FDI inflows drop in Q3: Egypt's CBE

The inflows reached $970.5mln in Q3, compared to $2.3bln in the same period a year earlier

  
People and vehicles are seen in a traffic jam in front of the old Central Bank of Egypt's headquarters in downtown Cairo, Egypt July 25, 2017. Image used for illustrative purpose.

People and vehicles are seen in a traffic jam in front of the old Central Bank of Egypt's headquarters in downtown Cairo, Egypt July 25, 2017. Image used for illustrative purpose.

REUTERS/Amr Abdallah Dalsh

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.

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