Paid $ 1.5 billion in investments in U.S. companies by 2020

AA / Cairo

The Egyptian Ministry of Finance said on Thursday that US companies have paid $ 1.5 billion in investments by 2020, and that the same investments are expected to increase to $ 2 billion by 2021.

This emerges from a ministerial statement by US Ambassador to Cairo Jonathan Cohen today to meet with Egyptian Finance Minister Mohamed Mait to discuss strengthening economic ties.

Cohen said US companies will invest $ 1.5 billion in Egypt by 2020. “An American company plans to repay $ 5 billion in investments over the next five years,” he said.

The report does not name the company or the name of the department in which the announced investments will be paid, the content of which forecasts the payment of $ 2 billion investment in Egypt by 2021.

According to the report, Maid said his country’s efforts to create an environment that encourages domestic investment and attracts foreign investment “will help Egypt attract more US investment in various economic sectors.”

According to government data, the economic dimension is a key aspect of relations between Egypt and the United States. In this regard, they are taking many forms such as economic aid and collective agreements for Cairo.

According to official data, the United States has been one of Egypt’s major economic partners since the late 1970s, with $ 24 billion in investments and $ 6 billion in trade.

Egypt remains the largest recipient of foreign direct investment in Africa by 2020, with a net income of $ 5.9 billion, according to a recent report released by the United Nations Trade and Development Organization (UNCTAD) on global investment flows.

* Translated by Maunir Bennur from Arabic

The AA website only briefly broadcasts part of the dispatch that Anatolia Agency broadcasts to its subscribers via the Internal Distribution System (HAS). Contact us to subscribe.