CAIRO- 26 February 2024: Net inflows of foreign direct investment (FDI) in Egypt rose during fiscal year 2022/2023, reaching $10 billion, with a growth rate of 12.3% compared to the fiscal year 2021/2022, marking the highest growth rate in 15 years, Hossam Heiba, the head of General Authority for Investment and Free Zones (GAFI), said.
Heiba added during the eighth annual summit of Capital Markets that through analyzing the evolution of net foreign direct investments over the past nine years, excluding the COVID-19 period, foreign direct investments entering non-petroleum sectors reached a net flow of $11 billion.
He added that the retained earnings for reinvestment purposes constituted the main component of these investments registered 44 percent.
Additionally, new company formations and expansions contributed to this flow by 37 percent.
According to Heiba, 26 golden licenses have been granted for 26 projects, covering a variety of production activities in industrial, food, agricultural, humanitarian, technological, and tourism sectors.
The eighth annual summit of Capital markets took place on Monday under the title "Structural Reforms - Sustaining Development."
The event is held under the auspices of the Ministries of Finance, Planning and Economic Development, to discuss the structural reforms conducted by the Egyptian state across all economic sectors with the aim of creating sustainable development.
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