Egypt Debt Attracts More Foreigners as Holdings Double Since May
- Nation offers world’s best carry-trade returns after Argentina
- Foreign holdings of local debt at $21.1 billion in mid-October
Photographer: Mohamed El-Shahed/AFP via Getty Images
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Foreign investors are returning in force to Egypt’s local debt after the coronavirus sparked a selloff, more than doubling their holdings in five months.
Encouraged by Egypt’s recent financing agreements with the International Monetary Fund and others, foreigners increased investments in Treasury bills and bonds to $21.1 billion in mid-October from $10.4 billion in May, according to Mohamed Hegazy, head of the Finance Ministry’s debt management unit.