Egypt records highest-level foreign direct investment
Egypt recorded the highest-ever foreign direct investment in a single quarter during July to September 2022, amounting to $3.3 billion, according to the country’s Prime Minister Mostafa Madbouly.
The Prime Minister said in a press conference that the country recorded a 94 percent growth in foreign investment on a year-on-year basis.
Foreign direct investments in Egypt during the last fiscal year, 2021-2022, reached the highest in 10 years amounting to $8.9 billion.
Egypt’s economy has been experiencing turbulence ever since the Russian invasion of Ukraine resulting in a rise in oil and commodity prices.
In December, the International Monetary Fund agreed to provide Egypt with $3 billion through a 46-month agreement within the Extended Fund Facility framework.
The decision made it possible to disburse an immediate payment of $347 million to help meet the needs of the balance of payments and support the budget.