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Foreign spend in Egypt to hit $2bn in Q2

Foreign spend in Egypt to hit $2bn in Q2

CAIRO, 23 hours, 2 minutes ago

Foreign investment in Egypt will reach about $2 billion in the second quarter of the fiscal year, up from $1.8 billion dollars in the previous quarter, investment minister Ashraf Salman told Reuters in an interview on Sunday.

Egypt is also preparing a new unified investment law that will be sent to President Abdel Fattah al-Sisi by the end of February or early March, Salman said.

Egypt is holding an investment conference in the resort city of Sharm el-Sheikh in mid-March, where it hopes to secure domestic and foreign investment of $10-12 billion.

The country is working to boost investor confidence that has been hit hard by nearly four years of political and economic turmoil after the 2011 ouster of autocrat Hosni Mubarak.

A planned “higher investment council” will help resolve the investor disputes and bureaucratic obstacles that have hampered investment in the Arab world’s most populous country, the minister said. – Reuters

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