Russia’s Sovereign Wealth Fund to Invest $10 bln in Egypt – Official
A Russian sovereign wealth fund is considering to invest US$ 10 billion in Egypt’s market within the upcoming period, the Egyptian Finance Minister Ahmed Galal told reporters on Saturday.
This comes in addition to the Gulf and Western investors’ plans to pump new investments in the cash-strapped Egypt.
On the GCC/Egypt Investment Forum which kicked off in Cairo on December 4th and 5th, the Egyptian minister has referred to the multiple positive indicators; notably the Gulf investors’ optimism about the future of Egypt’s economy.
Despite the uneasy democratic transitional process in Egypt, many businessmen from the Arab Gulf revealed that they had injected investments in the Egyptian market last year resulted in achieving significant gains, higher than posted in other markets in the region, the minister added.
Galal further pointed out that all over the last three years, Egypt had not seen such remarkable numbers of businessmen from the Arab Gulf or the Western countries coming to the GCC/Egypt forum to express their willingness to inject new investments in its market.
