Foreign direct investment (FDI) in Egypt is estimated to have risen to about $8.7 billion during the financial year 2016/2017, compared with about $6.9 billion the previous year, the country's Investment Ministry said Saturday. Egypt late last year signed a $12 billion three-year International Monetary Fund (IMF) loan agreement and floated its currency in a bid to lure back investors. The ministry said that current indicators suggest FDI will exceed $10 billion in the current fiscal year. Egypt's central bank said this week that foreign reserves jumped by $4.73 billion to $36.04 billion at the end of July, higher even than their level before the 2011 uprising drained the country of foreign currency. The last quarter of the the financial year 2016/2017 saw a jump in the number of new companies established, hitting 3,566 compared to 3,033 the year before, the statement said. Egypt is hoping a new investment law ratified in June that provides a raft of incentives like tax breaks and rebates can draw in fresh capital needed to boost economic growth. The executive regulations of the law, which provide crucial details on what projects are eligible, are expected to be passed within the coming weeks. Egypt's exports increased by eight per cent in the first half of 2017, recording $11.1 billion compared to $10.2 billion during the same period last year, Egyptian minister of trade and industry said. Source: Gulf today
