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Egypt's FDI slow in Q1 of 2013/14: CBE

Despite quarterly slowdown, Foreign Direct Investment (FDI) still up by 826 percent year on year

Ahram Online, Thursday 30 Jan 2014
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An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo December 31, 2013 (Photo: Reuters)
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Egypt's net Foreign Direct Investment (FDI) slowed by 25 percent in the first quarter of the fiscal year 2013/14, compared to the fourth quarter of the fiscal year 2012/13, the central bank's December bulletin has revealed.

The quarter, which ended in September 2013, saw a net FDI of $1.2 billion, comprised of some $2.3 billion in inflows and $1.1 billion in outflows. The US, EU and Arab countries were among the main sources of FDI, with investments worth $562 million, $1.4 billion and $189.5 million, respectively.

Despite the quarterly shrink, the net FDI increased by a whopping 826 percent, compared to $108 million in the first quarter of the last fiscal year 2012/13.

Earlier this week, investments minister Osama Saleh said that Egypt aims to attract $4 billion FDI by the end of the fiscal year 2013/14.

The latest bulletin from Egypt's Central Bank's (CBE) added that the state’s external debts rose by 9.3 percent ($4.7 billion) in July-September 2013 as compared to the previous quarter.

Accordingly, Egypt’s total domestic debts saw a 6.6 percent increase in September 2013, registering LE1.6 trillion against June of the same year.

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