Egypt is the most investment-attractive destination in Africa, followed by Morocco and South Africa, according to a recent report by Rand Merchant Bank (RMB).
RMB's "Where to Invest in Africa?" 2021 indicated that Egypt's economy was hard hit by the pandemic, but it was also one of the first to bounce back to a growth path.
"This, owing to the swift measures it introduced and the fact that it been on a stronger footing at the outbreak of COVID-19."
The economy of Morocco continues to benefit from political stability. A special fund to combat COVID-19 was established in 2020, representing 2.7 percent of GDP. Two-thirds of the funds were to be provided by private sources and one-third by the government.
Meanwhile, a document showed that Egypt started selling multi-tranche US dollar-denominated bonds.
The bonds are split into tranches of six, 12, and 30 years and offer initial price guidance of around 6.125 percent, 7.625 percent, and 8.875 percent, respectively.
Citi, First Abu Dhabi Bank, HSBC, JPMorgan, and Standard Chartered, have been appointed to arrange the debt sale, with a target of raising between $2.5 billion and $3 billion.
Bloomberg reported that Egypt is issuing its second dollar-denominated bonds this year to benefit from low borrowing costs before the US Federal Reserve decides to cut monetary stimulus.
Egypt entered international markets to issue $3.8 billion in dollar-denominated bonds earlier this year.
It sold $750 million in green bonds last year.