Egypt needs more investments to avoid economic crisis

(MENAFN) Newly released reports showed that Egypt will have mega-projects, special investment zones and power plants fuelled by the largest offshore gasfield in the Mediterranean as planned ahead.

However, some experts say that in the near future the government needs to boost investment and attract foreign capital to avoid looming cash critical situation and slowing economy.

Billions of dollars in debt repayments are coming due, foreign currency reserves fell to a six-month low in August, and FDI is not growing as fast as hoped, all faces the government which needs to react quickly.

Implementing a planned value-added tax this month would help bring the budget into line, as would a fresh bond issue like one last June that raised USD1.5 billion, Finance Minister said.