566 million investments in Egypt over six months

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.