Egypt’s Ministry of Planning and Administrative Reform announced that the net foreign direct investment (FDI) increased to $5.7 billion in nine months – the period between July and March for the fiscal year 2015-2014.
Oil-rich Gulf countries had provided approximately $35bn as grants to Egypt to reduce the state budget deficit through 2015.
The ministry stresses that the rise in foreign investment is a positive sign that the country is attracting more direct investment under the light of economic and political stability, which the country recently witnessed, Aliqtisadi reports.
The Ministry of Planning said that net foreign direct investments are on the rise compared with last year’s figures. In 2014, investments stood at $3.8bn and, in 2015, grew to $4.1bn, indicating a growth of eight per cent ($300 million).
It is noteworthy that the net FDI flow to Egypt amounted to $2.7bn, during the period between December 2014 and July 2015.
($1=AED3.67, at the time of publishing)