$500 million increase in Egyptian foreign investment

Ibrahim Fawzi, the head of the general organization for investment and free trade zones in Egypt, announced an increase in foreign investments in Egypt by $500 million in 1998, after issuing the guarantee law and investment incentives.

Fawzi said that foreign investment reached $1.5 billion last year while the total foreign investments for the year 1997 was only $1 billion.

The head of the organization added that Egyptian contributions to companies that were established in last year reached 20.2 billion pounds while they were 19.2 billion pounds in 1997.