File Photo: Egypt's minister of investment and international cooperation Sahar Nasr (Photo: Reuters)
Foreign direct investments in Egypt have risen 12 percent to reach $6.6 billion in the fiscal year 2016/17, compared to $5.9 billion in the same period last year, Egypt’s investment and international cooperation ministry said on Saturday.
The $6.6 billion figure was for the period from July 2016 to March 2017. The country’s fiscal year begins on 1 July and ends on 30 June.
The ministry also said that 1,120 companies were newly established or expanded with a capital of EGP 4.2 billion.
Out of the 1,120 companies, 960 were in June 2017 with a capital of EGP 2.2 billion, compared to 913 companies with a capital of EGP 2.4 billion in June 2016.
The newly established companies are set to offer 4,800 job opportunities, compared to around 8,100 opportunities in May 2017 and 6,300 in June 2016.
The ministry also shed light on its international cooperation efforts, pointing to a tranche received from the World Bank to develop Upper Egypt.
In June, Egypt received $125 million from the World Bank to support the Upper Egypt Development Programme.
The money is the first tranche of a World Bank fund worth $500 million to be pumped into growing investment and industrial development in the governorates of Sohag and Qena, according to the ministry's official website.
In June, Egypt also signed three economic agreements with Germany worth 203 million euros, covering renewable energy, education, irrigation and small and medium-sized enterprises.
The first agreement, worth 141.5 million euros, prioritises four areas of investment in Egypt, including the development of renewable energy in the Gulf of Suez
The second is the Economic and Developmental Cooperation Agreement, worth 50 million euros, to fund solar-energy installations in Egypt and a technical and professional education project.
A third agreement, worth 12 million euros, aims to "support different development sectors," including investment in Egypt's education sector and reform of Egypt's governmental bodies.