Although estimates vary, sources such as the OECD and Egypt’s General Authority for Investment and Free Zones (GAFI), the Ministry of Investment’s promotion agency, assert that small and medium-sized enterprises (SMEs) account for between 80% and 90% of total businesses, and between 75% and 80% of employment. However, the development of SMEs has been hindered by...
Prior to the 2011 revolution, Egypt was making steady progress in reducing persistent fiscal deficits, thanks to sustained efforts by reformist governments. One of the most enduring legacies of that period is a much-improved tax system, which replaced a bloated and inefficient process with a more streamlined and wider-based structure. Simplified tax procedures and lower...
Two years of political upheaval have increased tensions over the country’s financial health and left the economy in an uncertain situation. After tourists and many foreign investors departed following the 2011 revolution, foreign currency reserves declined. Egypt’s average monthly current account deficit stands at between $400m and $500m. With over $20bn spent since the...
Egypt’s strategic importance has long led it to seek close trade and diplomatic ties with its neighbours and well beyond. Geography, history and culture link it to Europe, the Middle East and Africa. Since the 1970s, relations with the US have also been a significant element in policy-making, and ties with the Gulf states have benefitted from trade, investment and...
After two years of turbulence and an uncertain economic environment, new policy initiatives in Egypt have been – unsurprisingly – fairly limited, which makes the recent establishment of the Upper Egypt Development Initiative by the Ministry of Investment (MoI) all the more welcome. Bringing about a tangible rise in both public and private spending in Upper Egypt will not...
Egypt has for millennia been one of the most strategically important places on earth, and often one of its most culturally influential. Despite serious structural issues that have held back its economic development, and the past few years of political changes and instability, it remains a country of great global importance. At the meeting point of Asia, Africa and Europe...
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