World Bank Commends Egypt’s Economic Reform Program

The World Bank has released a report titled “Egyptian Economic Observatory” (IEE), commending Egypt’s implementation of its important economic reform program, which has allowed economic stability and the restoration of confidence thanks to the improved business climate, and the attractiveness of private investments to carry out legislative reforms such as the adoption of investment laws, restructuring laws and bankruptcy.

The Minister of Investment Sahr Nasr said that the World Bank had supported Egypt’s infrastructure sector and President Abdel Fattah al-Sisi’s initiative of investment in human capital, alongside cooperating with the investment ministry in the economy, education development and health care fields.

Sahr added that the ministry and the World Bank are discussing a report on attracting investments to Egypt, improving the investment climate and partnering with the private sector in different projects including the Benban Solar Project, which was won the World Bank’s award for best project worldwide.

According to the report, Egypt’s Growth Domestic Product (GDP) increased to 5.3 per cent for the fiscal year 2017/2018, compared with 4.2 per cent for the fiscal year 2016/2017 and achieved average growth of 3.5 per cent from 2013 till 2016.

The report added that Egypt’s GDP increased to 5.4 per cent in the first half of the fiscal year 2018 /2019.

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The report clarified that the private sector had become the main driver of investments for the first time since 2008 after the sector increased the GDP by 1.3 per cent while the total investments contributed to increasing the GDP by 2.4 per cent.

The World Bank expects that the real GDP would rise to 6 per cent in the fiscal year 2020/2021, compared with 5.3 per cent in fiscal year 2017/2018; clarifying that private investments are expected to continue rising following the implementation of business climate reforms.

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