Egypt expects US$13-15 bln in foreign investment next fiscal year: finance minister

Egypt expects US$13-15 bln in foreign investment next fiscal year: finance minister

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Mon, 20/03/2017 - 13:36

Egyptian Finance Minister Amr el-Garhy said on Monday his country was expecting foreign direct investment to increase to US$13-15 billion in the 2017-18 fiscal year, after a currency flotation in November revived foreign interest.

Garhy told Reuters by telephone that Egypt's 2017-18 budget would assume an oil price of US$55-57 per barrel.

Garhy told a local television station on Sunday night that the budget would be presented to Parliament by the end of March.

Some US$3.5 billion in foreign investment has flowed into Egyptian Treasury bills and bonds since the currency was floated in November, losing about half its value.

 

(Reporting by Ehab Farouk; Writing by Lin Noueihed; Editing by Dominic Evans)