Foreign direct investment up 16% in 2Q2019-2020 -GAFI
FDI rises by 16% in 2Q2019-2020, says GAFI: Net foreign direct investment (FDI) into Egypt increased by 16% y-o-y during 2Q2019-2020, head of the General Authority For Investment and Freezones (GAFI) Mohamed Abdel Wahab said during a cabinet meeting yesterday. Although Abdel Wahab did not provide an exact figure, the increase would mean that Egypt received more than USD 3.2 bn in FDI during the quarter, given that it attracted USD 2.77 bn in the equivalent period last year.
There seems to be a mix-up with these figures though: Abdel Wahab said yesterday that the increase was driven by companies investing USD 2.2 bn during the quarter, up from USD 1.4 bn a year earlier. But this USD 800 mn increase doesn’t seem to square with the official figures (which show Egypt attracted USD 2.77 bn in 2Q2018-2019) and his claim of a 16% rise in quarterly FDI, which would only allow for around USD 400 mn in additional investment.
An increase in non-oil investments led FDI to jump 66% in the first quarter, rising to USD 2.35 bn from USD 1.41 bn in 1Q2018-2019.