EU investments in Egypt grow to $2.302 bln in Q3: CBE

By Yomna Yasser On Aug 22, 2016

European Union’s investments in Egypt rose by $730 million in the third quarter of the financial year 2015-2016 to stand at $2.302 billion, a central bank report showed on Sunday.

During the second quarter, EU investments recorded $1.572 billion.

U.K. investments in Egypt grew by $985 million to reach $1.979 billion in the third quarter, compared to $994 million in the second quarter, the report added.

French investments fell to $45.4 million from $103.1 million.

Egypt’s net foreign direct investments (FDI) surged by $1.054 billion in the third quarter of the year to stand at $2.772 billion, from $1.718 billion in the second quarter.

Foreign direct investments are one of Egypt’s primary sources of foreign currency, along with Suez Canal revenues and the tourism industry.