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Egypt's Foreign Direct Investment Soars to a 15-Year High, Cementing Economic Growth

Explore Egypt's economic milestone as net FDI reaches $10 billion in 2023, showcasing the country's allure to global investors and strategic reforms.
27.02.24 | Source: bnnbreaking

As the morning light filters through the bustling streets of Cairo, an economic milestone quietly unfolds, marking a transformative chapter in Egypt's financial narrative. In a recent revelation by Al Arabiya Business, Hossam Heiba, the Chairman of the General Authority for Investment and Free Zones (GAFI), announced that Egypt's net foreign direct investment (FDI) flows have surged to a staggering $10 billion in 2023, the highest figure seen in 15 years. This achievement not only underscores Egypt's growing allure as a global investment destination but also signals a robust economic upswing in the face of global uncertainties.

Egypt's Golden Era of Investment

The recent upsurge in Egypt's net FDI is a testament to the country's unwavering commitment to fostering a conducive environment for international investors. According to Al Arabiya Business, alongside the impressive $10 billion in net FDI flows, Egypt has also seen net FDI inflows standing at $11 million and a notable 44% year-on-year increase in earnings retained for investments. This growth is further complemented by GAFI's issuance of 26 golden licenses in 2023, with plans to issue an additional 10 in the near future. These licenses, pivotal for spearheading various projects across different sectors, epitomize Egypt's strategic approach to diversify its economy and attract high-caliber investments.