Tarek Fayed: Egypt is the second in the world in growth rates … and the first in attracting investments in the region

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Tarek Fayed, Chairman of Banque du Caire, said that any success has enemies, in order to hunt for mistakes, explaining that the enemies of success lie in wait for every achievement that the Egyptian state makes.

And he continued, during an intervention with journalist Ahmed Moussa, presenter of the “On My Responsibility” program, broadcast on the “Echo of the Country” channel, that Egypt has been subjected to real pressures since the beginning of the Corona crisis, which confirmed the solidity of the Egyptian economy.

Regarding the fugitive Mahmoud Wahba’s talk about the Egyptian economy, Fayed asked, how can someone who failed to manage his own business analyze the economic performance of countries and reduce the value of the growth witnessed by the Egyptian economy, which the far and near has witnessed.

Tariq Fayed, Chairman of Banque du Caire, added that tests were conducted to measure the ability of the Egyptian economy to repay debts and to prove its ability and solidity.

He pointed out that Egypt is achieving positive growth rates and is ranked second in the world after China, which gives promising and reassuring indicators, and that the Egyptian currency did not collapse during the Corona pandemic, as happened with the Turkish currency.

He added that Egypt was one of the few countries that maintained its credit rating from negative to stable, explaining that Egypt ranked first in Africa and the Middle East in terms of the volume of foreign investments, which amounted to 7.3 billion dollars.

Tarek Fayed, Chairman of Banque du Caire, indicated that Egypt covers foreign reserves for 8 months, while world countries cover only 3 months.

He explained that the remittances of Egyptians abroad reached 28 billion dollars, and the foreign debt does not exceed 35% of the size of the national product, and Egypt has a good international reputation in paying debt installments.

And he added that the political leadership had an insightful vision in implementing economic reform, explaining that the country had offered bonds worth 4 billion dollars that were covered by 16 billion dollars.

Tarek Fayed, Chairman of Banque du Caire, concluded that Egypt received investments of $ 150 billion in the first year to implement economic reform.

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