Nov 05, 2019 (LBO) – The Central Bank says that Foreign Direct Investment (FDI) including loans to projects approved by the Board of Investment (BOI), decreased by 61.3 percent during the first half of 2019 compared with the same period last year.
The island received US 553.2 million dollars in the first six months of 2019 compared with US 1,427.9 million dollars recorded in the corresponding period in 2018.
The contraction in FDI inflows during the reference period was mainly caused by a reduction in FDI inflows to infrastructure projects and services sectors, which recorded a drop of 75.8 percent and 11.1 percent, respectively, new data released by the Central Bank says.
However, FDI inflows pertaining to the manufacturing sector, which accounted for around one fourth of total FDI inflows during the period under review, registered a growth of 10.7 percent to US dollars 138.6 million.
In the meantime, FDI inflows to the agriculture sector continued to be at marginal levels during the first half of 2019 as well., the bank said.