566 million investments in Egypt over six months
Egypt, Economics, 5/5/2003

Egypt's Chairman of the General Capital Market Authority, Abdel Hamid Ibrahim, said total new foreign investments in Egypt during the second half of 2002 amounted to $ 566 million.

The mechanism set-up by the Central Bank of Egypt (CEE) to facilitate foreign investors, remittances has resulted in further decrease in the remittances of foreign investors due to confidence in CBE-guaranteed mechanism.

"Though their securities sales during the period of six months reached $ 344 million, only $ 67 million were remitted by the foreign investors," he added.

"This fact means that they keep their capital for investment in Egypt," he illustrated.

Dealings in securities represented 90% of direct foreign investment in Egypt, he highlighted, adding that $ 566 million were channeled into investment sector through securities.

The Egyptian Capital Market Authority enjoyed an internationally recognized organization and systematic performance, he expounded.

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