Major European investment funds to inject cash in Egypt as economy recovers
Minster of Finance Amr El-Garhy meets with investors to discuss further opportunities
Major European investment funds have expressed their intention to inject cash in the Egyptian market as economic reform plans start to pay off for the biggest in North Africa.
This delegation manages financial investments of more than $1tr and is visiting Egypt at the invitation of BNP Paribas, said Minister of Finance Amr El-Garhy.
He explained that these representatives are already investing in Egyptian treasury bills, whether in the local or world market.
The investment delegation represent a group of major investment funds from different countries, according to El-Garhy.
Moreover, the delegation also includes representatives of international companies interested in direct investment in the Egyptian market, especially in the energy and infrastructure sectors.
During the meeting, the minister presented the most important reforms implemented by the government in terms of financial and tax reforms aimed at controlling the conditions of public finances and dropping the budget deficit to less than 10% during the current fiscal year.
The minister pointed out that the reforms included liberalisation of the exchange rate.
El-Garhy stressed that the ministry implements a plan to make financing activities more extensive and diverse.
Such a plan will contribute to deepening the secondary market for government treasury bills by increasing the capital invested and the value of trading, according to El-Garhy.