Foreign Investments
The minister highlighted Egypt's economic reforms and the government's commitment to improving the business climate and facilitating foreign trade.
The signing took place on Tuesday and underscores both countries' commitment to enhancing trade and investment cooperation, especially as Egypt seeks to address its ongoing economic challenges.
The crown prince’s visit comes amid growing speculation about new significant Saudi investments in Egypt, particularly as Prime Minister Mostafa Madbouly revealed in September that Saudi Arabia is seeking to invest in the country.
At the start of this year, Egypt was delisted from the index due to the foreign exchange shortage, which stalled overseas investors from converting their investments
While Kouchouk's meetings were not open to the press, sources told Bloomberg that he informed foreign investors about the plan to sell approximately $3 billion in external debt across various tranches
However, UNCTAD predicts a positive outlook for 2024, with expectations of increased investments. This growth is anticipated to be fueled by the Ras El Hekma deal and Egypt's Initial Public Offering (IPO) program.
According to the CBE, March 2024 recorded foreign purchases of local T-bills at $32.7 billion, compared to $13.6 billion recorded in February
Madbouly outlined the government's intention to present a diverse range of attractive investment opportunities to both Arab and foreign investors during the EU-Egypt Investment Conference, scheduled for June 29-30
The group is currently engaged in exploring diverse investment prospects, planning to finalize one of them by early 2024
The Central Bank of Egypt (CBE) revealed in a statement that private sector banks’ investments in treasury bills increased to LE 373.943 billion at the end of January, compared to LE 367.983 billion at the end of last December.
The capacities of new energy projects under development witnessed a remarkable increase during the period, reaching 3,570 megawatts, with foreign direct investments of nearly $3.5 billion, double its counterpart in 2020.
Foreign balances in treasury bills recorded $20.423 billion (about LE 321.8 billion) at the end of last December, compared to $20.601 billion (about LE 324.6 billion) at the end of last November.
Net foreign investment in Egypt rose to $1.66 billion during the period from July to the end of last September, compared to $1.6 billion during the same period last fiscal year.
Wind energy projects in the Gulf of Suez region on the Red Sea coast accounted for 78 percent of these investments, and 22 percent for solar energy projects, according to a statement by the Ministry of Electricity, Wednesday.
Head of the Debt Management Unit at the Ministry of Finance Mohamed Hegazy, saying that the volume of foreign holdings of treasury bills and bonds in Egypt, located in North Africa, amounted to $ 28.5 billion at the end of February.
CBE clarified that foreign investments in T-bills have decreased by the end of May 2020, at the lowest rate since the beginning of the coronavirus crisis.
Ma’it added on the sidelines of Euromoney conference said that Egypt is attracting many investors during the current period after the completion of the economic reform program.
The source pointed out that this will be reflected on the growing oil activity and projects implemented.
The outflows of foreign investments in T-bills reached around $9.8 billion during the period of April to October 2018, as the investments hit LE 380.3 billion ($21.5 billion) in March.
The source clarified that $3.2 billion was invested in operations to explore oil and gas, in addition to developing fields, adding that the operating cost reached $1.6 billion.
