Egypt records $1.7bn FDI in first quarter

Egypt received $1.7 billion in foreign direct investment in the first quarter of the fiscal year that ends in June 2010, the central bank said in a statement yesterday.

Egypt also registered a current account deficit of $1.5 billion in the same period, the Cairo-based bank said.

Egypt recorded a net portfolio investment inflow of $1.2 billion in the first quarter of the fiscal year that ends in June 2010, the central bank said in a faxed statement.

The country had a net outflow of $3.5 billion in the same period a year earlier, the bank said.

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