Total foreign investment in Egypt will range between $7-7.5 billion in 2009, rising to $8 billion in 2010, the country’s investment minister said, state news agency MENA reported.
It was not clear how much of this amount was expected to come from foreign direct investment (FDI) or portfolio investment.
“Minister of Investment Mahmoud Mohieldin expected foreign investment in Egypt in the current year to reach between $7-7.5 billion, and to reach $8 billion next year despite the effects of the global financial crisis,” MENA said.
Speaking to investors in Port Said, Mahmoud Mohieldin said Egypt was seeking to draw in investments from China, India, Singapore, South Korea, Malaysia, Kuwait and the UAE, according to MENA.
Mohieldin said in March that foreign direct investment in Egypt would decline as a result of the global financial crisis to roughly $8 billion.
FDI in Egypt in 2008 stood at $9.49 billion, according to the Central Bank of Egypt website.
Mohieldin said that economic growth was expected to reach around 4.5 percent in the current year, with a decline in inflation to less than 10 percent, MENA reported.