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Thursday, 19 September 2019

Egypt is Africa’s number one investment destination, says RMB report

Egypt is Africa’s number one investment destination for the third straight year, says RMB report: Egypt tops the list of most attractive African countries to invest in for the third year running, according to South Africa’s Rand Merchant Bank’s 2020 investment report, due to be released next January. “Egypt has made significant strides in changing their business environment, improving external investment into the market and growing their own industries,” said the bank’s Africa macroeconomic strategist Celeste Fauconnier in an interview with South Africa’s Biz News.

Reforms underpin the ranking: Egypt’s growth rate is expected to be approximately 5.3% for the next five years, which is well above the average of 4% expected for the rest of Africa, she says. Structural changes, including 2016’s currency devaluation, changes to the business environment, and steps taken to attract overseas investment and stimulate industry growth were all hailed as key to Egypt being an attractive investment destination. Our IMF agreement, increased trade policy agreements and pro-business reforms were also cited as concrete examples of positive steps taken.

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