The slowdown in Egypt’s economy since the start of the year has been disappointing, but there are at least encouraging signs that the government’s reform programme is starting to bear fruit. Indeed, inward direct investment reached $2.9bn in Q1, its highest level since 2008. And with a number of agreements signed with foreign companies at March’s Economic and Development Conference, the near-term prospects for further investment flowing into Egypt are bright. Nonetheless, we think more needs to be done to improve the business environment if Egypt is to wean itself off support from the Gulf and place its external position on a more sustainable footing.
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