National Dialogue Investment Decision: Agency Decision "Fitch" It gives reassuring messages to all institutions investing in Egypt
Dr. Samir Sabry, Rapporteur of the Local Investment Committee for the National Dialogue, said that Fitch Agency The credit rating raised its future outlook for Egypt from stable to positive, and confirmed in its report that it has greater confidence that the flexibility of the exchange rate will last longer than before, in addition to the decrease in the risks of external financing, and the strength of foreign direct investment, and this reflects the extent of the progress of the Egyptian economy globally, and its restoration of confidence. Foreign investors according to the international agency’s testimony.
Sabri pointed out In his statements today, he said that the decision of the credit rating agency Fitch confirms that the Egyptian economy is on the right path, adding that the improvement of Egypt’s credit rating is due to several factors that the agency relied on, including the Ras al-Hikma project with the Emirates, the transition to a flexible exchange rate policy, and tightening monetary policy. , as well as additional financing from international financial institutions, in addition to the return of non-resident flows to the local debt market.
Dr. Samir Sabry stressed that the Fitch credit rating agency’s decision indicates To certificates that give reassuring messages to all other institutions investing in Egypt and what will happen during the coming period, which is a strong message that the Egyptian economy is moving towards the better.
The rapporteur of the Private and Local Investment Committee in the dialogue explained The National Bank said that in light of the great economic challenges that the Egyptian state is going through, affected by the current global economic crisis, like all countries of the world, indicating that the decision calls for optimism and serves as free propaganda for the Egyptian economy, because changing the classification helps attract and open investment horizons. New in Egypt.
Dr. Samir Sabry continued: “The past three years were difficult, but the coming is better because the government has made a huge effort in the last 10 years to create an investment climate. During the coming period, from 6 months to a year, the report’s view of the Egyptian economy will be modified to a higher degree. This means reducing the cost of foreign financing and foreign investment in Egyptian dollar bills and bonds. This reduces the cost to Egypt in the event of resorting to global debt markets, and this will encourage foreign investors to invest in Egypt during the period. “.
He continued: “This is a more than excellent indicator and gives an indication to all foreign investors in the world and to all international institutions that the Egyptian economy is moving in the direction of growth, and that our economy is promising and enjoying… With flexibility and strength.
Fitch had raised Its future outlook for Egypt’s credit rating is “positive” From “stable”, supported by a decline in external financing risks in the near term due to the economic measures taken by the state and the “Ras El Hekma” deal. With the Emirates.
The credit rating agency indicated that its decision came against the backdrop of “a significant decrease in the risks of external financing in the near term.” Because of the “Ras El Hikma” deal With the UAE, the transition to a flexible exchange rate policy, tightening monetary policy, as well as additional financing from international financial institutions and the return of non-resident flows to the local debt market, according to the credit rating agency.
< p>The agency’s report said that the Ras al-Hekma investment deal “confirms the strength of the financial support provided by the Gulf Cooperation Council countries to Egypt,” adding that it has “somewhat greater confidence that the flexibility of the exchange rate will be more sustainable than in the past.”
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