Cairo – Mubasher: Egypt was the biggest mover market in Agility’s 2018 Emerging Markets Logistics Index, as the North African country leaped six spots to rank the 14th.
Egypt's business conditions have improved due to its remarkable 26-spot jump made in the Market Compatibility portion of the Index, the largest leaps by any country in any category in the nine years since the Index was first compiled, according to a recent report by Swiss-based Agility Logistics.
“Infrastructure investment helped push Egypt’s Market Connectedness rank to No. 20, up three places,” the report noted.
The $12 billion loan that Egypt has obtained from the International Monetary Fund (IMF), in addition to the country’s economic reform programme, exchange rate libralisation and subsidies cut have bolstered the investment chart of the Arab world's most populous country.
“Egypt moved up more places in the Index and increased its score by more than any other country. […] Business costs associated with crime, violence, and terrorism are judged to have turned around, driving its Compatibility sub-index rank up by 26 places,” the report continued.
The report indicated that Egypt is seeking to “lure fresh investment, jump-start export industries, revive its tourism sector, and gain support from international institutions such as the IMF.”
On Tuesday, the IMF projected Egypt’s economic growth to reach 4.8% in fiscal year 2017/2018 and to hit 6% in the medium term.
