Egypt is attractive destination for portfolio investment: Citigroup

Egypt is attractive destination for portfolio investment: Citigroup

The level of confidence in the Egyptian economy is increasing, thanks to the clear vision of decision makers, according to Atiq Rehman, Head of EMEA Emerging Markets at Citigroup.

The country has been proactive in the measures it has taken to support small- and medium-sized enterprises (SMEs), industrial, and tourism sectors amid the coronavirus (COVID-19) pandemic. The government and the Central Bank of Egypt (CBE) have taken several steps to support the economy, which are indications of how Egypt is dealing with the crisis, said Mohamed Abdel Kader, Citi Country Officer and Managing Director in Egypt.

Daily News Egypt sat down with Citigroup leaders Rehman and Abdel Kader to find out more on their vision for Egypt's economic outlook. 

How do you see the future of emerging markets in the Middle East, especially Egypt?

Rehman: It has become clear that the level of confidence in the Egyptian economy is increasing, thanks to the clear vision of decision makers, which should eventually lead to more activity. This was evident in the issuance of the latest Egyptian Eurobond, which was multiple times covered, indicating investor confidence in the Egypt story. If the global situation continues to improve, you would see further appetite towards investing in Egyptian instruments. All