Egypt has replaced South Africa and made it to the top of “Where to invest in Africa in 2018” list released by the Rand Merchant Bank (RMB)
South Africa is now second on the list. RMB said in a report, “Egypt displaced South Africa because of its superior economic activity score and sluggish growth rates in South Africa, which have deteriorated markedly over the past seven years.”
The top ten investment destinations include Morocco in the third place and Ethiopia in the fourth place.
In November 2016, Egypt started its economic reform program backed by the IMF after it had taken several measures, including the imposition of Value Added Taxes (VAT) and gradual removal of subsidies, to receive a $US 12 billion loan.
The recent economic reform program has pressured nearly half of the population who live either near to or under the poverty line. Egypt has been adopting several social programs in an attempt to protect people on low incomes.
In June, president Abdel Fattah Al-Sisi ratified a long-awaited investment law which grants the investors multiple incentives to encourage the investment climate in Egypt.