Close Menu
    What's Hot

    Ghana’s Liquify – Accelerating Trade Finance for Africa’s SME Exporters

    June 20, 2025

    Winich Farms Secures Investment from DisrupTech to Scale Agri-Fintech Operations

    June 18, 2025

    Ibukun Awosika to Hold African Marketplace Dubai

    June 16, 2025
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      Salpha Energy Secures $1.3M to Expand Nigeria’s Solar Manufacturing Capacity

      June 6, 2025

      South Africa – Infrastructure Overhaul Set to Boost Transport and Trade

      May 16, 2025

      Navigating Challenges in the African Air Cargo Industry

      March 5, 2025
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Ghana’s Liquify – Accelerating Trade Finance for Africa’s SME Exporters

      June 20, 2025

      Ibukun Awosika to Hold African Marketplace Dubai

      June 16, 2025

      Egypt’s Paysky Unveils “Pay by Bank” to Transform Digital Payments

      June 11, 2025
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      DP World and Nedbank Elevate Trade Finance in Africa

      Finance Trade September 18, 2024
      Recent

      DP World and Nedbank Elevate Trade Finance in Africa

      September 18, 2024

      Arab Coordination Group commits $50 billion for Africa’s sustainable development

      November 13, 2023

      MENAT to see investment flows increase substantially

      September 4, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Business

    Fitch fix Egypt’s economy at B+

    April 27, 20223 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Fitch
    Egyptian Minister of Finance Mohamed Maait said that Fitch's decision was an indicator of confidence in the economy.
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Fitch, the global credit agency, has fixed Egypt’s economy at a rating of B+.

    In a move that highlights international confidence in Egypt’s ongoing recovery from its currency crisis, the impact of Covid-19 and the difficulties caused by the Ukraine conflict, international rating agency Fitch has assigned the Egyptian economy a rating of B+.

    Gulf investments

    According to Reuters, Gulf states are transferring up to USD 22 billion to the country as they seek to help it overcome its currency crisis. Last month, Saudi Arabia deposited USD 5 billion in Egypt’s Central Bank and later approved plans to invest in the country.

    Fitch director Krisjanis Krustins praised Egypt’s performance in achieving fiscal discipline and keeping the fiscal deficit under control. Despite a large current account deficit, the North African country’s performance in the second quarter of the 2021/22 was good, he added. 

    Egyptian Minister of Finance Mohamed Maait stated that Fitch’s decision to fix Egypt’s credit rating at “B+” with a stable future outlook is testament to the confidence in the ability of the Egyptian economy to face global economic challenges.

    Diverse economy

    Maait went on to talk about the diverse nature of the Egyptian economy, saying, “This confirms that we are on the right path, and that financial and economic reforms have made us more stable and cohesive in dealing positively with global crises. This is reflected in the ability to absorb and contain the negative effects of internal and external shocks, according to the testimony of international institutions.”

    According to Maait, Egypt recorded the highest semi-annual growth rate since the beginning of the millennium at 9% of GDP during the period from July to December 2021, making the Egyptian economy one of the world’s few economies that has managed to achieve positive growth rates over the period.

    Reforms required

    Maait went on to say that structural reform is a necessity in order to improve Egypt’s business climate, to increase local and foreign private investment and to support development projects in infrastructure, education and health. Maait also highlighted the need to improve the competitiveness of Egyptian products and to maximize the income generated by the country’s non-oil exports.

    Maait claimed that the country’s economic growth had been created by balanced economic and financial policies over recent years, and that the surplus in the public budget was being maintained through careful monitoring of expenditures. He added that in light of the Russian-Ukrainian crisis, the government plans to reduce the budget deficit to 6.2 percent and to reduce the debt rate.

    Egypt Fitch Ratings investment trade
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleZenda raises USD 9.4 million to help parents pay school fees
    Next Article Central African Republic adopts Bitcoin as legal tender

    Related Posts

    Business & Trade Trade Trade Finance

    Ghana’s Liquify – Accelerating Trade Finance for Africa’s SME Exporters

    June 20, 2025
    Agri-Business

    Winich Farms Secures Investment from DisrupTech to Scale Agri-Fintech Operations

    June 18, 2025
    Business & Trade

    Ibukun Awosika to Hold African Marketplace Dubai

    June 16, 2025
    View 4 Comments

    4 Comments

    1. Pingback: Cashew receives USD 10 million investment from Mashreq, targets Egypt

    2. Pingback: Construction in MEA region continues to grow despite rising costs

    3. Pingback: ITFC doubles Egypt’s credit limit to USD 6 billion to cover imports of wheat

    4. Pingback: ITFC disburses additional USD 3 billion in credit to Egypt

    Leave A Reply Cancel Reply

    LATEST STORIES

    Ghana’s Liquify – Accelerating Trade Finance for Africa’s SME Exporters

    June 20, 2025

    Winich Farms Secures Investment from DisrupTech to Scale Agri-Fintech Operations

    June 18, 2025

    Ibukun Awosika to Hold African Marketplace Dubai

    June 16, 2025

    China to Drop Tariffs on African Exports

    June 13, 2025

    Egypt’s Paysky Unveils “Pay by Bank” to Transform Digital Payments

    June 11, 2025
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.