06 Feb 2022

The leading credit rating agency Moody’s has kept its rating of B2 unchanged for the Egyptian banking sector, with a stable outlook. Moody’s expected the Egyptian economy to grow at 5.5% during FY21/22 on the back of infrastructure investments, tourism recovery, and strong household consumption spending. The agency said that conditions are supportive of banking activities, with financial inclusion initiatives and increasing adoption presenting a promising opportunity for banks.

(Source: Egypt Today (English), al-Maal, al-Ahram, al-Watan, Akhbar al-Youm, al-Arabiya)