By Andrei Skvarsky.
Russian investment bank Renaissance Capital is going to host a conference in Cape Town on April 9-10 to attract international, primarily South African, investment to Egypt, a country RenCap credits with highly successful economic reforms.
The North Africa Investor Conference aims to put South African and international institutional investors that own assets totalling about $20bn in contact with leading Egyptian companies, RenCap said in a statement.
According to London-headquartered business information platform Invest Africa, more than 200 one-to-one meetings are scheduled to be held during the forum.
The Egyptian companies that will attend the event represent a variety of industries, including the consumer sector, health care, banking and finance, manufacturing, and real estate.
“RenCap maintains that Egypt is the best reform story in the Eastern Europe, Middle East and Africa region, and perhaps also in emerging markets overall,” the RenCap statement quoted RenCap global chief economist Charles Robertson as saying.
The bank’s CEO for North Africa, Amr Helal, said: “Renaissance Capital is especially bullish on Egypt as a reform-led growth story that is seeing increased investor participation in both equities and fixed income. The region remains one of our core markets.”
According to the Organisation for Economic Co-operation and Development (OECD), global gross domestic product is projected to nearly quadruple by 2050.
“The share of northern countries (especially members of the OECD) [is] likely to drop from 54% in 2010 to less than 32% by 2050,” the RenCap statement quoted the chairman of the Egyptian stock exchange, Mohamed Farid, as saying.
“This presents African countries with an opportunity to attract more investments given their current efforts in building the proper infrastructure.”
Farid will deliver a keynote address on the role of capital markets in Egypt’s economy at the opening of the conference.
RenCap does business in Africa, Central and Eastern Europe, North America, Asia, Russia, and the Commonwealth of Independent States – in about 50 markets altogether.
It operates in the Middle East and North Africa from its office in Cairo, set up in 2017.
RenCap has offices in Moscow, London, Nicosia, New York, Johannesburg, Cape Town, Lagos, and Nairobi.
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