Nazif: $ 2.6 billion flow investments in Egypt
Egypt, Economics, 7/6/2005

Yesterday's cabinet meeting addressed a number of internal and Foreign policy reports, President Mubarak's activities during the last few days, and the kidnapping of the head of Egypt's diplomatic mission in Iraq a few days ago.

This was stated by Cabinet spokesman Magdi Radi, who added that the Prime Minister also reviewed a report on political, economic and social reform in Egypt.

Radi explained that a noticeable surplus of US$3.3 billion in the balance of payments has been achieved during the first nine months of the fiscal year 2004-2005.

"A leap of US$3.5 billion has also taken place in the balance on current transactions during the same fiscal year," said Radi.

Radi explained that Egypt's exports have increased by 32 percent, reaching US$9.8 billion He added that imports have equally increased.

"Egypt managed to attract US$2.6 billion of investments during the last six months," Radi said "We received US$600 million of investments during the same period last year"he added.

Meanwhile Prime Minister Ahmed Nazif said that investment flow in Egypt upped to US$ 2.6 billion in the past nine months from US$ 184 million during the same period last year.

The Prime Minister said, in an address to Shura Council on Tuesday, that tourism revenues amounted to about US$ five billion or 20 percent increase if compared with 2004.

Trade balance made surplus US dlrs 3.3 billion, according to the latest report prepared by Central Bank of Egypt (CBE) on the last 9 months.

Inflation slashed to 4.5 percent. Soaring prices of more than 25 commodities came to a halt.

Reserves in Foreign currencies rose to US$ 18 billion.

Exports upped by 31 percent and imports 31 percent with half of them intermediate commodities which would have its positive impact on economic growth rates.

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