A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
July 26th Coverage to August 2nd
Moody’s maintained Egypt’s long-term foreign and local currency issuer credit ratings at B2 with a stable outlook, and kept its foreign currency senior unsecured ratings at B2, Moody’s announced.
The International Monetary Fund (IMF) expected Egypt’s gross domestic product (GDP) to improve, reaching 5.8% in the FY 2024/2025.
The IMF projected Egypt’s tourism revenues to reach $8 billion in FY 2021/2022, and $25 billion in FY 2024/2025.
The IMF predicted Suez Canal revenues to reach $ 6.6 billion in FY 2021/2022, and $7.6 billion in FY 2024/2025.
The European Bank for Reconstruction and Development (EBRD) approved a $29.6 million loan for Egypt’s October Dry Port Company (ODP), to construct Egypt’s first inland dry port.
Egyptian startups Venture capital finance for Egyptian startups reached $194 million in H1 2021, according to Amr Mahfouz, the CEO of the Information Technology Industry Development Agency (ITIDA).
The Egyptian public’s investments rose by 50.5% year on year (YoY) during FY 2020/2021, recording EGP 289 billion, Finance Minister, Mohamed Maait, stated.
Egypt’s leather exports increased by 58% during H1 2021, as it reached $41.76 million, compared to 26.5 million in H1 2020.