More than half of Egypt’s net foreign direct investment (FDI) during the first nine months of FY 2017/18 was invested in the oil sector, the Central Bank of Egypt announced in a statement.

Net FDI recorded $6 billion between July 2017 and March 2018 in FY 2017/18, with $3.4 billion net FDI in the oil sector.

During this period total FDI inflows reached $10.2 billion while total outflows recorded $4.2 billion.

The increase in FDI was one of the reasons behind a 57.5% decrease in the country’s current account deficit. The deficit fell from $12.5 billion to $5.3 billion, a $7.2 billion decrease from the same period a year earlier.