Report: Foreign direct investment in Egypt down 15.5%

Egypt’s net foreign direct investment (FDI) fell by 15.5 per cent to reach $1.58 billion in the first quarter of this fiscal year, according to data from the Ministry of Investment and International Cooperation released yesterday.

Egypt’s net foreign direct investment (FDI) stood at $1.87 billion in the first quarter of the last fiscal year.

Last month, Egyptian Minister of Investment and International Cooperation, Sahar Nasr, said she expected foreign direct investment to reach $12 billion during the current fiscal year compared to $10 billion in the previous fiscal year.

Egypt ranked eleventh among Arab countries in the Doing Business 2018 report issued by the World Bank in October.

Read: The destruction of the Egyptian economy

According to the report, Egypt fell by six global points from 128 to 122.

In total, net foreign direct investment in Egypt increased to $7.9 billion in fiscal year 2016/2017 compared to $6.9 billion in the previous fiscal year.

The fiscal year in Egypt begins in early July.