Global ratings agency Fitch has revised Egypt's economic outlook from stable to positive, signaling growing confidence in the country's financial stability.
A recent $35 billion real estate investment from the United Arab Emirates is expected to further bolster economic development in the North African country.
Moreover, the International Monetary Fund (IMF) recently approved an $8 billion financial support package for Egypt, expected to alleviate the nation's debt burden.
Fitch affirmed Egypt's 'B-' rating, citing reduced external financing risks and a surge in foreign direct investment.
These positive developments have attracted foreign investors, who have injected billions of dollars into Egyptian treasury bills. Consequently, Egypt's net foreign assets deficit has significantly decreased.
Fitch also acknowledged Egypt's efforts to curb off-budget spending, contributing to reduced public debt sustainability risks.