Egypt keeps going its own way

Significant new oil finds and the completion of several large liquefied natural gas projects will shortly give Egypt's hard-currency earnings a much needed boost. However, continued fiscal and regulatory reform is needed if Cairo is to succeed in creating sustainable and broadly based economic growth.

Fiscal and regulatory reform is needed if Cairo is to succeed in creating sustainable and broadly based economic growth

“When I rang our clients this time last year and said they should invest in Egypt, they laughed. I rang them up a few months later and told them they’d missed returns of 13%. I still didn’t get any calls. I rang them up a few months later and told them they’d missed returns of 38%. That started to wake them up.

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