Net FDI inflows down $300M in Q1 FY 2017/18

CAIRO – 20 December 2017: The inflows of net foreign direct investment (FDI) declined to $1.6 billion in the first quarter (Q1) of fiscal year (FY) 2017/18, compared to $1.9 billion in Q1 last year.

This marks a $300 million decrease, the monthly bulletin of the Ministry of Investment showed on Wednesday.

Egypt’s net FDI increased to $13.3 billion in the last FY 2016/17, compared to $12.5 billion in the previous fiscal year, with a 6.5 percent increase.

The FDI is one of the main sources of filling the government’s financing gap, which is estimated to range between $10 to $12 billion this fiscal year.

The government is targeting $10 billion in FDIs for the current fiscal year. Larger inflows of foreign investments are needed for the country to achieve a sustainable high trajectory of economic growth since most such forms can act as long-term sources of capital, Minister of Investment Sahar Nasr said in June.