FDI to hit highest level ever next fiscal year –El Garhy

Foreign direct investment in Egypt will hit USD 13-15 bn in FY 2017-18, Minister Amr El Garhy told Reuters. Anything in that range would be the highest volume of FDI in Egypt’s history. El Garhy also narrowed the band of the average oil price that will be used in the FY 2017-18 budget to USD 55-57 per bbl from an earlier suggestion of USD 55-60 per bbl. The budget is due to be presented to parliament by the end of March, he added.