Egypt's net foreign investment increased by 47% in 3 months

CAIRO – 18 August 2021: Net foreign investment in Egypt rose 47 percent within 3 months, CEO of the General Authority for Investment and Free Zones, Mohamed Abdel Wahab, stated.

This  came during a meeting with Mostafa Madbouly, the Egyptian Prime Minister; To review a number of the commission's work files, according to a press release.

Ambassador Nader Saad, the official spokesman for the cabinet, stated that the CEO of the General Authority for Investment and Free Zones reviewed, during the meeting, a report on the analysis of foreign direct investment data during the third quarter of the fiscal year 2020-2021.

He pointed out that the net foreign investment flows during this period achieved a remarkable increase compared to the corresponding period of the previous fiscal year 2019-2020, with a rise rate of 47.3 percent, amounting to $1.429 billion.

Abdel Wahab explained that these indicators are in line with the expectations issued by the International Monetary Fund, which stated that foreign direct investments in Egypt are expected to achieve annual growth during the next four years.

He pointed out that by analyzing the performance of net foreign direct investment flows, it is clear that net foreign direct investment flows to the non-oil sectors during the third quarter of the 2020-2021 fiscal year increased by 21.72 percent, or $1.911 billion, compared to the corresponding period of the previous fiscal year. The net flows during the third quarter also achieved a growth rate of 25.72 percent, compared to the volume of flows during the previous fiscal quarter of the same fiscal year.

With regard to comparing the net foreign direct investments received for the purpose of establishing and expanding companies in the non-petroleum sectors, the CEO of the General Authority for Investment and Free Zones explained that these net investments increased during the third quarter of the fiscal year 2020-2021 by 32.73 percent compared to the same period of the previous fiscal year. These net investments also achieved a growth rate of 23.65 percent compared to the second quarter of the same fiscal year.

On the development of incoming foreign direct investments for the purpose of establishing new companies during the current fiscal year,  Abdel Wahab indicated that these investments achieved an upward trend during the third quarter of the current fiscal year 2020-2021, with an increase of 85 percent compared to the first quarter of the same year.