71% increase in foreign direct investment to Egypt

Dr. Mohamed Maait, Minister of Finance, affirmed that the economic reform program opens up prospects for growth in the coming years.

He pointed out that there is a 71% increase in foreign direct investment and a 29% increase in the proceeds of non-oil exports.

7 billion dollars, the proceeds of the Suez Canal

The minister pointed out that the Suez Canal achieved a historically highest revenue of $7 billion in 2022.

  It is expected to reach $8 billion in 2023.

It also achieved the highest monthly return in its history during last January, with $802 million, an annual increase of 47%.

  Pointing out that the revenues of the tourism sector rose over the past year to $10.7 billion in light of the strong flows from various markets such as the Gulf countries, Germany and Poland.

  In addition to an increase in foreign direct investment proceeds by 71%, to reach about $9.1 billion, compared to about $5.2 billion in the previous year.

  And its diversity among many sectors, the most important of which are: manufacturing industries, construction and building, communications and information technology.

Moody’s report also indicates expectations of a gradual decline in the current account deficit in Egypt, to about 3% in the next fiscal year 2023/2024, compared to about 3.5% in the fiscal year 2021/2022.

  Pointing to the significant improvement in the indicators of the current balance for the fiscal year 2021/2022, as the proceeds of non-oil exports achieved a remarkable increase by 29% annually, in light of the increase in exports of fertilizers, medicines and ready-made clothes.

  A large surplus of $4.4 billion in the oil trade balance was also achieved in light of the expansion of natural gas exports, whose monthly revenues reached about $700 million, finally.

He added that the report expects an improvement in the course of public debt. As a result of Egypt's primary surpluses in the general budget