The Central Bank of Egypt (CBE) said transfers by non-residents for real estate purchases in the country has spiked to USD 725.7 mn during the first nine months of FY 2018/19, Invest-Gate reports.

Total inflows of net foreign direct investments (FDIs) in Egypt stabilized at USD 10.2 bn in the same period of FY 2018/19, while total outflows reached USD  5.6 bn during the relevant timeframe, the central bank revealed in a statement on July 4.

FDIs into the country amounted to USD 4.6 bn, backed by the net inflows into oil and greenfield projects, which reached USD 2.9 bn and USD 903.1 mn, respectively. During the prior-year period, Egypt achieved USD 6.019 bn worth of net FDIs.

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