Planning minister: Int'l institutions hail Egypt's growth rates under economic reforms

CAIRO - 6 August 2020: Planning Minister Hala el Saeed said the confidence of several international institutions in the efficiency of the Egyptian economic performance is attributed to the stability it has witnessed after putting into effect the 2016 social and economic reform program.

The Egyptian economy is solid and managed to withstand the impact of the coronavirus crisis, she noted.


A report issued by the ministry referred to the fDi Intelligence which said that Egypt ranked number one with regard to foreign direct investments in the Middle East and Africa with investments standing at $13.7 billion in 2019.


The fDi Intelligence added that the number of foreign direct investment projects rose by 60 percent in 2019, getting Egypt to occupy the second place in this category in the Middle East and Africa.

The report added that Fitch rated Egypt at 'B+' with a stable outlook and this was attributed to the financial and economic reforms carried out by the government.

Fitch has said that the reforms granted Egypt a good deal of flexibility and resilience over the past years which has helped it in confronting crises.