Investments in Egypt unaffected by currency crisis
The Egyptian Ministry of Foreign Commerce and Economy has asserted that recent measures aimed at regulating the foreign currency exchange market in Egypt have not affected the inflow of foreign investments into the country.
According to a recent report appearing in Al-Sharq Al-Awsat newspaper, last January the government enacted several measures to control the exchange rate of foreign currencies in general and the US dollar in particular. These measures were implemented in an attempt to stabilize the currency market in Egypt as well as provide a better investment climate, rid of speculation and ambiguity.
The Egyptian Ministry of Foreign Commerce and Economy estimates the value of the incoming foreign direct investments by the end of 2001 at $8.9 billion. The value of these investments hit the five billion dollar mark in 1998. This noticeable increase manifests the international investors’ confidence in the Egyptian national economy, the Egyptian ministry asserted. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)