Foreign direct investment in Egypt rose by 12% in the first nine months of the fiscal year (FY) 2016/17, recording $6.6bn compared to $5.9bn in the same period of FY 2015/16, the Ministry of Investment and International Cooperation said on Saturday. Egypt’s FY starts on 1 July and ends in 30 June.
The ministry added that Egyptian foreign direct investment net inflows increased by 12% to reach $6.6bn from July 2016 to March 2017, compared to $5.9bn during the same period a year earlier.
The Egyptian authorities have adopted an ambitious plan to reduce the budget deficit, debt, and inflation, through liberating the exchange rate, structuring subsidies, and imposing the value-added tax (VAT) to restore the confidence of the international financial and business community in the Egyptian economy.
The International Monetary Fund’s (IMF) executive board completed on Friday the first review of Egypt’s economic reform programme, allowing the authorities to draw $1.25bn in the second tranche of the $12bn loan over three years.
On 11 May, the IMF delegation has completed the first review of Egypt’s economic reform programme.