Report: 32% of COMESA Projects Implemented in Egypt in 7 Months

Business

November 26th, 11:45am

Cairo - Asharq Al-Awsat

Egypt acquires 32 percent of the implemented projects within the COMESA member states. Reuters

Egypt has accounted for 32 percent of the projects implemented in the Common Market for Eastern and Southern Africa between January and July 2020, according to a recent COMESA report. Almost 100 foreign direct investment (FDI) projects have been implemented during this period, down 56.14 percent from 228 projects in the same period of 2019 due to the coronavirus outbreak and the lockdown measures. The report said 22 projects were carried out in January, 22 percent of the total number of projects. The total value of these projects amounted to about $4.23 billion during this period, down 70.95 percent from $12.4 billion in the same period of 2019. It added that 32 projects were implemented in Egypt between January and July. The report noted that China is considered the biggest direct investor in Africa with a total of 17 projects, representing 17 percent of the total value of the announced projects, followed by UAE (13 percent), France (nine percent), then Germany (six percent) while Egypt and Saudi Arabia had a share of three percent of the FDI. In other news, CEO of the Egyptian General Authority for Investment and Free Zones Mohamed Abdel Wahab has discussed with representatives of the American Chamber of Commerce in Egypt the future of US investments in the country. The meeting was attended by CEO of the American Chamber of Commerce, members of the Chamber's Board of Directors and representatives of major American companies operating in Egypt. Abdel Wahab also discussed the representatives’ proposals on cooperation with the Authority in promoting investment opportunities in Egypt to the US business community, especially after international institutions have praised the resilience of the Egyptian economy in the face of the pandemic. The International Monetary Fund (IMF) has earlier announced that Egypt has been rancked the world’s second in terms of the economic growth rate, and that it is the only country that achieved a positive growth rate in the Middle East and North Africa region during the health crisis.

from Asharq AL-awsat https://english.aawsat.com/home/article/2648516/report-32-comesa-projects-implemented-egypt-7-months