Special to WorldTribune.com

Egypt’s banking system has been upgraded from negative to stable by Moody’s Investors Service.

The credit rating agency said on July 15 that the operating conditions for Cairo’s banking sector will improve amid accelerated growth and economic reforms instituted by President Abdul Fatah Sisi’s government.

Moody’s expects Egypt’s economy to expand by 5 percent in the fiscal year ending June 2016.

The agency says Egypt’s economic growth “will mainly be driven by large, government-led infrastructure projects, increased foreign investment, and a rise in tourism.”

“We expect that Egypt’s banking system will benefit from improved operating conditions, resulting in rising consumer confidence and business investments, which in turn will support loan growth and asset quality,” said Melina Skouridou, CFA Moody’s lead analyst for Egyptian banks.

  Abdul Fatah Sisi, economic expansion, Egypt’s banking system gets upgraded to stable by Moody’s, WorldTribune.com