File Photo: Central Bank of Egypt s headquarters is seen in downtown Cairo, Egypt March 8, 2016. Reuters
According to the CBE’s latest figures, the Egyptian expatriates’ remittances increased from January to October 2021 by $1.9 billion to post $26.4 billion.
Last week, the CBE published data showing tourism sector revenues earnings edged up to $2.8 billion in the first quarter of FY2021/2022, up from $801 million in the corresponding quarter of FY2020/2021.
Foreign direct investment (FDI) also climbed by 3.7 percent in the Q1 of FY2021/22 to reach $1.6 billion, while investments into the securities portfolio reached $3.6 billion, which both raised total investments to $6 billion, up from $3.9 billion in the same quarter of FY2020/21, according to CBE.
Moreover, FDI inflows in the oil sector grew in Q1 of FY2021/22 to post $489.2 million, up from $75.3 million in the Q1 of FY2020/21, CBE’s data showed.
FDI flows in developing economies inched up by 30 percent to record roughly $870 billion, according to a report issued by the United Nations Conference on Trade and Development’s (UNCTAD) Investment Trends Monitor in January.
“Of the total increase in global FDI flows in 2021 ($718 billion), more than $500 billion was recorded in developed economies. Developing economies, especially least developed countries (LDCs), saw more modest recovery growth,” the report estimated.
For Africa, the report noted that FDI inflows to the continent rose more than double in 2021, with most recipients across the continent seeing a moderate rise in FDIs, inflated by a single intra-firm financial transaction in South Africa in the second half (2H) of 2021.