Hedge Funds and REPAC

Hedge fund investors were earning returns of around 16% a year on these bonds with limited foreign exchange risk. Egypt used this fast money from hedge funds to build a track record of stability and attract long-term investors like oil and gas companies. A very large number of Egyptians work abroad in neighboring countries. Egyptian workers remittances began to grow over this period too reaching 8 billion dollars in the second quarter of 2017 up by 13 percent from a year earlier.