Moody’s expects Egypt economy to grow 4.5% by June 2015: Finance Minister

Credit rating institution Moody’s Corporation has announced it expects the Egyptian economy to grow by approximately 4.5%, by the end of fiscal year (FY) 2014/2015. Moody’s raised Egypt’s credit rating to B3, and assured stable outlook for the economy, according to Investment Minister Ashraf Salman, who expected positive impacts for Egypt.

Egypt expects its economy to grow roughly be 4.3% during FY 2014/2015, backed by financial, monetary and legislative reforms.

Prime Minister Ibrahim Mehleb said, following a meeting with the Board of Directors of Egyptian Financial Supervisory Authority (EFSA): “Fortunately, this meeting coincides with Moody’s announcement regarding raising the credit rating of Egypt to B3, as well as expectations that the growth rate next period in Egypt will be higher than what we planned for.”