CAIRO - The Egyptian economy lured up to USD 1.8 billion worth of foreign investments during the 2008-2009 fiscal year despite fallouts of the global financial crisis.
Minister of Investment Dr. Mahmoud Muhi-eddine said in a statement on Saturday that total inflow of foreign investments into the country has amounted to USD 42.4 billion since 2004.
The minister indicated that the net direct investments by foreigners dropped 38.7 percent compared to the previous fiscal year, as a result of the effect of the global financial meltdown.
Establishment of new companies and hike of capitals of existing companies constituted 28.5 percent of the volume of the next foreign investments. The oil sector alone drew 66 percent of these inflows.
He indicated at national plans to drew investments from southeastern nations.
Source: Zawya.com
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