Egypt’s Current Net Foreign Investments Hit U.S. $2.8 Billion

Egypt’s current net foreign direct investments hit $2.8 billion during the first half of the current fiscal year 201314, compared with $3 billion of foreign direct investments (FDI) during the previous fiscal year, according to the General Authority of Free Trade and Investments (GAFI).

The country has witnessed a deterioration in foreign investments for three years after the January 2011 Uprising.

The Central Bank of Egypt (CBE) pointed out that in the third quarter of 201011, foreign direct investment declined at a rate of 90.4 percent compared to the same quarter of 2009-2010, while net inflows reached about 1.8 billion US dollars.

Meanwhile, the government pushed financial packages to stimulate economy and attracting more foreign investments despite current political situation.

“This year budget aims at pumping 291 billion Egyptian pounds to stimulate Egyptian economy, with 60 percent contribution from the private sector,” Hassan Fahmi, GAFI chairman said.

He noted that the government seeks more foreign investments to help secure domestic economy.

Last November, Egypt witnessed the first improvement after Standard amp Poor’s Ratings has raised its sovereign credit ratings for Egypt to ‘B-B’ from ‘CCC+ C’.

Source : Aswat Masriya