Egypt’s net foreign direct investment (FDI) increased 14.5% year-on-year in FY2016/17, Invest-Gate reports.

The country’s FDI reached USD 7.9 bn in FY2016/17, which ended on June 30, compared to USD 6.9 bn in the previous fiscal year, according to an official statement by the Central Bank of Egypt (CBE).

The FDI rise is mainly attributed to an increase in net inflows for oil sector investments by USD 2.3 bn rise to USD 4 bn in FY2016/17 from USD 1.7 bn last year.