FILE - Investment and International Cooperation Ministry FILE - Investment and International Cooperation Ministry

Foreign direct investment rose 14.5% in 2016/17: Min

Thu, Mar. 1, 2018
CAIRO – 1 March 2018: Egyptian foreign direct investment rose 14.5 percent during fiscal year (FY) 2016/2017, the Investment and International Cooperation Ministry said in an annual report.

The ministry issued the 2017 annual report entitled "Investment in development" which tackles the ministry's achievements attained during last year.

The report included a part of President Abdel Fatah al-Sisi’s speech during the BRICS summit held in China in September 2017, where he said that Egypt adopted economic reform measures according to the Egyptian vision 2030.

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

The Central Bank of Egypt (CBE) announced in December 2017 that the influx of foreign direct investment (FDI) hiked to register $3 billion in the first quarter (Q1) of fiscal year (FY) 2017/18.

Meanwhile, the net outflow of FDI registered $1.4 billion, which states that net FDI in Egypt stood at $1.6 billion in the same period, the CBE noted.

Around 84 percent of FDI in Q1 were directed to the petroleum sector, according to the report.
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