Standard Chartered to open first branch in Egypt next Sept.– c.bank official    German Thyssenkrupp nears deal to build Egypt green hydrogen plant – CEO    Egypt's stocks end lower on Monday as benchmark EGX 30 slides 0.34%    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    BRICS development bank admits Egypt as new member    Nermien Ismail Schools opens a new campus in O'West    Netherlands Embassy, E7kky Magazine celebrate success of 21 Egyptian women    Women make up 45% of Egyptian Atomic Energy Authority staff    Yas Island hosts travel partners at Formula 1 Etihad Airways Abu Dhabi Grand Prix 2021    Olaf Scholz becomes Germany's new leader, ending Merkel 16-year historic era    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    Brazil calls up 8 EPL players for World Cup qualifying    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



International institutions agree on Egypt's attractiveness to foreign investments: Cabinet
Published in Daily News Egypt on 29 - 11 - 2021

The Cabinet's Media Center said that the state has developed a comprehensive strategy to improve the investment climate and encourage the business community to expand, in the framework of the economic and structural reform policies that helped increase foreign capital flows into the Egyptian market and mitigate the coronavirus pandemic's repercussions.
In this regard, the Centre published, on Sunday, a report in which it sheds light on Egypt's attractiveness to foreign investments, with the consensus of international institutions, and the optimistic expectations that it will continue to increase in the coming years, thanks to the economic reform that continues to reap its fruits despite the repercussions of the Coronavirus crisis.
The report showed that Egypt is among the world's best destinations for attracting foreign investments, and it topped the list of African countries in 2020, accounting for about 15% of the total foreign investment flows to the African continent, at a value of $5.9bn, according to UNCTAD.
The report pointed to Egypt's position in the Rand Merchant Bank Index, indicating that it is the first investment destination in the African continent, thus continuing to lead the list of African countries attracting investments in the index since 2017.
The report reviewed the top 10 attractive destinations for investments in Africa in 2020, according to this indicator. Egypt came first, followed by Morocco, then South Africa, Rwanda, Botswana, Ghana, Mauritius, Ivory Coast, Kenya and Tanzania.
The report mentioned the top 10 attractive destinations for investments in Africa in 2014, according to the same index, where Egypt ranked sixth, while South Africa ranked first, followed by Nigeria, Ghana, Morocco and Tunisia, Ethiopia ranked seventh, followed by Algeria, then Rwanda, and Tanzania.
Also, according to the Rand Merchant Bank, Egypt is one of the first countries to return to the growth path in the wake of the Coronavirus pandemic, ensuring its ability to deal with severe global shocks, adding that the expansion of production and discovery of natural gas was the main support for making Egypt an attractive investment destination, in addition to enabling the construction sector and establishing the new administrative capital.
The report indicated that during the year 2020/2021, net foreign direct investment in Egypt as a percentage of GDP recorded 1.3%, while net foreign direct investment recorded $5.2bn, according to data from the Central Bank of Egypt.
In the same context, the report monitored the expectations of international institutions of an improvement in the proportion of foreign direct investments in the coming years, as the International Monetary Fund's expectations of net foreign direct investment as a percentage of GDP came to 2% in 2021/22, and 2.5% in 2022/23, and 2.9% in 2023/24, and 3% in 2024/25.
The fund also expected that net foreign direct investments would record $8.6bn in 2021/22, $11.7bn in 2022/23, $14.9bn in 2023/24, and $16.5bn in 2024/25.
In a related context, the World Bank expected that net foreign direct investment as a percentage of GDP would record 1.7% in 2021/2022, and 1.9% in 2022/23.
For its part, Fitch International confirmed that the stability of the Egyptian economy will contribute to attracting more foreign direct investments in the non-oil sectors.
The report dealt with the vision of international institutions to improve the investment climate in Egypt, where Oxford Economics confirmed that Egypt possesses a diversified industrial base that can be considered as a source of attraction for foreign investments, in addition to its large market and skilled labour.
In turn, the Oxford Business Group praised the series of economic reforms and financial and monetary measures that have been implemented in recent years, explaining that they contributed to making Egypt the first destination for foreign direct investment at the level of the African continent and the second at the level of the Middle East and North Africa in 2019.
On a related level, The Economist stated that foreign investment flows to Egypt, which amounted to $5.9bn in 2020, showed that they retained the confidence of investors in the long term, while expecting renewable energy sources to be an important attraction for foreign direct investment and support the growth of the Egyptian economy.
In addition, the European Bank for Reconstruction and Development announced the continuation of the rise in private investment flows and foreign direct investment in order to maintain the achievement of Egyptian economic growth.
While the Human Development Report 2021 indicated that the Egyptian state aimed to provide a stable environment that enhances confidence in the Egyptian economy and restores foreign direct investment flows, amid praises from various international institutions for the success of the economic reform experience in Egypt.


Clic here to read the story from its source.