Egypt's economy is diversified, receives large amounts of FDIs

Egypt's economy is diversified and receives large amounts of foreign direct investments (FDI), a newly released report by the Rand Merchant Bank (RMB) stated, adding that Egypt, South Africa, and Morocco maintained their positions as the top three countries at RMB's 2020 investment attractiveness ranking for Africa.

Egypt retained the stop spot as the largest African market in GDP terms, boasting the largest consumer market in the Middle East and North Africa. The report asserted, noting that strides have been made to improve the investment and legal business environment.

The authorities succeeded in improving the availability of hard currency to service debt and the depreciation of the Egyptian pound since its flotation in 2016, despite some challenges, the report stated.

RMB's report reassured the importance of focusing on the need for efficient infrastructure as it is key to uncovering opportunities and unlocking Africa's growth potential.