DIANNA GAMES: Egypt’s dynamic reforms propel it into Africa’s top investment destination
Africa’s third-largest economy is a compelling consumer play
As Egypt storms ahead with its ambitious and bold economic reform programme, it is attracting considerable investor interest. Africa’s third-largest economy and, with 95-million people it is most populated after Nigeria and Ethiopia, Egypt is a compelling consumer play. Some of the world’s biggest multinational companies have deep roots there, and plan to invest heavily in new products and manufacturing capacity in the next few years. Mega projects in infrastructure, urban development and other sectors are driving new investment, both domestic and foreign. The government is targeting $10bn of investment in its fast-growing energy sector alone. This week, Uber launched its bus service in Cairo, with plans to spend $100m in Egypt in the next few years. President Abdel Fattah el-Sisi is a man in a hurry. He began a wide-ranging reform process in 2014 and in late 2016 the IMF came on board with a $12bn loan agreement designed to deepen the programme and keep it on track. The reforms are...
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