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Eurasia
17/03/2024 18:30
Most international investors in recent years have shied away from the government's domestic securities amid fears of currency devaluation and concern about taking back money from a country suffering from a severe dollar shortage.
In just two weeks, a $35 billion investment deal with the UAE, an expanded $8 billion loan from the International Monetary Fund, a 600-basis-point interest rate hike and an exchange rate shift put the domestic fixed income market back into the spotlight.
After the positive developments, Moody's revised Egypt's outlook from negative to positive, attributing this to "significant official and bilateral support" and "policy steps taken" over the past days, but keeping the country's credit rating at Caa1, which still means sovereign debt carries very high risk. Goldman Sachs Farouk Sousse told clients in a note that the latest developments had revived "the near-term investment hypothesis in riskier Egyptian assets."
A regular direct flight shuttles between Budapest, Hungary's vibrant capital, and Ningbo, China's eastern maritime hub, spanning 5,000 kilometers of geography but bridging continents in trade and investment.
"Hungary is a gateway to Europe for Asian companies, while Hong Kong serves as a gateway to Asia for European companies," Alpha Lau, Director-General of Investment Promotion at InvestHK – a Hong Kong government agency – told our paper at the Guangdong-Hong Kong-Macao Greater Bay Area and Hungary (Europe) Economic and Trade Cooperation Conference in Budapest.
The Hungarian government has signed a strategic cooperation agreement with one of the largest car manufacturers. The agreement with BYD means that future cars will also be manufactured in Hungary, Viktor Orbán emphasised in his speech.