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: 4.3%
Current EBRD forecast for Egypt’s Real GDP Growth in 2024: 4.5%
GDP growth fell short of expectations in 2022 at just 4.2 per cent and is forecast to remain at a similar level in 2023, as fiscal and financing pressures mount. Despite the recovery in the Suez Canal and tourism revenues, growth was weighed down by the deceleration in construction and manufacturing activities and the contraction in gas production. Natural gas output is estimated to have declined by 9.3 per cent year on year in the first half of 2023, reaching a three-year low. Meanwhile, unemployment dropped slightly to 7.0 per cent in the second quarter of 2023, with higher rates among women (19.2 per cent) and in urban areas (10.3 per cent). The Egyptian pound has lost almost 50 per cent of its value against the U.S. dollar since March 2022 and, coupled with elevated international commodity prices, this pushed inflation to a record high of 36.5 per cent in July 2023, despite a cumulative 1100 basis points hike in the central bank’s policy interest rate since April 2022. Foreign exchange reserves stabilised, partly thanks to an IMF-supported programme that improved access to finance, but the currency remains under pressure and a significant differential remains between the official and black-market exchange rates. Growth in the calendar year 2024 is expected to remain stable at 4.5 per cent, held back mainly by structural constraints in non-resource sectors, high inflation and limited fiscal space. Downside risks include continued volatility in global energy and food prices and potential delays in the implementation of the reforms aimed at boosting private sector growth. Growth is estimated to have slowed to 4.1 per cent in the fiscal year ending June 2023 (FY 2022-23) and is projected to pick up to 4.8 per cent in FY 2023-2024.