FINANCIAL NEWS

Egypt reports 17.3% drop in FDI

17 May 2010

(MENAFN) A report issued by the Central Bank of Egypt showed that foreign direct investment (FDI) in Egypt slid 17.3 percent year-on-year in the nine months to end-March, but portfolio investment inflows surged, Reuters reported

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.

Private transfers from abroad, mainly from Egyptians working abroad, climbed 7.3 percent to $6.28 billion. Some $2.8 billion of the FDI was in the petroleum sector, little changed from a year earlier, the central bank said.

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