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Egypt’s net foreign direct investment (FDI) rose by 14.5 percent to $7.9 billion in the financial year 2016/2017 , central bank of Egypt (CBE) said Tuesday.
That was well below Egypt’s target of $10 billion as the north African country continues to struggle to attract foreign investment following a 2011 uprising.
There was a “$2.3 billion rise in net inflows for oil sector investments to $4 billion,” the bank said in a statement.
Egypt paid about $2.2 billion in arrears owed to foreign oil firms in the second half of 2016-2017, which helped attract investors to the sector.
Source: Reuters
