Cairo – Mubasher: Foreign direct investment (FDI) flows to Egypt grew by 16% year-on-year (YoY) during the second quarter of fiscal year 2019/2020, the executive director of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab said, citing initial data.
The rise in FDI to the country was primarily boosted by the increase in the investment cost of newly-established companies as well as the investment expansion of existing companies totalling $2.2 billion in the three-month period ended 31 December 2019, up by 57% from $1.4 billion in the year-ago period, Abdel Wahab added.
It is noteworthy that during Q1 of FY19/20, FDI flows to the most populous nation rose to $2.35 billion from $1.41 billion in the year-ago period, according to data released by the Central Bank of Egypt (CBE).
