Direct foreign investments in Egypt hit $6bn in nine months

The volume of net direct foreign investments in Egypt hits US$5.7 billion in the first nine months of fiscal year 2014-15, General Authority for Investment and Free Zones’ (GAFI) CEO Alaa Omar said Saturday.  In fiscal year 2013-14, the volume of net direct foreign investments was estimated at US$4.1 billion.

Around 14,969 firms have been established within the first half of 2015 with issued capitals estimated at 25.4 billion Egyptian pounds and set to provide 127,000 job opportunities, Omar added.

On other hand, around 9,236 Egyptian companies have been founded in 2014 with issued capitals worth 15 billion Egyptian pounds and set to provide 80,000 direct job opportunities.

The official stated that the total volume of investments in Egypt in the budget of FY2015-16 has increased to 417 billion Egyptian pounds.

Chairman Omar clarified that the governmental investments within the current fiscal year has been jumped to 180 billion Egyptian pounds in order to upgrade main infrastructure and improve the quality of services provided for citizens.