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Egypt overview

Egypt cityscape at night

In Egypt we focus on:

  • Promoting a more inclusive economy for Egyptian businesses, women and youth, aiming to increase access to finance and entrepreneurship, access to skills development and to services and economic opportunities.
  • Accelerating Egypt’s Green Economy Transition by rising renewable energy capacity and a more diversified energy mix, improved quality, efficiency and environmental sustainability of infrastructure , as well as promoting energy and resource efficiency and climate resilience.
  • Enhancing Egypt’s competitiveness by supporting private sector growth and strengthening governance, through a more expansive, competitive and resilient private sector post-COVID-19, deepened and more diversified financial sector and products, in addition to increased private sector participation and improved governance and business environment.

Egypt became an EBRD recipient country on 30 October 2015

The EBRD's latest Egypt strategy was adopted on 9 February 2022

Current EBRD forecast for Egypt’s Real GDP Growth in 2023: 4.2%

Current EBRD forecast for Egypt’s Real GDP Growth in 2024: 5.2%

Growth in Egypt decelerated to 4.2 per cent year- on-year in July-December 2022 (the first half of fiscal year 2022/23), down from 9.0 per cent in the same period of the previous year. The slowdown was driven by the deceleration in the manufacturing and construction sectors (which were affected by foreign currency shortages), as well as lower Suez Canal and tourism revenues(which were affected by the war on Ukraine). The Egyptian pound lost more than 50 per cent of its value against the U.S. dollar between March 2022 and April 2023, amid heightened external vulnerabilities and the central bank’s decision to shift to a flexible exchange rate regime. This depreciation, coupled with elevated international commodity prices (Egypt is a net importer of food and oil), pushed inflation close to 33 per cent, despite cumulative policy rate hikes of 1000 basis over the last year. The slowdown in growth is expected to continue and GDP is projected to increase by 4.0 per cent in fiscal year 2022/23.

Growth is expected to pick up to 4.8 per cent in fiscal year 2023/24. Tailwinds include higher gas exports, Egypt’s role as an energy hub for the Eastern Mediterranean and the boost from implementing business-environment reforms under the IMF-supported programme, including empowering the private sector, fostering competition and addressing fiscal and external vulnerabilities. However, headwinds could arise from further inflationary pressures, tighter monetary conditions, challenges in obtaining external financing (notably from the Gulf Cooperation Council members), and any slowdown in the implementation of structural reforms, including delays in the sale of state assets. On a calendar year basis, growth is projected at 4.2 per cent in 2023 (similar to 2022) and 5.2 per cent in 2024.



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