Foreign Direct Investment in Egypt Reaches $1.65b
Foreign direct investment in Egypt has reached about $1.65 billion, according to Minister of Planning and International Cooperation Ahmed Al Darsh.
"The figure reflects the trust in the investment and economic policies climate in Egypt," said the minister last week, quoted by Egypt Online.
Darsh said the volume of foreign debt had decreased over the past five years at a significant rate.
He added that the government was trying to increase foreign investments to reach $3 billion to represent 4 percent of the gross domestic product, which accounts for LE350 billion ($90 billion).
Meanwhile, the minister said that the government would only borrow money for projects with certain success and feasibility, and the loan should have a grant of not less than 40 percent.
“The national local savings plan doesn't meet the government's needs to finance its investment schemes," he said.
"Thus, we have no way but to borrow money from foreign parties on the condition that the volume of loan doesn't exceed the rate of debt service, estimated at $1.2 billion to $1.6 billion," he concluded – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)