Foreign direct investment (FDI) remained weak in the first three quarters of 2010, as investor risk appetite towards Georgia remains poor. According to preliminary IMF estimates, net FDI totalled US$428m during the first nine months of 2010, down sharply from the US$2.48bn in January-September 2008. The Netherlands was the most important investor during the first three quarters of 2010, investing US$113m, followed by the US (US$63m). The IMF warned that if net FDI remains at such a low level over the medium term, this could harm the development of the private sector, leading to a slowdown in economic growth.