New investments jump 337% in March

CAIRO – 8 April 2018: New investments in March 2018 jumped 337 percent year-on-year to stand at LE 8.3 billion, the Investment Ministry said in a monthly bulletin on Sunday.

The ministry said that local private investments increased by 24.2 percent, reaching LE 186 billion in the first half of fiscal year 2017/18, compared to the same half of 2016/17.

It added that total investments in the first half of fiscal year 2017/18 saw an increase of 52.8 percent to stand at LE 353 billion, compare to LE 331 billion in the previous year.

Egypt has been working on improving its business climate and removing obstacles that hinder investment in the country.

In 2017, it passed a new investment law that offers foreign investors a bundle of incentives that include tax breaks and rebates. It also deals with bureaucratic problems and promises the simplification of procedures, as well as guarantees for investors.

The country has further established investor services centers to reduce bureaucratic measures and offer electronic services to investors.

The Central Bank of Egypt (CBE) announced in December 2017 that the influx of foreign direct investment (FDI) hiked to register $3 billion in the first quarter of 2017/18.