During the last fiscal year, the petroleum sector witnessed a sharp drop in its prices, which prompted investors to refrain from investing in it. The sector achieved a net outflow of $1.2 billion, compared to a net inflow of $1.1 billion.
The CBE explained that this is the sum of $5.1 billion inflow into Dakhla as a result of feeding foreign oil companies minus $6.3 billion in transfers abroad in return for recovering the costs borne by foreign partners in research, development and operation.
At the time, foreign investments in the non-oil sectors witnessed slight increases by 70.2 million dollars, bringing the net inflow of savings to 6.4 billion dollars, with a growth rate of 1.1%.
He stated that net foreign direct investment in Egypt decreased by 30% during the last fiscal year, to record $5.2 billion, compared to $7.5 billion, in the context of the decline in foreign direct investment at the global level, as a natural result of investors’ fears resulting from the continuing global crisis of Corona.
The article, $1.2 billion, a net flow of oil investments out of Egypt in the year 2020/2021, was written in Al Borsa newspaper.