Investors should view Egypt’s political crisis as a buying opportunity and get in “sooner rather than later”, the country’s finance minister told CNBC on Thursday.
Ahmed Galal, the interim Egyptian finance minister, said Egypt’s reform process would make it highly attractive to investors, despite the ongoing violence in the country, which saw former President Mohamed Morsi removed from power on July 3 and numerous people killed in the subsequent unrest.
“The combination of both a political process that is unfolding in the right direction and an economic reform process that gives some credibility and confidence, I think that combination is likely to make Egypt a very attractive place for investors,” Galal said.
“All of them are most welcome to come, sooner rather than later. If I were an investor, I would come to Egypt now, not later, because this is the time when you establish a position, and then later when the economy recovers, this is when you will make your returns.”
The interim government’s transition plan includes parliamentary elections in around six months, but supporters of Morsi remain camped out in protest in Cairo, despite being urged by the government to move.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.