{"id":628364,"date":"2018-05-02T04:18:50","date_gmt":"2018-05-02T04:18:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/02\/fdi-could-grow-by-20-25-in-fy2018-19-if-its-hits-this-years-usd-10-bn-target-el-garhy\/"},"modified":"2018-05-02T04:18:50","modified_gmt":"2018-05-02T04:18:50","slug":"fdi-could-grow-by-20-25-in-fy2018-19-if-its-hits-this-years-usd-10-bn-target-el-garhy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/02\/fdi-could-grow-by-20-25-in-fy2018-19-if-its-hits-this-years-usd-10-bn-target-el-garhy\/","title":{"rendered":"FDI could grow by 20-25% in FY2018-19 if its hits this year\u2019s USD 10 bn target -El Garhy"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>FDI could grow by 20-25% in FY2018-19 if its hits this year\u2019s USD 10 bn target:<\/strong> Finance Minister Amr El Garhy expects foreign direct investment in Egypt to grow by 20-25% in FY2018-19 if the country achieves the USD 10 bn target it set for this fiscal year. \u201cAs investors see that things are improving in Egypt and that there\u2019s no fatigue in economic reform, I think we\u2019ll see more and more people coming,\u201d he tells Bloomberg TV in an interview (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2018-04-30\/egypt-s-el-garhy-on-financial-needs-growth-investment-video\">watch, runtime: 4:28<\/a>). \u201c[It\u2019s] a win-win situation\u2026.Investors need to come egypt to make good returns and the country needs to make use of that as well, in terms of hiring people, labor, and reducing the unemployment rate.\u201d Multinational companies are looking at Egypt as a hub for exports into other Middle Eastern and African markets, the minister says, adding that local and regional investors are also thinking along similar lines. The government is also doing its best to improve the overall environment for investors by \u201cfighting day in and day out\u201d to implement legislative and structural reforms that facilitate processes such as land availability and allocation, as well as issuing licenses and permits.<\/p>\n<p><strong>Oil, gas, and electricity will play a large role in attracting FDI, <\/strong>as the government moves to cut subsidies and create more opportunities for growth and investment in the energy market.<\/p>\n<p><strong>Subsidies have had a largely negative effect on the energy sector but whether or not the state decides to scrap fuel subsidies entirely by 2019 remains to be seen<\/strong>. \u201cWe have to make sure that whatever economics reform action that takes place balances out well with the social safety net that we push within the budget,\u201d El Garhy said. The government had <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/02\/government-to-announce-new-social-protection-measures-in-ramadan-sources-2\/\">said it would announce<\/a> a new batch of social safety measures by Ramadan, ahead of an expected increase in electricity prices in July and anticipated cut in fuel subsidies early on in FY2018-19.<\/p>\n<p><strong>Appetite for Egyptian debt remains strong as well, <\/strong>El Garhy said, particularly among European and US investors. T<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-04-30\/egypt-is-confident-23-billion-debt-inflows-won-t-flow-out\">hat is not likely to fade soon<\/a> because the \u201ctrade-off between risks and returns remains attractive\u201d (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2018-04-30\/egypt-s-el-garhy-on-economic-reforms-bond-issuance-rates-video\">watch, runtime: 3:42<\/a>). Debt levels are still within a safe range, despite the rise in US interest rates, which reflects \u201cbetter investor assessment of our credit risk.\u201d Egypt is planning USD 6-7 bn-worth of USD- and EUR-denominated eurobond issuances in FY2018-19, according to El Garhy. As for other currencies, El Garhy said that \u201cwe will see what\u2019s best for us,\u201d but the Asian market is not currently under consideration.<\/p>\n<p><strong>El Garhy <\/strong><a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/19\/how-the-economic-reforms-will-help-rein-in-debt\/\"><strong>had explained a few weeks<\/strong><\/a><strong> back how achieving a primary surplus of 2% \u201cwill help us in settling part of our debt service or the debt itself<\/strong>, even if it is a small amount\u2026It will help us reduce our addiction to debt.