The money transfers from the Egyptian expatriates abroad, which were extremely low in 1999, exceeded $1 billion in the first quarter of 2000, reported Al-Iktissad Wal-Aamal magazine. These transfers will help Egypt reduce its current account deficit, which grew to $1.5 billion during the 12-month period ending in the first quarter of 2000.
Meanwhile, the value of direct incoming foreign investments to Egypt hit $600 million during the first quarter of 2000. In addition, the privatization of the Amriyah and Alexandria cement companies played a key role in boosting the in-flowing foreign investments during this period.
Since the end of the first quarter of 1999 until the end of the first quarter of 2000, the incoming foreign investments totaled $1.6 million, compared to $700 million during the corresponding period in 1998/9. –(Albawaba-MEBG)