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 2022: 3.9%
Current EBRD forecast for Egypt’s Real GDP Growth in 2023: 5.6%
GDP growth doubled in Egypt to 6.6 per cent in the 2021/22 fiscal year ending in June 2022, driven by strong manufacturing growth, an uptick in Suez Canal revenues and an expansion in construction activities. However, the recovery levelled off considerably in the second half of the fiscal year (January-June 2022) as global conditions worsened. Egypt benefits from the rising value of its natural gas exports, but depends on imported oil, food and manufacturing products.
As a result, inflation reached 13.6 per cent in July, fuelled by rising food and energy prices. Given deteriorating foreign exchange reserves, the currency was allowed to depreciate by around 20 per cent since March 2022. Growth in the fiscal year 2022/23 is expected to slow down to 4.7 per cent, and will be held back by adverse global conditions, as well as structural domestic factors that supress the recovery of the non-oil private sector. Agreement on an IMFsupported programme is necessary to support reform implementation, boost investor confidence, and enhance current account balance management. Downside risks to economic performance include continued volatility in global energy and food prices as well as the global recovery challenges spilling over into key sectors and supply chains, which in turn could lead to social unrest as well.