Egypt’s economy to increase 6% in 2019: Beltone Financial

In an interview with Bloomberg’s Manus Cranny on Bloomberg Daybreak: Middle East, Nancy Fahmy, Beltone Financial sector head for financial services, said their studies show that Egypt’s economy will grow six percent within 2019.

Beltone Financial is the Egyptian investment bank owned by Egyptian billionaire Naguib Sawiris.

The expert stated that Foreign Direct Investment’s (FDI) level has been good and that interest rates are expected to decrease.

“Foreign Direct Investment (FDI) levels have maintained at 6 to 7 billion dollars,” said Fahmy, adding that Egypt;s economy is expected to grow 6 percent during 2019.

She went on to explain that inflation is also, according to their research, set to slowly decrease, adding that infrastructure projects is the main driver towards positive growth right now.

In December 2018, FDI Markets, which is affiliated with the Financial Times, ranked Egypt first among its African peers in terms of FDI flow, according to MENA.

“Egypt was followed by Ethiopia, with 3.5-billion-dollar investments, Congo, with 1.9-billion-dollar investments, and Sudan, with 1.6 billion-dollar investments, the report added,” reports MENA.

Source: Egypt Today