FDI inflows drop in Q3: Egypt's CBE

PHOTO

Egypt - Foreign direct investment (FDI) inflows more than halved Year on Year during Quarter three of the fiscal year (FY) 2019/2020, according to official data released by the Central Bank of Egypt.

The inflows reached $970.5 million in Q3, compared to $2.3 billion in the same period a year earlier.

The CBE attributed the decline to "heightened uncertainty unleashed by the pandemic, which dramatically impacted foreign investors’ plans and FDI flows worldwide."

However, in the first three quarters of FY 2019/2020, total FDI inflows by $277.6 million to $12.7 billion, compared to $12.5 billion recorded in the prior-year period.

Total outflows also increased by $872.6 million to $6.8 billion in the three-quarter period of FY 2019/2020, compared to $5.9 billion in the same period of FY 2018/2019.

In 2019, Egypt remained the largest foreign direct investment recipient in the African continent during 2019.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.