Cairo – Mubasher: Foreign direct investment (FDI) in Egypt surged 29% year-on-year in the fourth quarter of fiscal year 2016/2017, said Egypt’s minister of investment and international cooperation on Wednesday.

FDI inflows rose to $1.35 billion in Q4 of FY16/17 from $1.05 billion in the year-ago period, Sahar Nasr added in statement released by the Ministry of Investment and International Cooperation (MIIC).

The Central Bank of Egypt (CBE) previously said that FDI inflows grew 14.5% year-on-year % to $7.9 billion in FY16/17, as compared to $6.9 billion in the prior fiscal year.

The number of Egypt-based firms increased 18% to 3,270 firms in Q4 of FY16/17, versus 3,030 firms in the corresponding period of the year before.

Meanwhile, the total number of firms, including those that have carried out expansions, rose 24% to 17,240 firms in FY16/17, compared to 13,920 firms in the prior fiscal year, Nasr continued.

At the level of August, the number of firms increased 10% to 1,450 in August 2017 from 1,320 in the same period of 2016, the minister revealed, noting that these firms’ issued capital rose 13.1% to EGP 1.9 billion in August 2017, compared to EGP 1.7 billion in August 2016.

Nasr’s statements came on the sidelines of her participation in a seminar organised by the American Chamber of Commerce in Egypt (AmCham) for the future investment opportunities in Egypt.

during the seminar, AmCham chairman Tarek Tawfik commented the US’ investments in Egypt represent about 30% of its investments in Africa.