From the EBRD’s most optimistic view of Egypt’s growth to the lowered expectations of the IIF, a diverse range of forecasts paints a complex picture of the country’s potential growth in the coming year as the country faces numerous external geopolitical and economic shocks.
Fitch Ratings has lowered credit ratings on four Egyptian banks, citing concerns about external financing, macroeconomic stability, and government debt
This came as in response to Fitch's decision to reduce Egypt's sovereign credit rating in local and foreign currencies from "B" to "B-" with a stable long-term outlook
This decision was based on heightened risks associated with external financing, macroeconomic stability, and the country's substantial government debt.
The ratings agency wrote that the four banks have “significant exposure” to debt and lending to public-sector companies, with Fitch estimating their debt to reach 75% of their total assets
