Egypt attracting more foreign investments because of its reform

"The volume of foreign investments flowing into Egypt in the fiscal year 2004/2005 amounted to US $3.9 billion," according to Investment Minister Mahmoud Mohieddin.

At a meeting with board members of the investors branch of the Egyptian Federation of Chambers of Commerce, he said that $831 million of that amount was in the form of foreign investments through the Stock Exchange, $1.46 billion in direct investments and around $2.5 billion in investments in the oil field.

He attributed the surge in foreign investments in Egypt to the reforms introduced by the government in the past year.

The minister said that proceeds of the Egyptian privatization program last year reached LE 5.6 billion, and this amount is expected to double by the end of this year.