Egypt has strong macroeconomic foundation, only in MENA to see growth during 2020, EBRD

Egypt was the only country in the MENA region to see positive growth in 2020 despite repercussions of the coronavirus pandemic as it has as a solid macroeconomic framework, according to President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso.

Its close cooperation with international financial institutions (IFIs) and their contributions to the economy as well as the reform plan that was coordinated with the International Monetary Fund (IMF) has led to greater stability in the economy, She told Ahram online in an interview

Basso arrived in Cairo on yesterday night for an official visit, one of her first since she came to office in November 2020.

EBRD is active in Egypt on different levels, including large active investments in the Egyptian market, engagement in policies, and the provision of technical support that’s Egypt was an obvious candidate as one of the few countries that  she will visit this year due to the pandemic, Basso also noted.

Egypt was the top destination for the bank’s investment in the Southern and Eastern Mediterranean (SEMED) countries, and in 2018/2019, Egypt was the largest country of operations across all regions.

Egypt was the only country in the region that saw positive growth in 2020 despite the pandemic, and it managed to keep this positive growth in 2021. One key issue for Egypt will be the tourism sector, which has been severely hit by the pandemic, especially with the high level of uncertainty imposed by Covid-19. This sector needs to attract investments to enhance the country’s recovery.