Cairo – Mubasher: Ministry of Investment and International Cooperation revealed that foreign direct investment (FDI) in Egypt for the fourth quarter of fiscal year 2016/2017 rose 29% year-on-year to $1.350 billion, according to CNBC Arabia.
The Ministry had previously said that new investments in Egypt surged by 27% to EGP 2.4 billion in September 2017, compared to EGP 1.9 billion in September 2016, according to a statement.
Minister of finance Amr El-Garhy had previously noted that Egypt targets FDI worth $10 billion this year.
The Central Bank of Egypt (CBE) had previously announced a 14.5% increase in net FDI in Egypt to $7.9 billion in FY16/17, as compared to $6.9 billion in the prior fiscal year.
