$8.9 billion.. Net foreign direct investment in Egypt
Net investment in non-oil sectors amounted to $11.6 billion, compared to $6.4 billion in the previous year.
Shrouq
Hossam Haiba, CEO of the General Investment Authority, revealed that the government offering program is subject to an accurate and scientific vision from the investment banks that undertake the promotion process, and that the promotion in itself is not the work of the government.
He said: “The issue is done in a scientific way, and the companies that will be offered are determined, and we have very strong investment banks, which are entrusted with promoting proposals, and this is not the government’s job to promote, and it determines the timing and price range.”
Net foreign direct investment
Hossam Haiba continued that the net foreign direct investment amounted to $8.9 billion in the fiscal year 2021-2022.
He pointing out that the Net investment in non-oil sectors amounted to $11.6 billion, compared to $6.4 billion in the previous year.
He explants that the petroleum sector generated negative $2.6 billion in outflows.
This resulted in a net investment of $8.9 billion. At a time when the world is witnessing a decline in net foreign direct investment by 11%, this means that the Egyptian market is attractive, but it is not the target.
He said, “The challenge now is to attract the dollar to the Egyptian interior instead of going to the United States of America.”
Hossam Haiba continued that Egypt has motivating laws, but implementation is the biggest challenge.
