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Egypt expects $13-15bln in foreign investment next fiscal year, finance minister says

Egyptian Finance Minister Amr El-Garhy (C) speaks during a news conference at the headquarters of the Ministry of Finance in Cairo, Egypt August 4, 2016. 
REUTERS/Amr Abdallah Dalsh

Egyptian Finance Minister Amr El-Garhy (C) speaks during a news conference at the headquarters of the Ministry of Finance in Cairo, Egypt August 4, 2016. REUTERS/Amr Abdallah Dalsh

Reuters/Amr Abdallah Dalsh
CAIRO, March 20 (Reuters) - Egyptian Finance Minister Amr El Garhy said on Monday his country was expecting foreign direct investment to increase to $13-15 billion in the 2017-18 fiscal year, after a currency flotation in November revived foreign interest.

Garhy told Reuters by telephone that Egypt's 2017-18 budget would assume an oil price of $55-57 per barrel.

Garhy told a local television station on Sunday night that the budget would be presented to parliament by the end of March.

Some $3.5 billion in foreign investment has flowed into Egyptian Treasury bills and bonds since the currency was floated in November, losing about half its value.

(Reporting by Ehab Farouk; Writing by Lin Noueihed; Editing by Dominic Evans) ((lin.noueihed@thomsonreuters.com; +202 2 394 8039; Reuters Messaging: lin.noueihed.thomsonreuters.com@reuters.net))

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