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26-02-23
Egypt registers peakiest-rate foreign direct investment
(MENAFN) Egypt registered the peakiest-ever foreign direct investment in a single quarter throughout during the third quarter of last year, reaching USD3.3 billion, in line with the nation’s Prime Minister Mostafa Madbouly.
The Prime Minister asserted in a press meeting that the nation registered a 94 percent expansion in foreign investment on a yearly basis.
Foreign direct investments in Egypt throughout the past economic year, 2021-2022, reached the peakiest in a decade reaching an amount of USD8.9 billion.
Egypt’s economy has been dealing with disturbances ever since the Russian attack of Ukraine causing in a surge in oil and commodity costs.
In December, the International Monetary Fund accepted to supply Egypt with USD3 billion via a 46-month deal within the Extended Fund Facility guideline.
The verdict made it accepted to disburse an immediate payment of USD347 million to support reaching the requirements of the balance of payments and back the budget.
MENAFN26022023000045014228ID1105646688
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