Egypt's FDI increased by 120% during FY22/23: CAPMAS

CAIRO – 23 November 2023: The foreign direct investment (FDI) in Egypt increased by 120 percent during the third quarter (Q3) of FY2022/2023, recording $2.2 billion, compared to $1 billion at the same period in FY2019/2020, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The report also highlighted the FDI performance in previous quarters. In the second quarter (Q2) of FY2022/2023, FDI recorded $2.4 billion, while in the first quarter (Q1) of the same fiscal year, it amounted to $3.3 billion.

According to CAPMAS, FDI volume increased during the third quarter (Q3) of FY2021/2022, reaching approximately $4.1 billion, indicating a growth of 156.3 percent.

In terms of future plans, the Minister of Planning and Economic Development, Hala El-Said, has emphasized the Egyptian government's commitment to boosting economic growth rates.

The government aims to achieve a GDP of EGP 11.84 trillion and attract $11 billion in FDI during the fiscal year 2024/2023.

Regarding foreign exchange sources during FY2023/2022, El-Said highlighted that Egyptians working abroad contributed significantly with net remittances totaling $31 billion

Additionally, non-oil merchandise exports reached $32 billion. Furthermore, FDI amounted to $11 billion, and revenues from the Suez Canal accounted for $9 billion.