Investors have been returning to the country since the end of last year, scenting opportunity — and bargains. Foreign holdings of Egyptian treasury bills rose to $1.2bn in January, according to data from the central bank, up from just $30m a year ago, but still significantly lower than the 2010 peak of $11.4bn.
I sold my Pakistan ETF shares this week and I see the same type of opportunity in Egypt. It may take some time but there is value in Egypt. The huge natural gas reserves Egypt is bringing online should also make a huge difference in the years to come.