Egypt is attracting renewed investor interest after slashing arrears owed to foreign oil companies to US$1.2 billion from US$6.5 billion, Investment and Foreign Trade Minister Mohamed Farid Saleh said during meetings with international firms.
Speaking at a roundtable with 18 U.S. and global companies on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank Group, Farid said the reduction in arrears was part of broader efforts to restore investor confidence and accelerate economic reforms.
The meeting, organised by the Business Council for International Understanding and led by Peter Tichansky, focused on investment opportunities in sectors including cybersecurity, energy, medical technology and financial services.
Farid outlined a strategy to bridge Egypt’s financing gap, noting that the country is targeting an investment rate of 25% of gross domestic product, compared with a current savings rate of about 11%.
He said the government plans to boost domestic savings through reforms to pension and insurance systems while directing more capital toward long-term investments and startups.
To reassure investors, Farid highlighted ongoing investments in the national electricity grid and regional interconnection projects aimed at ensuring reliable energy supply.
He also pointed to regulatory reforms under consideration, including adopting elements of the English legal model in financial and business centres to enhance transparency and investor protection.
Egypt is further exploring the introduction of General Partner/Limited Partner (GP/LP) structures to attract institutional investors, alongside expanding digital government services, tax incentives and private investment zones with streamlined licensing processes.
Corporate representatives at the meeting expressed strong interest in the Egyptian market, citing its growth potential and strategic location.
Executives from GE Healthcare and Philips highlighted opportunities in the healthcare sector, particularly in advanced medical technology and digital health services.
Lockheed Martin signalled interest in strategic industries and advanced technologies, while cybersecurity firm Resecurity pointed to expanding opportunities in digital transformation.
Food giant Kraft Heinz said Egypt’s large consumer base and trade agreements position it as a hub for regional expansion, while Morgan Stanley noted that ongoing structural reforms are improving investor confidence.
Other participants included multinational firms such as Procter & Gamble, The Coca-Cola Company, Chevron and Sumitomo Corporation, alongside advisory groups and development-focused organisations.
Farid also held bilateral discussions with company representatives to explore potential expansion plans in Egypt, including meetings with executives from Resecurity and Kraft Heinz.
He urged global firms to capitalise on Egypt’s investment opportunities, reaffirming the government’s commitment to maintaining a stable business environment and advancing reforms.
Analysts say the sharp reduction in oil arrears is a key signal to investors, addressing long-standing concerns about payment delays in the energy sector.
Combined with ongoing regulatory changes and infrastructure investments, the move is expected to support Egypt’s efforts to attract foreign direct investment and sustain economic growth.
