Cairo - Mubasher: Moody’s Investors Service has maintained its positive outlook on Egypt’s sovereign credit.

The US-based rating agency has kept its outlook on the North African nation unchanged due to the broad-based growth recovery, according to a recent report.

The most populous Arab state has carried over into implementing its economic reform programme to face volatility in capital market, Moody’s said.

Economic growth was also driven by the improvement in most sectors’ activity, including manufacturing, construction, tourism, and natural gas and oil products, the report added.

Moody's also projected Egypt to join the sukuk market this year.

In August, Moody's had changed the outlook on Egypt’s long-term issuer ratings to 'positive' from 'stable', following the affirmation of the BS issuer ratings.

On Monday, Moody's Investors Service had maintained its positive outlook on Egypt’s banking sector, buoyed by an improving operating environment.