Egyptian Finance Minister Amr el-Garhy said on Monday his country was expecting foreign direct investment to increase to US$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 US$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 US$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)

Source: Egypt Independent March 20, 2017 11:37 UTC