CAIRO, Jul 8 (Aswat Masriya) - Egypt's net foreign direct investment (FDI) soared during the first nine months of the year 2015-2016 by 13.7 per cent, reaching $5.8 billion compared to $5.1 billion recorded during the same period in the fiscal year 2014-2015.

In a Friday statement, the Investment Ministry attributed the increase in FDI to the high net inflows of newly established companies and the increase of their capitals, which are valued at $3.7 billion compared to $2.8 billion recorded in 2014-2015.

Investments in the oil sector recorded a net inflow of $1.5 billion during the period between July 2015 - March 2016, said the ministry.

Last June, credit ratings provider Moody's said FDI remains below the levels suggested by the investment deals struck during the March 2015 economic summit in Sharm al-Sheikh, which amounted to $38.2 billion.

Egypt has been scrambling to collect money as it faces a shortage in foreign currency due to pressures on its reserves as a result of a weakening tourism sector in addition to the decline in Suez Canal revenues.

The government has been trying to attract foreign investors over the past few years but the instability that ensued years of political turmoil since 2011 Uprising, has hit badly Egypt's main sources of foreign currency, tourism and foreign investment.