Egypt saw a significant rise in its foreign direct investment (FDI) during FY2016-17, Invest-Gate reports.

The country’s FDI increased by 27.5% during FY2016-17, an official statement issued by the Ministry of Finance states.

FDI reached USD 6.6 bn during the period from July 2016 to March 2017, compared to USD 9.5 bn in the prior-year period.

The gross domestic product (GDP) growth rate rose to 4.9% in the last quarter of FY2016-17, compared to 2.3% in the same quarter of FY2015-16.

The budget deficit decreased to 9.5% of the total GDP in the first nine months of FY2016-17, compared to 11.5% in the same period of the previous fiscal year.