NEW ALAMEIN CITY, June 25 (MENA) - Prime Minister Mostafa Madbouli said on Wednesday that an international report indicated that Egypt ranked 9th globally in 2024 in terms of attracting foreign direct investments (FDIs), after previously ranking 35th.

This is a positive development, and the state will continue to promote investment in the coming period, accelerate licensing processes, and provide more facilities for both foreign and local investors to encourage a favorable investment climate, Madbouli told a press conference at the government headquarters in New Alamein City following the weekly Cabinet meeting.

The prime minister reassured the Egyptian people that the country's economic situation is stable, pointing out that Egypt's foreign currency resources in May matched the state's spending for the fourth month in a row.

He also emphasized that Egypt is capable of meeting its needs without relying on hot money (short-term speculative capital), and that local resources now cover consumption and needs. (MENA)

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