The group is currently engaged in exploring diverse investment prospects, planning to finalize one of them by early 2024
The Central Bank of Egypt (CBE) revealed in a statement that private sector banks’ investments in treasury bills increased to LE 373.943 billion at the end of January, compared to LE 367.983 billion at the end of last December.
The capacities of new energy projects under development witnessed a remarkable increase during the period, reaching 3,570 megawatts, with foreign direct investments of nearly $3.5 billion, double its counterpart in 2020.
Foreign balances in treasury bills recorded $20.423 billion (about LE 321.8 billion) at the end of last December, compared to $20.601 billion (about LE 324.6 billion) at the end of last November.
Net foreign investment in Egypt rose to $1.66 billion during the period from July to the end of last September, compared to $1.6 billion during the same period last fiscal year.
Wind energy projects in the Gulf of Suez region on the Red Sea coast accounted for 78 percent of these investments, and 22 percent for solar energy projects, according to a statement by the Ministry of Electricity, Wednesday.
Head of the Debt Management Unit at the Ministry of Finance Mohamed Hegazy, saying that the volume of foreign holdings of treasury bills and bonds in Egypt, located in North Africa, amounted to $ 28.5 billion at the end of February.
CBE clarified that foreign investments in T-bills have decreased by the end of May 2020, at the lowest rate since the beginning of the coronavirus crisis.
Ma’it added on the sidelines of Euromoney conference said that Egypt is attracting many investors during the current period after the completion of the economic reform program.
The source pointed out that this will be reflected on the growing oil activity and projects implemented.
The outflows of foreign investments in T-bills reached around $9.8 billion during the period of April to October 2018, as the investments hit LE 380.3 billion ($21.5 billion) in March.
The source clarified that $3.2 billion was invested in operations to explore oil and gas, in addition to developing fields, adding that the operating cost reached $1.6 billion.
Foreign investments in T-bills in local currency declined for the seventh month in a row, losing around $1.4 billion in October.
The German acquisition of Otlob should encourage further foreign investments, according to Otlob’s President Walid El Saadani.
EGX Chairman reviewed the achievements of the stock exchange during his four-year tenure in a farewell speech.
EGX market capital jumped 114 percent to more than LE 366 billion, while acquisitions and mergers surged to LE 45 billion from 3013 to 2017.