FINANCIAL NEWS

Egypt to attract USD8b of foreign direct investment in this fiscal year

02 Mar 2015

(MENAFN) Egypt is forecast to receive a sum of foreign direct investment worth USD8 billion in this financial year, marking an increase from the USD4 billion last year, Reuters reported.

The Egyptian government aims at cutting budget deficit to 10 percent of gross domestic product (GDP) in this year, decreasing from last year’s 15 percent.

Egypt also plans to initiate a USD1.5 billion sovereign bond issue by June, which will be its first Eurobond issue after five years. Another sovereign bond issue is in place in September whose sum is still undisclosed.

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