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Foreign investment in Egypt hits $8.7 billion

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Staff Writer | August 8, 2017
Africa   Up from $6.9 billion

The government of Egypt estimates foreign direct investment (FDI) to have reached $8.7 billion in the 2016-2017 fiscal year, which ended in June.

This is up from $6.9 billion in the preceding period according to the Ministry of Investment.

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

Late last year, Egypt agreed on a $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.

Last week, the Central Bank of Egypt said its foreign exchange reserves widened by $4.73 billion in July to $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.

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