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CORRECTED: Egypt net FDI rise to $1bn in Jan-Mar 2013: CBE

Net foreign direct investment rose by 417 percent in the third quarter of the 2012/13 fiscal year as investment outflows shrank

Ahram Online, Monday 26 Aug 2013
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Net Foreign Direct Investment (FDI) in Egypt grew by 417 percent in the third quarter of the 2012/13 fiscal year (January 2013 to March 2013) to reach $1.07 billion compared to $193.3 million in the previous quarter, latest Central Bank of Egypt (CBE) figures showed on Monday. 

 

While investment inflows slid slightly by 12.4 percent, from $2.46 billion in the second quarter to $2.16 billion in the third quarter, outflows nearly halved, falling from $2.27 billion to $1.08 billion.  

 

Net FDI in the first nine months of the 2012/13 fiscal year, which began in July 2012, reached $1.3 bn. 

 

The latest data shows a drop in investments from both the United States and European Union, while inflows from Arab nations grew.   

 

Direct investment from the United States in Egypt contracted by some 20 percent to reach $445.5 million in the third quarter. Yet, total inflows from the US in the first nine months 2012/13 reached $1.6 billion, a sizeable leap above the $557 billion that Egypt received from the US in the twelve months of the 2011/12 fiscal year. 
 

European Union investment inflows also shrunk by 4.5 percent to register $954.9 million compared to $1.3 billion in the previous quarter. The EU has been the largest source of FDI in Egypt during the past few years, with a substantial $9.5 billion inflows in 2011/12.

 

On the other hand, FDI flowing from Arab countries sky-rocketed, rising by 93.4 percent in the third quarter of 2012/13 to reach $601.6 million. 

 

The CBE did not publish a breakdown of investment outflows in the period. 

 

Egypt has recently been showered with pledges of investment and financial aid from Arab Gulf states such as Kuwait, Saudi Arabia and the United Arab Emirates, following the ouster of Islamist president Mohamed Morsi in July. 

 

The three nations have together promised a $12 billion aid package to Egypt, comprising of deposits at the CBE, grants and petroleum products.

 

This article was corrected on 26/08/13 to add total investment inflow and outflow figures published by the CBE.

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