Egypt’s FDI registers $3 bln in Q1 FY 2017/18

Influx of foreign direct investment (FDI) hiked to register $3 billion in the first quarter (Q1) of financial year (FY) 2017/18, the Central Bank of Egypt (CBE) announced Sunday.

Meanwhile, the net outflow of Foreign direct investments registered $1.4 billion, which states that net FDI in Egypt stood at $1.6 billion in the same period, the CBE noted.

Around 84 percent of FDI in Q1 were directed to the petroleum sector, according to the report.

The deficit in the trade balance declined 5 percent in that quarter to record $8.9 billion, compared to $9.4 billion in Q1 FY 2016/17.

Egypt’s net FDI increased to $13.3 billion in the last FY 2016/17, compared to $12.5 billion in the previous fiscal year, with a 6.5 percent increase.

The deficit in the trade balance slumped $12.23 billion (37 percent) in the first eight months of 2017, to stand at $20.1 billion compared to $32.4 billion in the same period in 2016.

Non-petroleum exports in that period increased 11 percent to register $15 billion, compared to $13.5 billion from January to August last year; while non-petroleum imports declined from $45.5 billion to $35.1 billion, marking a 23-percent decrease