On Wednesday, the Egyptian Cabinet Information and Decision Support Center (IDSC) said that the World Bank's report on global debt statistics 2021 showed an increase in foreign direct investment in Egypt up to $9 billion, or 16%, in 2019 compared to $ 8.1 billion in 2018.
The report attributed the rise in foreign investments to the Egyptian government's success to implement the economic reform program starting 2016.
The World Bank hailed Egypt’s economic reforms that contributed to improving the macroeconomics stability, increasing the investors’ trust, and expanding the inflow of foreign direct investment.
"Egypt’s disbursements over the long term fell to $13.3 billion, down from $20.2 billion in 2018, with $15.2 billion constituted by the public sector," as stated in the report.
For the Middle East and North Africa (MENA), the report disclosed that the region’s external debt jumped to $340 billion in 2019 up from $323 billion in 2018, making it the highest since 2009.
Moreover, the debt burden of the least developed countries continues to climb, recording $744 billion in 2019.
The report also unveiled that net financial - including debt and equity - flows to low- and middle-income countries decreased to $0.9 trillion in 2019, 14 per cent below the 2018 level while registering the second consecutive year of decline.
The IDSC had also published an info-graphic highlighting that Egypt was able to achieve remarkable progress in the field of education, noting that it came 3rd Arab country and the 42nd globally.
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