Non-oil sectors saw an increase of 21.72% YoY, or $1.911 billion, in Q3 2020/2021 while net flows achieved a growth rate of 25.72%
Egypt’s net foreign direct investment inflows (FDI) saw a notable growth of 47.3% year-on-year (YoY) during Q3 of fiscal year (FY) 2020/2021, recording a jump from $970 million in FY 2019/2020 to $1.429 billion in Q3 FY 2020/2021.
Through analyzing the performance of net foreign direct investment flows, the non-oil sectors saw an increase of 21.72% YoY, or $1.911 billion, in Q3 2020/2021 while net flows achieved a growth rate of 25.72%, states an official Egyptian Cabinet statement.
These indicators come in line with the expectations of the International Monetary Fund (IMF), which projected annual growth in FDI in Egypt over the coming four years, the statement said.
In terms of net foreign direct investments directed towards establishing and expanding companies in the non-petroleum sectors, investments climbed by 32.73% CEO of the General Authority for Investment and Free Zones, Mohamed Abdel Wahab explained.
These net investments also achieved a growth rate of 23.65% compared to Q2 of the same fiscal year.
On the development of incoming foreign direct investments for the purpose of establishing new companies during the current fiscal year, Abdel Wahab indicated that these investments achieved an upward trend during the third quarter of the current fiscal year 2020-2021, with an increase of 85% compared to the first quarter of the same year.
