Data from the Central Bank of Egypt showed that net foreign direct investment (FDI) in Egypt grew by 183 percent in the first three months of 2022 to reach US$4.1bn, compared to US$1.4bn in the corresponding period of 2021. The 1Q22 reading was the highest level of FDI recorded in Egypt since 2018. In the first nine months of FY21/22, net FDI into Egypt rose by 53 percent to US$7.3bn. With Finance Minister Mohammed Maait recently calling for Egypt to attract more FDI and increase exports to wean itself from the once lucrative carry trade, the increase in FDI will be a welcome development. Egypt is seeking to attract more local and foreign investments and to support the role of the private sector as a partner in various development processes. For FY22/23, the Egyptian government is planning to increase net FDI to around US$10bn.
