Minister of Finance Momtaz al-Saeed said investments worth US$16 billion left the country after the breakout of the 25 January revolution as confidence in the investment environment in the country dropped.
In a speech before the Euromoney conference, Saeed said, "I want everyone to [be] assured that we are open to all investors, for it is not advised to stand in the way of investment."
He said that the Finance Ministry has several projects that require local and foreign investment. The country needs investments worth LE170 billion in the coming stage to reduce the budget deficit, which currently amounts to LE135 billion, he said.
The Minister emphasized that investment is the only solution to restore growth and that there is a need to restore investors' confidence in Egypt.
He said the ministry will hold a conference in January that will be dedicated to Public Private Partnerships and called on investors to enter into such projects.
He also said that he believes negotiations with the International Monetary Fund are important, since current liquidity levels are insufficient for required growth rates.
Edited translation from Al-Masry Al-Youm
