Deals
Egypt Says Foreigners Invested $500 Million After Devaluation
- Investments in debt, stock markets, central banker says
- Central bank devalued the pound by more than 10% in March
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Foreign investors bought $500 million in Egyptian debt and stocks since the central bank devalued the currency this month, according to central bank Governor Tarek Amer, who said more measures will be taken to attract funds.
Amer, in a televised interview late on Saturday, said he expects at least $5 billion in portfolio investments -- purchases of stocks and bonds -- within the coming four months. Foreign direct investment from China alone could reach $30 billion in the next two years, he said.