Oil and Gas

Egypt expects $13-15 bln in foreign investment next fiscal year, finance minister says

CAIRO, March 20 (Reuters) - Egyptian Finance Minister Amr El Garhy said on Monday his country was expecting foreign direct investment to increase to $13-15 billion in the 2017-18 fiscal year, after a currency flotation in November revived foreign interest.

Garhy told Reuters by telephone that Egypt’s 2017-18 budget would assume an oil price of $55-57 per barrel.

Garhy told a local television station on Sunday night that the budget would be presented to parliament by the end of March.

Some $3.5 billion in foreign investment has flowed into Egyptian Treasury bills and bonds since the currency was floated in November, losing about half its value. (Reporting by Ehab Farouk; Writing by Lin Noueihed; Editing by Dominic Evans)