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Cairo – The net foreign direct investment (FDI) inflows in Egypt hiked by 66.2% year-on-year (YoY) to stand at $937.2 million during the first quarter (Q1) of fiscal year 2019/2020, data from the Central Bank of Egypt (CBE) showed.
During the period from July to September of the year, the net FDI inflows in Egypt increased to $2.35 billion when compared to $1.41 billion a year earlier, according to a recent statement.
The positive results were driven by higher total inflows by $1.1 billion, standing at $4.3 billion by the end of September, compared to $3.2 billion in the year-ago period.
Moreover, the rise in FDI inflows is largely attributed to higher net inflows for greenfield investments by $837.9 million to $1.5 billion as well as higher net inflows for oil sector investments by $256.4 million to $744.2 million.
Meanwhile, total outflows surged by $107.3 million, registering $1.9 billion from $1.8 billion a year earlier.
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