Official data issued by the Central Bank of Egypt showed that net foreign direct investment in Egypt increased during the first half of the current fiscal year by 773.8 million dollars, an increase of about 19% on an annual basis.
According to the Central Bank, net foreign investment in Egypt increased to $5 billion during the period from July to the end of last December, compared to about $4.2 billion during the same period last fiscal year, despite the risks of Coronavirus spreading that plunged all economic indicators.
The Egyptian Central Bank attributed the rise in net foreign investment incoming to Egypt, directly to the rise in net investment received to start companies or increase their capital by about 1.2 billion to record about 3.2 billion dollars.
On the other hand, the net investments out of Egypt increased, as the total outflow increased by 378.9 million dollars to record about 4.2 billion dollars during the first six months of the current fiscal year, compared to about 3.8 billion dollars during the same period of the current fiscal year, with an increase of about 10.52 percent.
The data revealed that the Egyptian economy’s transactions with the outside world during the first half of the current fiscal year achieved an initial surplus, as the balance of payments achieved a total surplus of $410.9 million, compared to a total deficit of $1.8 billion during the same period last fiscal year.
Source (Al-Arabiya.net Website, Edited)
