11 December 2023 08:26 AM

Cabinet: Standard & Poor's maintains Egypt’s credit rating

Saturday، 28 January 2023 - 04:01 PM

Standard and Poor’s (S&P) has maintained Egypt's credit ratings, said the Cabinet's Media Center.

The S&P's decision reflects the international institutions' confidence in the Egyptian economy and its resilience in dealing with the various global shocks, added the media center in an infographic report, which shed light on the S&P's decision.

The decision also shows that Egypt managed to deal with international conditions with balanced and integrated ways to ensure the stability of domestic economic conditions, it further said.

The S&P's maintained Egypt’s credit rating at "B", with a stable outlook in January 2023, the center said, adding that this decision reflected the continued commitment of Egypt to abide by its financial obligations.

The rating agency also expected a great rebound in the Egyptian tourism during 2023, especially after Egypt hosted the COP27 Climate Conference, as well as in the light of the expected inauguration of the Grand Egyptian Museum during this year, it added.

The energy and construction sectors are expected to be the main growth drivers along with the sectors of IT, communications, wholesale and retail trade, agriculture and health, the center quoted the S&P's report as saying.

The report, meanwhile, said that "Decent Life" program will play a crucial role in enhancing the quality of infrastructure.


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