Egypt absorbs 4 billion USD of French investments

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Xinhua

French companies have invested 4 billion U.S. dollars in Egypt, the French ambassador to Cairo said on Sunday. The total French investments in Egypt reached 4 billion U.S. dollars with 150 French companies operating in the most populous Arab country, according to a statement from the Egyptian finance ministry. "Some 150 French companies are currently present in Egypt, employing from 40,000 to 50,000 Egyptian workers," said France's Ambassador to Egypt Stefan Roumtier during his meeting, along with top 25 French firms operating in Egypt, with Egyptian Finance Minister Amr al-Garhy.

Roumtier added that the French companies that operate in Egypt work in the fields of food industry, pharmaceutical industry, construction, energy, ommunications, banking, software, transport and tourism. Egypt has been suffering economic recession due to political instability and relevant security issues over the past few years, which led to a decline in the country's foreign investments, tourism revenues and others.

The country started last year a strict three-year economic reform program including local currency full floatation to face dollar shortage, besides austerity measures, fuel subsidy cuts and tax increases. Egypt's reform program is encouraged by a 12-billion-dollar loan from the International Monetary Fund, a third of which has already been delivered to Egypt in two tranches in November 2016 and July 2017.

The French ambassador hailed on Sunday the Egyptian economic reform program and voiced France's support to the Arab, North African country.