Cairo – Decypha: Egypt is expecting foreign investments from $13 -15 billion in the coming 2017/2018 fiscal year (FY), Egypt’s Finance Minister Amr El Garhy told Reuters.

The projected dollar price for the FY 2017/2018‘s budget is set at EGP 16, to be presented to the parliament before 31 March, according to Daily News Egypt.

“Foreign investments in government treasury bills have reached $3.5 billion since flotation until now. We seek to make them reach EGP 10 billion by the end of 2017, marking a return to their levels before 25 January 2011,” said El Garhy to Daily News Egypt.

The new budget will see oil barrel price ranging between $55 and $75 in the new budget, compared to the current oil barrel price at $40.

Electricity and petroleum subsidies are expected to reach EGP 200 billion compared to EGP 135 billion due to the Egyptian pound’s floatation.

“It is expected that the gross domestic product (GDP) will grow by 3.8-4% by the end of this fiscal year, while it will jump to 4.8% in the next fiscal year,” added El Garhy.

By Decypha News Editorial Team