Dr. Gamal Heikal, an economist, confirmed that there is a decline in the world in investment operations as a result of the conflicts in the world that make countries turn against themselves, for example, problems with China and American investments are declining, and the beginning was in the days of Trump, but the pace increased in these days.
Heikal indicated to “The Seventh Day”, but the truth is that the Egyptian economy is a promising economy at the level of economic indicators, and we have growth rates with evidence that Bloomberg is expected to exceed 5%, and this in itself is attractive to investment, regardless of problems related to the exchange rate, problems of supply chains and import operations.
He explained that most financial investments are destined for the US dollar due to the rise in the interest rate at the level of all emerging markets. In fact, we need to encourage workers abroad to invest in Egypt, saying: “I do not think that the right direction is that we encourage them to invest indirectly. We want We encourage them to invest directly because it is the fastest growing.”
Gamal Heikal added that before the 2016 flotation, “the Central Bank offered to investors abroad to enter the dollar at the existing exchange rate and convert it into Egyptian pounds and get the proceeds of treasury bills and return again in the event of exit, they exit at the same exchange rate at which it entered. I think that this offer if you work for workers abroad It will be a great offer for 3 years, so they will be informed that they will enter the current exchange rate, and if they want to convert to dollars again, it will be at the same exchange rate they entered.”
“I think this is a good and quick solution because we have a large number of loan payments in the next three years, and we must find an alternative source of financing for it,” he said.