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Egypt achieves highest economic growth rate since beginning of the millennium

Finance Minister Mohamed Maait announced Friday that Egypt recorded the highest semi-annual growth rate since the beginning of the millennium at nine percent of the GDP during July to December 2021.

The Egyptian economy has become one of the few economies globally that have managed to achieve positive growth rates, he added.

This came during Maait’s meeting with a delegation of European Bank for Reconstruction and Development (EBRD) officials, headed by EBRD Vice President Mark Bowman.

He noted the success made in flexible handling of the repercussions of the “global economic turmoil”, allowing Egypt to absorb the largest possible amount of shok.

Maait also stressed on continuing structural reforms as a complement to the economic reform, which made the Egyptian economy more capable of flexibly dealing with internal and external crises.

The infrastructure was developed at a total cost of US$ 400 billion over seven years, he said, to create an environment conducive to investment, thereby enhancing the participation of the private sector in the development process, and increasing its contributions to economic activity to reach 50 percent within three years in order to create more job opportunities.

He also noted that the state has allocated LE200 billion annually to implement the national project for the development of the Egyptian countryside, the “Decent Life” initiative, to improve the lives of 60 percent of Egyptians – in addition to social housing projects that aim to provide decent housing for citizens.

For his part, Bowman praised the huge and important reforms that enabled the Egyptian economy to deal with coronavirus pandemic, stressing the bank’s keenness to strengthen its distinguished partnership with Egypt.

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