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Financials

Egypt's net FDI rises 14.5 pct in 2016-2017 -central bank

CAIRO, Sept 12 (Reuters) - Egypt’s net foreign direct investment (FDI) rose by 14.5 percent to $7.9 billion in the 2016-2017 fiscal year that ended on June 30, the central bank said.

That was well below Egypt’s target of $10 billion as the north African country continues to struggle to attract foreign investment following a 2011 uprising.

There was a “$2.3 billion rise in net inflows for oil sector investments to $4 billion,” the bank said in a statement.

Egypt paid about $2.2 billion in arrears owed to foreign oil companies in the second half of 2016-2017, which helped attract investors to the sector. (Reporting by Ehab Farouk; writing by Arwa Gaballa; editing by Jason Neely)

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