Egypt's current account deficit widens to $14.6 billion
The net foreign direct investment flows into Egypt amounted to approximately $13 billion in the first nine months of the fiscal year, compared to $9.8 billion in the same period. This increase was driven by higher investment inflows and the launch of new projects such as the "Ilm Al-Roum" deal, which was valued at $3.5 billion. At the same time, the current account deficit widened to $14.6 billion, with the trade deficit increasing by 24.6% to around $47.8 billion. However, the rise in remittances from Egyptians working abroad by 32% helped curb the further deterioration of the deficit. Additionally, the Suez Canal revenues increased by 22.1%, and the balance of payments deficit decreased by 2.9%, supported by higher tourism revenues and increased shipping activity.
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