An employee of a money changer counts U.S. dollar notes for a customer at a bank in Cairo December 31, 2013 (Photo: Reuters)
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.