The total inflows from Arab countries amounted to $2.7 billion.
Egypt's economic reforms yield positive results with 3.6% growth in FY 2020/2021 - File Photo
Arab countries topped the list of the largest sources of investment inflows in Egypt during the first quarter of the fiscal year 2022/2023, According to the monthly report by the Central Agency for Public Mobilization and Statistics.
The total inflows from Arab countries amounted to $2.7 billion, representing a 40.3% increase compared to $1 billion in the same quarter of the previous fiscal year, which was a 22.7% increase.
The report mapped the investment flows during the first quarter of the fiscal year 2022/2023, showing that domestic investment inflows reached $1.9 billion, a 28.3% increase compared to $1.6 billion in the same quarter of the previous fiscal year, which was a 36.4% increase.
The United States followed with $500 million, representing 7.5% of the total inflows during that period, and the United Kingdom with $500 million during the same period, representing 7.5% of the total.
Hossam Heiba, CEO of the General Authority for Investment and Free Zones, revealed that Egypt aims to achieve $10 billion of foreign direct investment during the current fiscal year, after achieving about $9 billion last year.
He added that $4 billion was achieved during the first quarter of the fiscal year and they aim to achieve another $4 billion during the second quarter.
Egypt has been working to boost its investment climate and attract more foreign investors in recent years. The country's economic reforms and stability have helped it to become an attractive destination for investment in the Middle East and North Africa region.
