Egypt’s market capitalization of stocks rises to $50B: Bloomberg

CAIRO – 4 January 2018: Market capitalization of the stocks listed on the Egyptian Stock Exchange (EGX) rose to $50 billion for the first time since the central bank’s decision to float the Egyptian pound in November 2016, Bloomberg news agency reported Thursday.

Foreign investors have been lured to invest in Egypt's assets on the back of President Abdel-Fatah al-Sisi’s bold economic reform program, according to Bloomberg.

Egypt has embarked on a reform program that included the introduction of new taxes and cutting energy subsidies, with the aim of trimming the budget deficit and revive the economy.

After floating the pound, Egypt clinched a $12 billion loan deal with the International Monetary Fund (IMF).

Egypt is to receive a fourth disbursal of that loan, worth $2 billion, in June or July, the Finance Ministry said, bringing the total it has received to $8 billion. The IMF agreed last month to the third disbursal, also worth $2 billion.