\u201d His full interview with the FT\u2019s Heba Saleh is now out and you can listen to it here (<a href=\"https:\/\/www.ft.com\/content\/08ee39b5-3030-458b-9b32-7dcb51a644f9\">runtime: 11:48<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FDI could grow by 20-25% in FY2018-19 if its hits this year\u2019s USD 10 bn target: Finance Minister Amr El Garhy expects foreign direct investment in Egypt to grow by 20-25% in FY2018-19 if the country achieves the USD 10 bn target it set for this fiscal year. \u201cAs investors see that things are improving [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":628365,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"8ed63599-9766-42f7-9186-e4d25657568d","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/5\/1825.jpg","photo_position":"above","related_issue":[628355],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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FDI is expected to reach USD 20 bn by the end of the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630125,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/egypt-will-be-issuing-usd-6-7-bn-in-usd-denominated-eurobonds-in-fy2018-19\/","url_meta":{"origin":628364,"position":1},"title":"Egypt will be issuing USD 6-7 bn in USD-denominated eurobonds in FY2018-19","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"Egypt will be issuing USD 6-7 bn in USD-denominated eurobonds in FY2018-19, said Finance Minister Amr El Garhy on Wednesday, Reuters reports. El Garhy reportedly said the issuance might take place at the end of 2018 or early 2019, according to Al Mal. Assistant Finance Minister for Capital Market Operations\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630174,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/govt-budget-bridging-is-out-sees-inflation-dropping-to-low-of-10-in-fy2018-19\/","url_meta":{"origin":628364,"position":2},"title":"Gov\u2019t budget bridging is out, sees inflation dropping to low of 10% in FY2018-19","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"BUDGET WATCH- Government sees inflation dropping to low of 10% in FY2018-19: The Finance Ministry issued its pre-budget report for FY2018-19 on Friday (pdf) in which it outlines the broad strokes of the budget and its priorities for the economy and public spending. The government is predicting that inflation will\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":638965,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/18\/fuel-prices-vat-rate-wont-rise-this-year-repo-agreement-to-be-renewed-el-garhy\/","url_meta":{"origin":628364,"position":3},"title":"Fuel prices, VAT rate won\u2019t rise this year; repo agreement to be renewed -El Garhy","author":"enterpriseam admin","date":"18 October 2017","format":false,"excerpt":"The Ismail government has no intention to raise fuel prices this year and it is not going to hike the rate of the value-added tax, Finance Minister Amr El Garhy said yesterday in an interview with Reuters. \u201cPeople have to be sure that we have a strong macro\/fiscal consolidation... That\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568594,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/fdi-figures-up-after-cbe-adopts-new-methodology\/","url_meta":{"origin":628364,"position":4},"title":"FDI figures up after CBE adopts new methodology","author":"enterpriseam admin","date":"28 January 2020","format":false,"excerpt":"FDI figures up after CBE adopts new methodology: The Central Bank of Egypt has updated its record of FY2018-2019 foreign direct investment (FDI) figures to reflect a new method it is using to calculate FDI, the local press reported citing a CBE source. The new calculation, which boosts last year\u2019s\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622545,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/04\/fuel-subsidy-bill-could-overshoot-to-egp-100-bn-in-fy2018-19\/","url_meta":{"origin":628364,"position":5},"title":"Fuel subsidy bill could overshoot to EGP 100 bn in FY2018-19","author":"enterpriseam admin","date":"4 October 2018","format":false,"excerpt":"EXCLUSIVE- Fuel subsidy bill could overshoot to EGP 100 bn in FY2018-19: Higher-than-forecast oil prices will could see Egypt\u2019s fuel subsidy bill FY2018-19 jump to EGP 100 bn, up from USD 89 bn now in the budget, a government source told Enterprise yesterday. Compounding the issue: The potential for strain\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=628364"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/628364\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/628355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/628365"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=628364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=628364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=628364"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=628364"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=628364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}