The World Bank sees Egypt’s economy growing 5.5% this year, outpacing the MENA average of 1.5%, according to the World Bank’s annual report (pdf). The report singles out Egypt’s “strong reforms on the fiscal and energy fronts” as a key driver of higher growth than its regional peers. Egypt’s GDP expanded at a 5.6% clip in 1Q2019-2020 on the back of growth in the retail, agriculture, industrial, real estate, and telecom sectors, Planning Minister Hala El Said noted last week. The government is targeting GDP growth of 6% in FY2019-2020.

Egypt is one of the world’s largest recipients of loans from the World Bank Group’s International Bank for Reconstruction and Development (IBRD). The bank has provided Egypt with loans worth a total of USD 1.5 bn in 2019, making it the fourth biggest borrower from the bank, behind India, Indonesia, and Jordan. The financing includes USD 1 bn directed towards a program to spur private sector growth and another USD 200 mn to improve the business environment for entrepreneurship.