The head of the Egyptian General Investment Authority, Hossam Heiba, revealed that Egypt is targeting $12 billion in foreign direct investments during the current fiscal year, which ends on June 30, 2024.
He stressed that "the targeted increase in net foreign direct investment flows is 20 percent," noting that "the decline in the value of the currency reduces the cost of investments."
Net foreign direct investment flows reached $10 billion at the end of the last fiscal year 2022-2023, compared to $8.9 billion in the fiscal year 2021-2022.
Heiba stressed that this increase in foreign direct investment does not include oil or indirect investment in debt instruments such as treasury bills and bonds, which confirms and enhances the attractiveness of the Egyptian investment climate.
Source (Al-Arabiya.net website, edited)
