CBE: EU Investments in Egypt Hike to 74% in Q1

The European Union's investments in Egypt hiked to 74% in the first quarter of the current fiscal year 2019/2020 to reach $2.4 billion compared to the same period of the previous fiscal year, which reached $1.38 billion, according to the Central Bank of Egypt (CBE).

In a monthly report on Monday, CBE noted the EU investments topped the foreign investment in Egypt with an increase of 57% out of $4.2 billion gross FDI flows to the country in the first quarter of the fiscal year.

The total FDI net flows in Egypt recorded $2.35 billion compared with $1.7 billion in the last quarter of the previous fiscal year.

The UK led the investing countries in Egypt with a total investment of $1.264 billion, followed by Belgium ($683.4 million), the Netherlands ($216.6 million), France ($107.9 million), Italy ($70.5 million), Ireland ($26.4 million), and Spain ($22.3 million).

The volume of the Arab states' investments in the first three months of the fiscal year of 2019/2020 amounted to $824.3 million, including UAE investments worth $314.7 million, Kuwaiti investments ($120.2 million), Bahraini investments ($110.2 million), and Saudi investments (69.3 million).

According to the report, the volume of the US investments in Egypt in the same period registered $583.5 million, while the rest of the world countries' investments recorded $396.5 million, including Swiss investments worth $67.8 million, Chinese investments ($46.9 million), South Korean investments ($22.7 million), Canadian investments ($17.2 million), Japanese investments ($10.2 million), and Indian investments ($9.3 million).