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Foreign Purchases of Local Egypt Debt May Reach $11 Billion

  • Growth in foreign investor interest linked to economic reforms
  • Level would be similar to pre-2011, finance minister says
Updated on

Egypt sees foreigners buying as much as $10 billion to $11 billion in local Treasury bills and bonds in the coming period, Finance Minister Amr El-Garhy told reporters Sunday.

Government moves to reform the economy and growing investor confidence are underpinning the gradual return to levels achieved before the 2011 uprising that ousted President Hosni Mubarak, he said. Foreign holdings of Egyptian debt rose by as much as $900 million after authorities floated the pound, Deputy Finance Ahmed Kouchouk said in November.