Cairo: Egypt recorded a staggering increase of around 200% year-on-year (YoY) in net inflows of foreign direct investments (FDI) to $23.70 billion during the first nine months (9M) of the fiscal year (FY) 2023/2024, against $7.90 billion.

FDI in the Egyptian non-oil sectors achieved a net inflow of $23.90 billion in the nine-months period, which starts on 1 July 2023 and ends on 30 March 2024, versus $8.90 billion, according to data released by the Central Bank of Egypt (CBE).

“This was mainly attributed to the inflows of $15 billion during the period January-March 2024 due to the implementation of Ras-El Hekma agreement,” the CBE said.

Furthermore, FDI inflows in the oil sector amounted to $4.40 billion in 9M-23/24, boosted by greenfield investments, up from $4.20 billion in the comparative period in the previous year.

In June 2024, the New and Renewable Energy Authority (NREA) and the Alexandria Port Authority signed an agreement with Belgium’s DEME HYPORT Energy for a major green hydrogen and ammonia production project with total investments of EUR 24 billion.

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