Egypt targets $12bln FDIs in FY2023/24: Heiba

CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba told Al Arabiya Business

Staff Writer, Arab Finance

January 3, 2024

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Egypt is targeting $12 billion in foreign direct investments (FDIs) in the fiscal year (FY) 2023/2024, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba told Al Arabiya Business.

Heiba noted that the targeted increase in net FDI inflows amounts to 20%, adding that the devaluation of the local currency reduces investment costs.

He also pointed out that this increase excludes oil or indirect investments in debt instruments.

The first quarter (Q1) of FY 2023/2024 witnessed a surge in net FDI as compared to the same quarter of Q1 FY 2022/2023, Heiba noted.

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