On Friday 19 December, Fitch Ratings Agency upgraded Egypt’s rating to ‘B’ saying its outlook is stable.  In the announcement of the decision to upgrade, Fitch said, the “government has embarked on a policy course designed to tackle some of the serious structural weaknesses that have emerged or intensified in recent years. Fuel subsidy cuts and tax hikes have been implemented as part of a clear five-year fiscal consolidation strategy. Power shortages are being tackled, overdue payments to oil companies reduced, investment laws revised and disputes with foreign investors settled. The measures appear to have strong political backing.”

This vote of confidence follows a series of positive signals from international ratings agencies, multilateral lending organizations and private sector leaders recognizing Egypt’s economic revitalization and transformation to an accessible, effective and innovative 21st century economy. Under the new government, Egypt has moved forward with a wide range of vigorous efforts to jump start the economy with new investment and to accelerate growth through long-needed reforms and structural modernizations. The upgrade from Fitch is further evidence that these reforms are taking effect.

For more information on Fitch’s upgrade, click here.

For more information on Egypt’s economic renaissance, click here.