Fitch affirms Egypt's rating at (B +) with a stable outlook

Fitch Ratings affirmed Egypt's rating at (+ B) with a stable outlook.

The agency stated that the decision was supported by the continued implementation of the Egyptian authorities in implementing economic and financial reforms, and by the great flexibility of the Egyptian economy and its ability to maintain its stability during the pandemic.

Fitch also confirmed that fixing the rating also comes because Egypt has a large economy that has shown stability and flexibility during the global health crisis.

Fitch expects Egypt's real GDP to grow by 3% during the current fiscal year, compared to 3.6% in the last fiscal year.

and indicated that the recovery of tourism and traffic through the Suez Canal, supported by the global economic recovery, will lead to an increase in growth to 6% in the next fiscal year 2021-2022.

the agency suggested that net foreign direct investment will decline to $ 5.5 billion in the current fiscal year, indicating that real interest rates are attractive and that market structure reforms could attract more flows. Dakhla.