Egypt has ranked fourth in a new UN release on the amount of foreign direct investment (FDI) received by African countries throughout 2016, the state-run news agency MENA reported Tuesday.
Figures published in a June report from the United Nations Conference for Trade and Investment (UNCTAD) show Egypt coming fourth after Angola, Nigeria and South Africa in terms of the amount of FDI received over a 12-month period.
MENA reported on Tuesday that the flow of FDI into Egypt had increased by 17 percent during 2016.
FDI is one of Egypt’s primary sources of foreign currency, along with Suez Canal revenues and the tourism industry.
A June statement from UNCTAD said that FDI reached $8.1 billion during 2016, representing 14 percent of total investments coming from Africa, which totalled $59 billion.
FDI in Egypt increased by $3,981 million in the fourth quarter of 2016, averaging $2,385.63 million between 2002 and 2016, said the UNCTAD report. The all-time high of $5,572.50 million came in the fourth quarter of 2007.
Egypt’s net FDI rose by 54.6 percent in the fiscal year ending 30 June 2015 to stand at $6.37 billion.
Egypt attracted $3.1 billion of foreign investment in domestic debt instruments between the floatation of the pound in November and mid-March, Egypt’s deputy finance minister told Reuters in March.
Source: Ahram Online
