Cairo - Mubasher: The Egyptian minister of investment and international cooperation said on Saturday that net foreign direct investment (FDI) in Egypt increased by 38.7% during the first half of fiscal year 2016-2017.

Sahar Nasr added that during that period, FDI inflows reached $4.3 billion compared to $3.1 billion in H1-FY15/16.

FDI totalled $6.8 billion in FY2016-2017 up from $6.4 billion in the previous year, the minister noted.

Nast attributed the rise to the increase in net foreign investment inflows to establish new companies or raise the capital of existing ones, which amounted to $4.5 billion in last year.

The minister also pointed that Egypt ranked 29th in the FDI index, 16th in international services location, 25th in the market size index, and as 49th in the logistics index.

Egypt is expecting foreign investments of $13 -15 billion in the FY17/18, the minister of finance, Amr El Garhy, previously told Reuters.

The data of the Central Bank of Egypt (CBE) has showed a growth in foreign direct investment (FDI) during the H1-FY16/17 by 39% year-on-year to $4.3 billion compared to $3.1 billion in the same period last year.