Egypt’s foreign direct investments up 14.5% in FY2016/17

Egypt’s net foreign direct investment (FDI) rose by 14.5 percent to $7.9 billion in the financial year 2016/2017 , central bank of Egypt (CBE) said Tuesday.

That was well below Egypt’s target of $10 billion as the north African country continues to struggle to attract foreign investment following a 2011 uprising.

There was a “$2.3 billion rise in net inflows for oil sector investments to $4 billion,” the bank said in a statement.

Egypt paid about $2.2 billion in arrears owed to foreign oil firms in the second half of 2016-2017, which helped attract investors to the sector.

Source: Reuters