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Egypt’s FDI to see growth in coming 4 years: IMF

Egypt’s FDI to see growth in coming 4 years: IMF

ArabFinance: Egypt’s foreign direct investment (FDI) is expected to grow over the coming four years, according to a recent report by the International Monetary Fund (IMF).

Egypt could see FDI jump as much as 60% during the fiscal year (FY) 2021/2022, compared to last year.

The IMF sees Egypt landing FDI of $8.6 billion in FY 2021/2022, up sharply from $5.4 billion last year.

The fund also forecasts that FDI will rise to $11.7 billion in FY 2022/2023 before hitting $16.5 billion in FY 2024/2025.

Tourism revenues are similarly expected to see a rebound to $8 billion this fiscal year, up from a projected $4.4 billion in FY 2020/2021.

This will further increase to $15 billion in FY 2022/2023, reaching $25.1 billion in FY 2024/2025.

“Tourism receipts are expected to remain subdued as travel restrictions in many key tourist markets remain in place,” the report highlighted, though the resumption of direct flights from Russia to Red Sea destinations next month will likely brighten the outlook.

Receipts are expected to reach pre-pandemic levels of 4% of gross domestic product (GDP) in FY 2023/2024.

Exports will increase only marginally from $29.4 billion during the current fiscal year to $32.1 billion in FY 2024/2025, and will be outpaced by import growth which will surge from $65.9 billion this year to $83.8 billion by the middle of the decade.

 

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