The agency highlighted that the upgrade is driven by recent foreign investment inflows, particularly from the Ras El-Hekma deal, which has significantly strengthened Egypt’s foreign exchange reserves.
Fitch Solutions affirmed its economic forecast for Egypt’s growth in the current fiscal year (FY2024/2025), citing increased investment, a rebound in the manufacturing sector, and the expected resolution of the Gaza conflict by late 2024
The ratings agency updated its outlook for the National Bank of Egypt, Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) to positive
BMI Research revised its growth expectations for Egypt to 3.2% for the current fiscal year FY2023/2024 and 4.2% in 2024/2025
Last week, Fitch Ratings expected Egypt’s foreign currency reserves to reach $49.7 billion in the current fiscal year and $53.3 billion in the next fiscal year
