INTERVIEW: Alternative investments to hit $14 tln in 2023 due to the COVID-19 crisis, says G.WORLD founder Mohamed Hamdy

INTERVIEW: Alternative investments to hit $14 tln in 2023 due to the COVID-19 crisis, says G.WORLD founder Mohamed Hamdy

The coronavirus pandemic has hit world economies severely, affecting the business-doing and investment scene.

In interview with Ahram Online, Founder and CEO of G.WORLD Platform Mohamed Hamdy said that alternative investment business will hit $14 trillion by 2023, stressing that Egypt needs to bank on this kind of investments instead of the traditional means to help its economy to recover faster.

Ahram Online: How has the pandemic affected Egypt's economy?

Mohamed Hamdy: Much like the rest of the world, Egypt has been hard-hit by the coronavirus crisis. Nonetheless, the government has managed to implement new policies to mitigate the impact of the outbreak on the economy.

These policies included cutting the central bank's interest rates by three percent, instructing banks to provide credit limits for companies to finance working capital and salaries, extending the exclusion period for some basic food commodities from their 100 percent cash cover for a year, and other procedures that aim to protect the national economy against the repercussions of the pandemic.

What is the effect of the crisis on doing business and investment in the Egyptian market?

There is no doubt business-doing and investment have been affected significantly, especially in tourism, manufacturing, small and medium