Fitch Upgrades Egypt’s Credit Rating to ‘B’ with Stable Outlook ...Egypt

Fitch Ratings upgraded Egypt’s long-term foreign-currency Issuer Default Rating (IDR) from B- to B with a stable outlook on Friday, 1 November. The agency cited the recovery in Egypt’s net foreign asset position, supported by a rise in international reserves from USD 11.4 billion (EGP 555.42 billion) in March to USD 44.5 billion (EGP 2.17 trillion) by the end of the third quarter of 2024. This improvement reflects growing investor confidence, driven by substantial foreign investments, including the USD 24 billion (EGP 1.17 trillion) Ras El-Hekma project and backing from Gulf Cooperation Council (GCC) nations. The rating upgrade aligns with recent positive evaluations from other agencies, inc

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