Egypt’s net FDI at $4.6 bln in first nine months of FY18-19

Egypt’s net foreign direct investment (FDI) recorded $4.6 billion in the first nine months of the 2018/2019 financial year, the central bank said on Thursday.

Net FDIs stood at $6.02 billion in the same period a year before, a figure mainly driven by investments in the oil and gas sector.

Net inflows reached $10.2 billion in the same period, July 2018 to March 2019, while net outflows registered $5.6 billion, central bank data showed.

Egypt’s economy has been struggling to lure back foreign investors and tourists since a 2011 uprising drove them away. Yet, in late 2016, the country signed a $12 billion deal with the International Monetary Fund (IMF) to boost growth. The three-year agreement is set to end later this summer.