 10 billion dollars in 2017-2018 fiscal year, the ministry said.

Egypt has been suffering economic recession over the past few years of political instability and relevant security issues that led to the decline of tourism, foreign currency reserves and foreign investments.

To attract foreign investors, Egypt has floated its local currency’s exchange rate and has taken a series of measures to ease investment process.

The most populous Arab country has also started last year a three-year economic reform program including austerity measures, fuel subsidy cuts and tax increase.

The program is encouraged by an IMF 12-billion-dollar loan

Source: NAM News Network