Cairo attracts $9.8 bln foreign investment in domestic debt since flotation

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Egypt attracted $9.8 billion of foreign investment in domestic debt instruments in the 2016-2017 fiscal year compared to $1.1 billion the previous year, Deputy Finance Minister Ahmed Kojak said on Sunday.

Appetite for Egypt’s domestic debt has increased since the central bank floated the currency in November as part of an International Monetary Fund lending programme aiming to revive the economy.

The three-year IMF reform programme also includes tax raises and subsidy cuts.Kojak said foreign investment in domestic treasury bills and bonds reached $1.250 billion in June alone and about $9 billion since the flotation.

The North African country economy has been struggling since a 2011 uprising drove tourists and foreign investors away, drying up foreign reserves.

Egypt attracted $8.4 billion of foreign investment in domestic debt instruments since the flotation of the pound in November up the end of May, Deputy Finance Minister Ahmed Kojak told Reuters on Thursday.

Kojak said $2.6 billion of the $9.6 billion was raised in May."Foreign investment in domestic debt whether in bonds or bills have reached $2.6 billion in May and $9.8 billion since the flotation until the end of May," Kojak told Reuters. 

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