Garnering more investment, loans and assistance packages than had been widely expected, Egypt’s Economic Development Conference (EEDC) secured investment contracts worth $36.2bn, an additional $18.6bn in infrastructure contracts to set up power plants, and $5.2bn in loans from international financial institutions.
With investor confidence growing, Egypt is looking forward to a sizeable boost to its economic performance in 2015.
Egypt has been making impressive progress in straightening up its balance sheet in recent months. Steep cuts in energy subsidies coupled with a drop in world oil prices have given the Middle East’s most populous country some fiscal breathing space, following three years of increasing budget deficits, mounting debt and reduced foreign currency reserves.
After years of uncertainty and turbulence, Egypt’s economy is beginning to show some signs of recovery, with a marked rise in business confidence helping to strengthen indicators in both capital markets and the broader economy.
For the Egyptian economy, good news has been tough to come by in recent years. Three years after the January 25 revolution, the continued fallout from broader socio-political instability has brought wave after wave of grim developments, whether it be worker strikes, rising deficits or shrinking reserves.
So it came as something of a relief when, speaking on the sidelines of a...
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