Prime Minister Ibrahim Mehleb has said the government is considering the issuance of investment certificates or bonds in US dollars for Egyptian expatriates in order to increase foreign currency inflows from abroad.
Mehleb told Al-Masry Al-Youm that the idea for the US dollar investment certificates for expatriates came after the success of the New Suez Canal certificates that collected LE64 billion in 10 days.
The Ministerial Economic Group and the Central Bank are also discussing ways in which to encourage Egyptian expatriates to transfer their cash remittances through the banks so as to increase foreign currency reserves and eliminate the black market.
Suez Canal Authority Chairman Mohab Mamish said he is considering borrowing from local banks in foreign currency in order to finance the import of equipment, machinery and work supplies for the New Suez Canal project. The project was supposed to be financed by US dollar investment certificates, according to a statement by the investment minister, but the idea was scrapped.
Prime Minister Mehleb stated that Egyptians he met in Kuwait and the UAE told him they were willing to support the economy in light of positive signs of improvement reported by international institutions, such as Fitch, Moody’s, Morgan Stanley and the IMF.
He pointed out that international companies also showed interest in increasing their investments in Egypt, expecting the unified investment law to positively impact the investment climate.
