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World Bank sees Egypt’s GDP growing 5.8% in FY22/23

World Bank sees Egypt’s GDP growing 5.8% in FY22/23
Egypt is expected to record positive growth amid the pandemic

Cairo – Mubasher: The World Bank is expecting Egypt’s gross domestic product (GDP) to grow by 3.5% in fiscal year 2020/2021, 2.3% in FY21/22, and 5.8% in FY22/23, according to a recent report.

Both the International Monetary Fund (IMF) and the World Bank expect Egypt to record positive economic growth amid the pandemic.

In its report “Trading Together — Reviving Middle East and North Africa Regional Integration in the Post-COVID Era”, the World Bank said that 9% of the households in Egypt benefited of the national cash transfer programme Takaful and Karama, which has been expanded since the beginning of the crisis.

The World Bank reviewed the measures taken by the government and the Central Bank of Egypt (CBE) to limit the impact of the pandemic on economy, including a government guarantee of EGP 3 billion on low-interest loans for the tourism industry and an EGP 100 billion guarantee to cover lending at preferential rates to the manufacturing and agriculture sectors.

In addition, the CBE also cancelled EGP 9.9 billion ($628 million) of loans, provided EGP 20 billion ($ 1.3 billion) to support the Egyptian Exchange (EGX), and reduced interest rates by a cumulative 350 basis points.

Moreover, Egypt approved the establishment of 30 new projects within the CBC Egypt for Industrial Development investment zone.

In April, industrial companies in free zones were allowed to produce facemasks and protective supplies for six months.