“We are also working full force to cut red tape,” Nasr said. AFP / KHALED DESOUKI
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Egypt may exceed its $10 billion target for foreign direct investment this year as the weaker pound reduces the cost of doing business in North Africa's largest economy and a new investment law comes into force, the investment minister said.Egypt received about $8.7 billion in foreign direct investment in the fiscal year ended June 30, Nasr said, an increase from $6.9 billion a year earlier but below its $10 billion target.Though the weaker currency has boosted investor confidence and attracted inflows, it has also helped drive inflation above 30 percent, pressuring Egypt's 93 million people, half of whom live near the poverty line – and confronting Sisi's government with a major challenge.High interest rates have not proved to be a major hurdle for investment, Nasr said, with companies more focused on currency issues and bureaucracy.
FOLLOW THIS ARTICLE