Egypt ranked third among Arab countries in terms of foreign direct investment (FDI) inflows in 2021 with $5.4 billion. The sum represents 16.4 percent of total FDI inflows to the region.

 

 

The figures were published in an infograph by the Egyptian cabinet’s Information and Decision Support Centre (IDSC) on Monday. The infograph is based on data provided by the Arab Investment and Export Credit Guarantee Corporation in July.

 

According to the info graph, 50 foreign companies implemented 58 projects in Egypt in 2021, generating more than 9,000 jobs.

 

Cairo ranked fifth among the important destinations for these investments with 25 projects in 2021, according to the infograph.

 

New Cairo came in first in average project investment cost by $506 million.

 

The infograph also showed that software and information technology and financial services came on top of the sectors tapped in 2021 through these FDIs.

 

Net FDI inflows to Egypt grew by 183 percent in the first quarter (1Q) of 2022, to post $4.1 billion, up from $1.4 billion in 1Q 2021, the highest since 2018, the Central Bank of Egypt (CBE) said on Monday.

 

Egypt wants to attract $10 billion in FDIs annually to accelerate economic development and create more job opportunities, Minister of Finance Mohamed Maait stated in June.

 

Prime Minister Mostafa Madbouly said in June that about $20 billion in FDIs fled from the Egyptian market since the beginning of 2022, mainly due to repercussions of COVID-19 and the Russia-Ukraine war.