Cairo - Mubasher: Sahar Nasr, minister of investment and international cooperation, expected an increase in foreign direct investment (FDI) to reach $12 billion during the fiscal year 2017/2018 instead of the $10 billion projected by the government.
Nasr’s projections are based on forecasts by the World Bank (WB) and International Monetary Fund (IMF).
Nasr stated during a phone call with Tamer Amin’s “Al Hayah Al Youm” show late Tuesday that the Suez Canal Economic Zone (SCZone) signed 30 agreements within the last three months with investments totalling $40 billion.
FDI net flow increased 14.5% to reach $7.9 billion in the fiscal year 2016/2017, compared to $6.9 billion in 2015/2016, according to data released by the Central Bank of Egypt (CBE).
Previously, Nasr said that FDI in Egypt may exceed $10 billion in the current fiscal year.
On Tuesday, Nasr witnessed the signing of seven agreements that will benefit from the privileges provided by the new investment law.
Moreover, the minister noted that the government submitted new legislations, including the bankruptcy law before the parliament to enhance Egypt’s investment atmosphere.
