Int’l institutions pumped $3B new investments into Egypt within a month

The global investment funds and international institutions pumped new investments worth $3 billion into the Egyptian market in one month, according to a banking official.

He added that around $1 billion funding of the sum was done over the past two days.

The source said the Egyptian market attracted around $592 million in funds and international portfolios on Thursday only, which is the highest daily rate since the coronavirus outbreak.

On Sunday, the local market received $367 million, the source added.

He asserted that international portfolios have strongly returned to the Egyptian market on the background of a confidence in the strength and positive outlook of the Egyptian economy by the international rating institutions including the World Bank and the International Monetary Fund (IMF).

Over the past phase, Egypt received cash flows of approximately $10 billion, including $4.8 billion from IMF, in addition to $5 billion from the international bonds market.