Egypt’s economy saw a strong recovery in the second quarter of FY 2024/2025, with Gross Domestic Product (GDP) growth reaching 4.3%, a 2% year-on-year increase, driven by ongoing government reforms focused on macroeconomic stability and effective management of public investments, according to a March 26 statement from the Ministry of Planning, Economic Development, and International Cooperation. Non-oil sector leads growth The positive growth was attributed to the government’s ongoing structural reforms aimed at ensuring macroeconomic stability. The growth of Egypt’s economy has been mainly fueled by key sectors, according to the statement. Non-oil manufacturing, tourism (particularly in restaurants and hotels),…
Author: Rana Salem
Egypt has taken a significant step in addressing plastic pollution by requiring manufacturers to take responsibility for plastic bags, from production through to disposal, local media reported, citing a Prime Ministerial Decree published in the Official Gazette. New law The decree enforces Extended Producer Responsibility (EPR) for plastic bags, compelling producers and importers to manage their environmental impact at every stage, from creation to safe disposal. The decree requires producers and importers to register with the National Waste Management Information System, submit quarterly sales reports, and pay 37.5 EGP per kilogram of plastic bags sold to fund safe disposal. These…
Egypt is making significant strides in stabilizing its economy, but experts agree that deeper structural reforms are still essential for long-term growth. The International Monetary Fund (IMF) recently completed the fourth review of Egypt’s Extended Fund Facility (EFF) loan program, releasing $1.2 billion, bringing the total withdrawals under the $8 billion loan to $3.207 billion. This funding is crucial in Egypt’s efforts to stabilize its economy amid global economic challenges. Jean-Michel Saliba, Head of EEMEA Economics at Bank of America, highlighted to Business Monthly the importance of the disbursement, stating, “The $1.2 billion linked to the fourth review approval will…
The International Monetary Fund (IMF) has approved the disbursement of $1.2 billion to Egypt after completing the fourth review of the country’s $8 billion economic reform program, according to a statement released on March 11. This funding is aimed to support economic stability, reduce fiscal deficits, and promote sustainable growth. The IMF Executive Board has also approved the authorities’ request for an arrangement under the Resilience and Sustainability Facility (RSF), with access to about $1.3 billion, the international lending agency stated. Outlook on Egypt’s growth prospects The IMF has made several recommendations to improve Egypt’s structural policies, including strengthening the…
Egypt’s treasury bond yields surged to EGP 17.33 billion in March, following the issuance of two key bonds by the Central Bank of Egypt (CBE). This uptick in bond yields comes amid a noticeable decline in inflation, which has sparked optimism regarding the potential for an easing of monetary policy in the near future. In March, the CBE issued two treasury bonds: a two-year bond valued at EGP 4 billion with a coupon rate of 23.5%, and a three-year bond worth EGP 8 billion with a coupon rate of 21.95%. Both bonds feature a semi-annual coupon frequency, meaning that investors…
Egypt is set to establish the largest green hydrogen plant in the country, with a groundbreaking $17 billion initiative aimed at positioning Egypt as a global leader in the green hydrogen market. The project, announced by the General Authority for Free Zones and Investment (GAFI) in March, will span 127 km² and produce 400,000 tons of liquefied hydrogen annually. Leveraging Egypt’s abundant clean energy resources—particularly solar and wind—the plant will generate its energy entirely from green sources, operating off the national grid. The facility’s base capacity will be 3.1 gigawatts, using solar energy during the day and pumped hydro storage…
Ramadan is not just a sacred time for reflection and prayer; it’s also an opportunity for businesses to connect with employees, clients, and the community in a meaningful way. In Egypt, two prominent event management companies, Event House Egypt and Dazzle Advertising, are leading the charge in creating unforgettable Ramadan experiences. Through their unique approaches, both companies have built solid reputations for organizing standout corporate events during the holy month. Leading the charge Founded in 2012 by Moussa Abu-Taleb, Event House Egypt started as a solo venture born out of Abu-Taleb’s passion for blending Egypt’s rich cultural heritage with high-quality…
In an exclusive interview with Business Monthly, Pascal Devaux, Senior Economist for MENA & Western Balkans at PNB Paribas, shared his insights on Egypt’s economic outlook. Devaux discussed the country’s ongoing recovery efforts and the key risks to sustaining growth, offering a detailed analysis of Egypt’s economic profile following the bank’s February 2025 report titled “Egypt: The Egyptian economy remains vulnerable despite positive momentum.” Pascal Devaux outlined key risks to Egypt’s economy, including geopolitical tensions, inflation, and vulnerability to external shocks. He highlighted that while the economy is on a path to recovery, the timing of Egypt’s transition to a…
By 2030, Egypt aims to become a major hub for artificial intelligence (AI), with projections indicating that 36% of its population will integrate AI into their daily lives. This ambitious vision is outlined in the second edition of Egypt’s AI strategy report (2025-2030), released on January 16, 2025, marking the beginning of a new technological era for the country. The report, issued by Egypt’s National Council for Artificial Intelligence (AI), forecasts the production of 30,000 AI specialists and the establishment of 250 successful AI companies. Additionally, academic research in the field is expected to surge, with AI-related publications projected to…
In a strategic move to bolster foreign investment and support its real estate sector, the Egyptian government has launched the “Your House in Egypt” initiative, offering approximately 5,000 residential units across multiple new cities to Egyptians living abroad. The initiative, announced by the Egyptian Cabinet on February 23, is spearheaded by the Ministries of Housing and Foreign Affairs, allowing properties to be booked in foreign currencies with flexible payment options. The program responds to growing demand from Egyptian expatriates, following requests made during a conference organized by the Ministries of Foreign Affairs and Immigration in August 2024. Minister of Housing,…