Egypt attracted an almost nine-fold increase in foreign investment in domestic debt instruments in FY2016-17,  Reuters reports.
The appetite for Egypt’s domestic debt increased since the central bank floated the currency in November as part of an International Monetary Fund lending programme aiming to revive the economy.
Foreign investment rose to USD 9.8 bn compared with USD 1.1 bn the previous year, the Finance Ministry said.
“Foreign investment in domestic treasury bills and bonds reached USD 1.250 bn in June alone, and about USD 9 bn since the flotation,” Deputy Finance Minister Ahmed Kojak told Reuters by telephone.
The three-year IMF reform programme also includes tax raises and subsidy cuts.