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Africa   Revived foreign interest

Egypt expects $13-15bn in foreign investment next fiscal year

Amr El GarhyEgyptian Finance Minister Amr El Garhy said his country was expecting foreign direct investment to increase to $13-15 billion in the 2017-18 fiscal year, after a currency flotation in November revived foreign interest.

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Garhy told Reuters by telephone that Egypt's 2017-18 budget would assume an oil price of $55-57 per barrel.

Garhy told a local television station on Sunday night that the budget would be presented to parliament by the end of March.

Some $3.5 billion in foreign investment has flowed into Egyptian Treasury bills and bonds since the currency was floated in November, losing about half its value.

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