Cairo – Mubasher: The Central Bank of Egypt (CBE) announced a 14.5% increase in net foreign direct investment (FDI) in Egypt to $7.9 billion in fiscal year 2016/2017, as compared to $6.9 billion in the previous fiscal year.
This rise in FDI came on the back of investments in the oil sector, which reached $4 billion versus $1.7 billion the year before, according to a CBE statement released on Tuesday.
Meanwhile, total FDI inflows reached $13.3 billion during fiscal year 2016/2017, up 6.5% from $12.5 billion the year before.
On the other hand, total outflows reached $5.4 billion in fiscal year 2016/2017, down slightly from $5.6 billion in the previous fiscal year.
Egypt is currently looking to attract between $13 billion to $15 billion investments during the fiscal year 2017-2018.
