FDI
Egypt is the first investment destination for Arab sovereign funds, led by Saudi investments and Emirati investments, within the Gulf investments in Egypt in general.
It is not an easy quest in some sectors.
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.
As such, Egypt acquired 16.4 percent of new FDI in the region.
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.
The infographic highlights data in the report of the UN Conference on Trade and Development (UNCTAD) on FDI in Egypt, issued in June 2022 .
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.
The Media Center of the Cabinet released Saturday the figures.
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 report said Egypt implemented 32 projects inside the group's member states as a whole.
Egypt could attract about 38 percent of the FDIs, followed by Tunisia and Sudan with 9 and 8 percent, respectively, said the report.
Maghawry clarified that most of the UK’s investments are concentrated in the industrial sector, especially in oil and gas.
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 report noted that the economic reforms undertaken by the Egyptian government have improved macroeconomic stability and boosted investor confidence in the country.
The current account deficit retreated by $ 684.4 million or 13 percent, to register $4.6 billion.
“Egypt remained the largest FDI recipient in Africa in 2018, although inflows decreased by 8 percent to $6.8 billion,” UNCTAD stated in a report.
Egypt is moving forward with comprehensive institutional and legal reforms to improve the business environment, Minister of Investment Sahar Nasr told Bloomberg.
