Egypt $10bn FDI this year

Egypt expects foreign direct investment to reach $10bn in the current fiscal year ending June 2007, Reuters reported. Foreign firms invested $6.1bn in to the county last year, the investment minister said. Egypt has embarked on a privatisation programme of government assets, which includes a sale of 15% of the Bank of Alexandria through an initial public offering. Italy’s Sanpaolo paid $1.6bn for 80% of the bank in October 2006. Full Story

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