Investments in the oil and real estate sectors accounted for the lion’s share of net foreign direct investments (FDIs) in Egypt during the first quarter of FY 2017/18, Invest-Gate reports.

The real estate sector witnessed a total of EGP 237.4 mn worth of FDIs during the same period, while FDIs in the oil sector amounted to EGP 478.8 mn, according to a released statement by the Central Bank of Egypt (CBE) for the first quarter of FY 2018/19.

Total FDIs in Egypt reached USD 1.1 bn in Q1 of FY 2017/18, compared to USD 1.84 bn recorded in the prior-year period, the statement added.

The country aims to raise its FDIs to USD 11 bn in FY 2018/19, up from USD 7.9 bn in the same period of last year, Reuters earlier quoted Egypt’s Planning Minister Hala El-Saeed as saying in a statement.

Aiming to help attract more foreign investments into the country, Egypt is currently implementing deep reforms under a USD 12 bn loan program approved by the International Monetary Fund (IMF) in 2016.