Direct foreign investments in Egypt up in 2015-2016 fiscal year

The net direct foreign investments inched up to 1.4 billion dollars in the first quarter of the 2015-2016 fiscal year against 1.3 billion dollars in the corresponding period in 2014-2015 FY, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

The flow of investments into Egypt receded from July to September 2015 to stand at 2.9 billion dollars against 3 billion dollars in the corresponding period in 2014, according to CAPMAS monthly report out Thursday.

The EU ranked as number one investor in view of the size of investments injected into Egypt in the first quarter of the current fiscal year, the report said.

The US came in the second position followed by Arab states, according to the report.

Remittances of Egyptian expats also went down to 4.4 billion dollars in the first quarter of the 2015-2016 FY against 4.8 billion dollars in the same period in the 2014-2015-FY.