Egypt’s PM: S&P upward revision reflects confidence in economic reform agenda

Egypt’s Prime Minister Moustafa Madbouly said on Tuesday that credit-rating agency S&P revising its outlook on Egypt from stable to positive signals confidence in Egypt’s agenda of economic reforms.

He emphasised that recent government decisions, in collaboration with the Central Bank of Egypt, have positively impacted international institutions’ perception of Egypt’s economy.

Madbouly underscored the outcomes of the Egyptian European Summit in Cairo, attended by leaders from Italy, Belgium, Austria, Greece, Cyprus, and the European Commission.

The summit elevated the Egyptian-European relationship to a comprehensive strategic partnership and secured a 7.4-billion-euro financial package form the EU for investment and economic support in Egypt for 2024-2027, Madbouly added.

He emphasised the importance of the World Bank’s $6 billion financial package for the Egyptian economy, which will support economic and structural reforms, empower the private sector, enhance competitiveness over the next three years.