Lebanon key investor in Egypt economy

Lebanon has been one of the key foreign investors in the Egyptian economy over the past few years, ministers and officials said Friday.

“Lebanon ranked 15 among 152 countries that made investments in Egypt and if we add the investments from Lebanese companies abroad then Lebanon would rank seventh,” Egypt’s Industry, Commerce and SMEs Minister Munir Fakhri Abdul-Nour told the Lebanese-Egyptian Business Forum, which was held at the Phoenicia Hotel.

He added that these investments were made over a 10-year period.

The minister did not specify the nature of the projects undertaken by Lebanese in Egypt.

Leading banks like BLOM and Audi have had a major presence in Egypt since the country opened its market to foreign banks over 10 years ago.