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FINANCIAL NEWS
Egypt expects $8b FDI in 2010/2011
21 Sep 2010
(MENAFN) Egyptian Investment Minister Mahmoud Mohieldin stated that the government expects foreign direct investment (FDI) in Egypt to rise to at least $8 billion in 2010/11, Reuters reported.
His forecast for FDI, however, is much lower than a government forecast in May for FDI of $10 billion in 2010/11.
Egypt’s economy fared better than many more developed economies during the global downturn, expanding by around 5 percent even though FDI slowed to $6.8 billion in the 2009/10 financial year.
Fund managers and other investors have been eyeing Egypt for its resilient growth but some voice caution ahead of a November parliamentary election and a presidential vote next year.
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