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Sunday, 6 August 2017

FDI to ring in around USD 8.7 bn in FY2016-17, World Bank, AfDB tranches coming before the end of the year -Sahar Nasr

Foreign direct investment in FY2016-17 is expected to ring at around USD 8.7 bn, climbing 26% y-o-y over the previous fiscal year, said Investment and International Cooperation Minister Sahar Nasr (pdf) on Friday. Total investments for FY2016-17 came in at EGP 502 bn, up 28% y-o-y. Nasr reiterated last week’s statements that FDI for FY2017-18 could exceed USD 10 bn.

World Bank, AfDB tranches coming before the end of the year: The World Bank’s board of governors has approved disbursing the third and final USD 1 bn tranche of the its USD 3 bn loan to Egypt, Nasr tells Al Masry Al Youm. The funds should be in by December, Nasr said, adding that Egypt will also be receiving the USD 500 mn tranche of the African Development Bank’s loan before the end of the year.

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