Member of the Board of Directors of the Central Bank of Egypt (CBE) Fakhri El-Feki said on Wednesday the volume of foreign investments in government debt instruments amounted to $ 5 billion during the past five-month.
El-Feki added that the volume of foreign investments in recorded $ 17 billion by the end of May, expecting it to reach $ 20 billion by the end of this year.
"The volume of investments will grow as a result of the IMF and credit rating agencies' assessment of the country's current reform program, making Egypt the best emerging market," he noted.
"The economic reform program has contributed to the increase and return of hot money during the current period," El-Feki added.
On his part, Deputy minister of finance Ahmed Kajuk said that foreign investments in the Egyptian debt portfolio reached $ 16.8 billion by the end of April.
Egypt's CBE governor Tarek Amer announced that the volume of foreign cash flows to Egypt amounted to $ 150 billion during the past two and half years. "The cash flows emerged from various sources over two and a half years since the liberalization of the exchange rate," he stated.
In the current FY, Egypt's financial needs are EGP 714.637 billion, of which EGP 511.208 billion are in the form of domestic debt instruments and the rest are external financing from bonds and the IMF loan.
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