State media: Local investment in Egypt rises 1.3 pct y/y in Q1

Egypt's central bank said that local investment in the country reached 7.64 billion Egyptian pounds in the first quarter of the fiscal year that began in July, up 1.27 percent year-on-year, state media agency MENA reported on Tuesday.

The first quarter of the 2013-14 fiscal year saw Egypt's army remove elected Islamist president Mohamed Mursi from power following mass protests against his rule, renewing political and economic turmoil that started with a 2011 uprising.

Mursi's removal preceded a crackdown that began by targeting Islamists and has since expanded to include secular opponents of the government of Abdel Fattah al-Sisi.

The government, which says it is committed to democracy, is trying to burnish Egypt's image ahead of a key investment conference in mid-March.

It hopes that the conference in the resort city of Sharm el-Sheikh will tempt foreign and local investors to pump more money into an economy that is seeing a nascent but uncertain recovery. 

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