Egypt targets $3.9B foreign investments from SCZONE

The Suez Canal Economic Zone (SCZONE) in Egypt is setting a target to attract foreign investments amounting to $3.9 billion during the fiscal year 2023/2024, according to statements made by the Executive Director of SCZONE, Ahmed Saad, in a recent interview.

This target comes after SCZONE garnered investments worth $1.3 billion in the first four months of the current fiscal year.

The SCZONE is one of Egypt’s main sources of foreign investments, with a total of $3.6 billion already secured in the previous fiscal year 2022/2023.

Egypt is actively working towards attracting $25 billion in direct foreign investments within the next five years, as announced by the CEO of the General Authority for Investment and Free Zones (GAFI). It is expected that the GAFI will draw in approximately $12 billion in foreign investments during the ongoing fiscal year, representing a 20 percent increase from the previous year.