Dollar bonds of Egypt rallied on news of regulations aimed at cutting through red-tape and speeding up the regulatory process for investments in the nation. The new rules include setting a time limit of 10 working days for securing necessary approvals and needing only one-time approvals. Besides, they plan to revise regulations to help deal with restrictions on land ownership and to facilitate foreign ownership of real estate in Egypt. The country also plans to allow foreign investors to be registered in the importers’ registry for a period of 10 years. It added that a system will be set in place for quick refunds of value-added taxes.
Egypt’s 5.25% 2025s were up 2.4 points to trade at 69.2 cents on the dollar, yielding 22.7%.