Foreign Holdings in Egypt's Debt Hit Record, Shrugging Off Virus - BNN Bloomberg
Foreign investment in Egyptian debt hit a historic high, completely reversing outflows in 2020 spurred by the coronavirus pandemic.
Overseas holdings of the North African nation's Treasury bills and bonds reached $28.5 billion at the end of February, according to Mohamed Hegazy, head of the Finance Ministry's debt management unit.
The appetite is being fueled by Egypt's high real-interest rate, which is second only to Vietnam among more than 50 major economies tracked by Bloomberg, as well as returns of 1.7% since end-December. That compares with an average 2.6% decline across emerging markets, according to Bloomberg Barclays indexes.
