(MENAFN) Egyptian dollar-denominated government bonds experienced a significant increase on Wednesday following the long-awaited announcement of a cabinet reshuffle. State television reported that the new government lineup includes the replacement of former Finance Minister Mohamed Maait, with Ahmed Kojok appointed as the new Finance Minister. Kojok assumes responsibility for steering Egypt's economy in its current phase, amid ongoing efforts to bolster economic stability and growth.

The bond market reacted positively to the news, particularly longer-dated bonds, with the 2049 maturity witnessing a notable rise of 1.55 cents to reach 75.69 cents by 10:15 GMT. This surge reflects investor optimism surrounding the implications of the cabinet reshuffle on Egypt's economic policies and prospects.

In addition to the political developments, Egypt's economic landscape has seen recent major investment announcements. Talaat Moustafa Group revealed plans on Tuesday to invest USD21 billion in a tourism project along the Mediterranean coast. This follows an earlier announcement this year of a USD24 billion investment project by the UAE's ADQ Holding Company for the development of the Ras El Hekma project on the North Coast. These initiatives underscore Egypt's commitment to fostering economic growth through strategic investments in key sectors, including tourism and real estate development.

The combination of political changes and substantial investment commitments highlights Egypt's efforts to strengthen its economic fundamentals and attract foreign capital, positioning the country for sustained growth and development in the coming years. 

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