Daily News Egypt

FDI in Egypt dips, portfolio investments surge - Daily News Egypt

Advertising Area



Advertising Area




FDI in Egypt dips, portfolio investments surge

CAIRO: Direct foreign investment (FDI) in Egypt slid 17.3 percent year-on-year in the nine months to end-March, but portfolio investment inflows surged, the central bank said on Sunday. Portfolio inflows for the nine months rose to $7.11 billion, including $6.1 billion from foreigners buying Egyptian Treasury bills, from a net outflow of $8.89 billion a …


CAIRO: Direct foreign investment (FDI) in Egypt slid 17.3 percent year-on-year in the nine months to end-March, but portfolio investment inflows surged, the central bank said on Sunday.

Portfolio inflows for the nine months rose to $7.11 billion, including $6.1 billion from foreigners buying Egyptian Treasury bills, from a net outflow of $8.89 billion a year earlier, the bank said.

The current account deficit narrowed 24 percent to $2.61 billion, while the trade deficit shrank 4.9 percent to $18.53 billion.

Simon Kitchen, an economist with EFG-Hermes, said the strong portfolio inflow was expected.

"It’s not a surprise — we have seen strong flows into T-bills and, to a lesser extent, equities since the beginning of the year," he said.
Private transfers from abroad, mainly from Egyptians working abroad, climbed 7.3 percent to $6.28 billion.

They "are at their highest level ever, presumably thanks to stronger activity in the Gulf," said Kitchen. "This and still-strong tourism is good for supporting consumption growth."

Some $2.8 billion of the FDI was in the petroleum sector, little changed from a year earlier, the central bank said.

 

 

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2010/05/16/fdi-in-egypt-dips-portfolio-investments-surge/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View