CAIRO: Egypt’s gross domestic product (GDP) and exports are projected to see “stronger growth” in the coming years, boosted by increasing foreign investments’ inflow into major projects, said HSBC Bank Egypt in a Monday report.
In its latest Trade Forecast Report, HSBC said Egypt’s growth forecasts have improved significantly over the last year, thanks to government’s commitment to implement reform program, which helped bolster economic growth.
“If this commitment is sustained and political stability continues, then growth should continue to accelerate, helped by continued GCC and Western support,” according to the report.
Earlier in April, the International Monetary Fund upgraded its forecast for Egypt’s economic growth in 2015 to 4 percent, from 3.8 percent in its previous assessment, citing macroeconomic stabilization plans and wide-ranging structural reforms.
“The success of the March investor conference in Egypt has resulted in momentous pledges of investment projects and business deals and should help to boost long-term growth and trade prospects,” said Amr el-Bahey, Head of Large Corporates of HSBC- Egypt.
He added that significant growth opportunities in Egypt’s ICT market will help boost economic growth.
The Egypt Economic Development Conference (EEDC) lured anticipated investments worth $60 billion, in addition to $12.5 billion in aid form Gulf countries, Prime Minister Ibrahim Mahlab said at the conclusion of the conference.
Mahlab noted that the $12.5 billion in pledged deposits and investments by United Arab Emirates, Saudi Arabia, Kuwait and Oman will be used in development projects.
