Economics

Egypt targets $55 billion investment in 2023-2024 fiscal year to boost economy.

Africa Finance Review

Feb 28, 2024 — 1 min read

Egypt expects to generate $55 billion worth of investment in the current fiscal year to boost its economy.

The North African country has been facing an ongoing economic crisis, with the Egyptian pound losing around 50% of its value since 2022, high inflation and a budget deficit of 7.0% due to increased debt servicing costs.

According to the Ministry's recent report, the private sector is expected to contribute $19.4 billion as its economic reforms begin to improve the business climate for investing.

Egypt recently signed a $35 billion investment deal with The United Arab Emirates through Abu Dhabi's ADQ sovereign investment fund for the development of the Ras El Hekma peninsula and could attract as much as $150 billion in investments, as reported by Reuters. The new deal will help to address the country's foreign exchange challenges.

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Ecobank Repays $500Million 5-Year Eurobond Debt.

Egypt Receives $820 Million From IMF's Extended Fund Facility (EFF) Deal.

Kenya: The Rise of Rutonomics

Ghana Yet To Restructure $13 Billion Debt with International Bondholders