Cairo – Mubasher: Foreign investors have flocked into Egyptian treasury bills (T-bills) this week as confidence has increased in the Egyptian economy after the country reached a new funding agreement with the International Monetary Fund (IMF), informed sources told the Middle East News Agency (MENA).
International investment funds bought $400 million in Egyptian T-bills in two days, following the exit of foreign investments of $15 billion in the most populous Arab nation during March and April, sources said.
The return of foreign investments amid economic uncertainties is a testament to the country’s successful monetary policy in containing the coronavirus (COVID-19) crisis, Medhat Farid, head of treasury at one of the local banks, said.
Egypt has recently been a key destination for foreign investors after obtaining high credit ratings from all international credit ratings agencies, he noted.
