Foreign investments in debt instruments reach $30bln
Egypt’s central bank governor Tarek Amer said that foreign funds invest $30 billion in Egypt’s government debt instruments and EGX.
He added on the side line of Egypt-Emirates business forum that these funds are enjoying stability in the Egyptian market. Some are longer-dated debt with 10-years maturity.
Amer added that Egyptian government has improved the business climate in order to attract investors to enter the Egyptian market, or to pump more investments.
Egypt has earned praise from the IMF for its reforms and it has seen significant improvement in macro indicators.
The economy, the fastest growing in the Middle East, expanded by 5.6 per cent in the fiscal year that ended in June. The debt issued will help pay down the budget deficit, which dropped to 8.2 per cent of gross domestic product, down from 9.8 per cent the year before. Reserves grew from about $15bn in 2016 to $45bn in September 2019.