The Organization for Economic Co-operation and Development (OECD) upgraded Egypt’s ranking in the Country Risk Classification to five.

In its statement, OECD said that investment risks in Egypt have dropped from six to five.

The organization attributed the progress achieved to the reforms implemented by the Egyptian government, which improved the investment climate in the country and created a supportive environment for doing businesses.

The upgrade would help attract further foreign investment inflows from the European states into Egypt, OECD added.

Out of 201 countries included in the report, Egypt, Albania, Kazakhstan, and Uzbekistan were the only states, whose classification witnessed progress, OECD concluded.

The country risk classifications are meant to reflect country risks. Under the participants’ system, country risk encompasses transfer and convertibility risk (i.e. the risk a government imposes capital or exchange controls that prevent an entity from converting local currency into foreign currency and/or transferring funds to creditors located outside the country) and cases of force majeure (e.g. war, expropriation, revolution, civil disturbance, floods, earthquakes)

MENA