World Bank raises Egypt’s economic growth projections to 6.1% FY2021/21

The World Bank (WB) has raised on Tuesday its projections for Egypt’s economic growth from 5.9 percent to 6.1 percent in the current financial year 2021/22, ending this June.

In its Global Economic Prospects report for June, the World Bank said the Egyptian economy is also expected to record 4.8 percent growth in the financial year 2022/23, a 0.7 percentage point downgrade from previous projections of 5.5. the World Bank attributed this to a fall in tourism resulting from the Russian war in Ukraine and the rise of food and energy prices.

Earlier this week, a World Bank executive directors delegation visited Cairo, where it held a series of meetings with Egyptian Prime Minister Moustafa Madbouly and other officials to discuss cooperation with the government, as well as measures taken by the country to adapt to the global economic crisis.

The delegation also discussed the bank’s Development Policy Financing loan programme with Egypt and in addition to the framework of strategic partnership for the next five years (2023 – 2027).

The World Bank’s cooperation portfolio for Egypt has reached $5.9 billion in various areas, including health, transportation, and the environment.