By Andrei Skvarsky.
Egyptian companies had about 150 meetings with foreign institutional investors owning assets totalling about $20bn during a recent conference organised by Russian investment bank Renaissance Capital.
The purpose of the North Africa Investor Conference, held in Cape Town on April 9-10, was to drum up foreign, mainly South African, investment in Egypt, a country that has already seen a significant inflow of foreign capital over the past few years.
A variety of sectors in the Egyptian economy were represented at the forum, including consumer, healthcare, banking and financial services, manufacturing and real estate, RenCap said in a statement.
The statement quoted RenCap co-CEO Ruslan Babaev as saying that in 2018 Egypt received $7.9bn in foreign direct investment, “more than any other country in Africa”, and that foreign money invested into Egyptian debt instruments skyrocketed 450-fold from $100m in late 2016 to $17bn by mid-2018.
The bank’s other co-CEO, Anna Vyshlova, said RenCap studies of adult literacy and electricity consumption in Egypt had shown that in 2010 the country had embarked on a path to industrialisation.
Egypt is likely to soon achieve economic growth of between 4 and 6 per cent per year, according to Vyshlova.
RenCap runs regular investment promotion events around the globe such as conferences and bespoke trips and roadshows.
Last year it hosted five conferences that were attended by about 100 companies and involved more than 1,000 one-on-one meetings. The bank arranged more than 15 dedicated investor trips to Egypt, Kenya, Nigeria, South Africa, Russia and Turkey and more than 40 deal and non-deal roadshows.
RenCap plans to carry through two other key events before mid-2019: the 10th Pan-Africa 1:1 Investor Conference in Lagos on May 13-17 and the 23rd Annual Russia Investor Conference in Moscow on June 24-26.
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