Cairo – Mubasher: Several international institutions and funds have injected $440 million worth of investments into the Egyptian market on Monday, a banking source told the Middle East News Agency (MENA).

These investments signal the return of foreign investors to the Egyptian market amid the growing confidence in the most populous Arab nation especially after securing a new facility from the International Monetary Fund (IMF), the source added.

Previously, Fitch Ratings lowered its credit ratings for 33 countries and assigned negative outlook to 40 countries; however, it kept Egypt’s long-term credit rating at B+ with a stable outlook.

In addition, the Egyptian pound has recently appreciated against the US dollar which traded at EGP 16 for buying and EGP 16.10 for selling at several local banks on Monday.