BT100: Highlighting recent economic reform in Egypt

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Tue, 03 Mar 2020 - 09:54 GMT

FILE - View from Cairo Tower - Wikimedia Commons/Raduasandei

FILE - View from Cairo Tower - Wikimedia Commons/Raduasandei

CAIRO – 3 March 2020: As Cabinet members, businessmen and leading figures have attended the annual ceremony of BT100 in Cairo to honor top influential figures and companies positively impacting the Egyptian economy, a documentary was played to highlight the country’s positive points on the patch of economic reform.

The short film shows how Egypt has completed main steps of the economic reform program amid constant praise from global financial institutions and the international investment community.

International praise

The International Monetary Fund confirmed the contribution of the Egyptian Economic Reform Program in reducing the fiscal deficit and reducing the public debt.

The World Bank affirmed that Egypt continues to lead economic growth in the Middle East and MENA region amid the improvement of macroeconomic indicators.

The British "Financial Times" praised the improved performance of the tourism sector in Egypt led by low prices and security improvement.

"Bloomberg" agency confirmed the sharp decline in food commodity prices as the main cause of the fall of inflation faster than expected.

Egypt continues to lead the African countries that attract investment, according to UNCTAD report.

Egypt's credit rating improved from B to B + with a stable future vision, according to Fetch agency, and from B3 to B2, according to Moody’s agency.

The performance indicators of the economy witnessed positive developments represented in:

The pound’s value appreciated against the dollar by 5.10%, with gains of 188 piasters during the year 2019 to $ 5.15 a dollar.

Remittances from Egyptians working abroad increased to $ 6.25 billion during the past fiscal year.

Tourism revenue doubled to $ 5.12 billion, compared to $ 4 billion at the beginning of the program thanks to the development procedures and raising the competitiveness for this sector.

Reaching self-sufficiency and joining the list of gas exporting countries thanks to the promotion of the production of the Zohr field and pumping investments of about 28 billion during the past four years

The rate of economic growth increased to 6.5% during the last fiscal year.

Levels of foreign reserves achieved a historical blink of $ 4.45 billion. It covers about 8 months of imports.

The Egyptian Stock Exchange achieved the third best performing market in the Middle East and North Africa in 2019.

And with a look at the future expectations of the Egyptian economy’s performance and enhancing the sector’s role, we find the following

Growth rates in Egypt reached between 8.5 or 6%.

It is expected that $2.11 billion will inflow to Egypt expected at the end of the fiscal year.

The International Monetary Fund expected that the gross domestic product will reach 458.6 trillion pounds.

A huge number of supportive legislations that attract investment and increase the role of the sector, most importantly ending the investors' imprisonment.

It is expected that the level of inflation decreases to reach 9.5% in 2020.

Bt100

BT100 is a tribute to the leaders of the governmental and private sectors, and corporate for their important and effective role in improving the Egyptian economy. The ceremony aims at encouraging other companies to improve their performance, and develop their marketing methods and their selling skills.

Candidates for the prizes were chosen according to certain criteria by the jury and evaluation to select a number of companies in different sectors, including the financial, industrial and investment sectors, the real estate sector, and the communications and information technology sector.

All candidates chosen based on certain criteria and standards that rely on market studies and research to evaluate the activities of all companies operating in the Egyptian market, including companies with innovative creative ideas and practical and effective solutions, in addition to prizes for the best corporate social responsibility initiatives, the best market share and investment performance, and the best sustainable agreements and partnerships between the private sector and the public sector that would serve the country's goals in the comprehensive economic development plan for Egypt 2030.

Major companies and institutions are sponsoring the event, including CIB, Marseilia Group, PepsiCo, Etisalat Egypt, Talaat Moustafa Group, Al Ahli Real Estate Development, Banque du Caire, GLC, Vodafone Egypt and a number of other institutions.

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