The classic image Egypt evokes abroad of ancient grandeur may soon be emboldened with that of a modern-day make over. Over the 2008/09 fiscal year, in a world that saw the most powerful financial and corporate institutions crumble, Egypt reigned in economic solidity with inflows worth $8.1 billion in direct foreign investment, had its economic outlook upgraded and was heralded as the best destination for FDI in North Africa and second best in the whole continent. Private sector contributions exceeded 56 per cent of total investments and newly established companies were 690 higher than the average of the past four years. To what does Egypt owe this impressive momentum?
Published in THE ECONOMIST, October 2009.
Distributed also on-site at the 2009 ANNUAL IMF & WORLD BANK MEETING in WASHINGTON DC, USA.