Foreign Direct Investment
The minister, meanwhile, stressed that the Egyptian economy has shown strong performance, resilience and ability to absorb shocks.
Net foreign direct investment in Egypt recorded about $7.3 billion during the period from July 2021 until the end of March 2022, compared to $4.78 billion in the same period of the previous fiscal year.
Thus, net foreign direct investment in Egypt recorded the highest value since the first quarter of 2018, which amounted to $6.9 billion at the time.
Maait elaborated that this comes in a manner that ensures raising economic growth rates, creating more job opportunities, and enhancing aspects of spending on improving the standard of living of citizens and upgrading the services provided to them.
Egypt has remained as a top recipient of foreign direct investment in Africa for the fifth year in a row in 2020/2021, reaching $5.9 billion, which represents 53 percent of foreign direct investment directed to North Africa.
The foreign direct investments in Egypt were estimated at $5.9 billion in 2020, the UNCTAD said in its World Investment Report 2021 report on Monday.
A well-placed source at FRA said the approval came in line with the capital market law no 95 of 1992 and its executive statute.
The country accounted for 35.2 percent of the $340 billion invested in the region throughout the period.
Egypt is exerting efforts to create an investment-friendly climate and outline legislation in this regard, it added.
The World Investment Report 2019 included that foreign investment in Egypt was leaning towards the oil and gas industry, as Egypt's important discoveries of gas reserves abroad attracted investments from multinational companies.
Saudi Arabia’s direct investments in Egypt represent 8.4 percent of the total Arab countries’ investments in the first quarter of the current fiscal year.
Egypt ranked first in Africa in terms of foreign direct investment (FDI) flows, with the volume of investments hitting 7.4 billion dollars in 2017.
GAFI added that private investments hiked 47 percent, to reach LE 316 billion, compared to LE 213 billion during 2017.
The total internal inflows reached $3.4 billion compared to $3.9 billion during the same period of last year.
Minister of Investment Sahar Nasr noted that total private investment increased 47 percent.
The ministry issued the 2017 annual report entitled "Investment in development" which tackles the ministry's achievements attained during last year.
The inflows of net FDI stood at $1.6 billion in the first quarter of the current fiscal year.
Around 84 percent of FDI in Q1 were directed to the petroleum sector, according to the CBE.
local investments recorded LE 2.4 billion in July, surging 58 percent year-on-year, Minister of Investment Sahar Nasr said.
Egypt may exceed its 10 billion-dollar target for foreign direct investment this year as a new investment law comes into force, sahar Nasr Said.