Foreign investment in Egypt drops to almost zero-minister

CAIRO,  (Reuters) – Foreign investment in Egypt was almost non-existent in the six months to the end of December, Planning Minister Ashraf al-Araby said today, illustrating the depth of the economic crisis facing the Arab world’s most populous nation.

He added that the country needed strong investment to reach the 7 percent annual economic growth rate commonly cited by economists as the level needed to lower unemployment and soak up new entrants to the labour market.

Growth was only 2.2 percent year-on-year in the three months to the end of December, he told a news conference.

More in World

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Get the day's headlines from SN in your inbox every morning:

Most Read This Week

  1. Stephen Vieira arrested at CJIA over Zeelugt cocaine find

  2. South woman charged with failing to declare US currency at airport

  3. Ex-GRDB members arrested by SOCU

  4. No renegotiating illegal parking meter contract

  5. Shot pandit recovering

  6. Husband held after fatal stabbing of Amelia’s Ward mother

  7. Stephen Vieira released

  8. GBTI to recover funds lost in alleged fraud -Board Chairman

  9. Karen Williams

    Links between Roger Khan, Leslie Ramsammy were strong – US Charge d’ Affaires in cable


Recommended For You