Foreign investment in Egypt doubles to over $6 billion in 2013/14

Reuters, Monday 8 Sep 2014

U.S. dollars
An employee counts U.S. dollars at a bank (Photo: Reuters)

Foreign direct investment into Egypt doubled to over $6 billion in the financial year that ended on June 30, Hassan Fahmy, head of Egypt's investment authority, told Reuters on Sunday.

Egypt's economy has been battered by more than three years of political turmoil since the 2011 uprising that toppled Hosni Mubarak. The government is walking a tightrope in trying to increase revenues and cut its deficit while luring investors and tourists spooked by the uncertainty buffeting the whole region.

After nine months of the 2013/14 fiscal year, FDI had stood at $4.4 billion. In the year ended June 2013, it totaled $3 billion -- almost $1 billion less than in the previous year.

Egypt is aiming for foreign direct investment of $10 billion in 2014/15, as it seeks to attract investors by cutting bureaucracy and facilitating business.

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