Egypt is the third most populous country of Africa. It has strong agriculture, textiles and chemicals industry as well as tourism. It is considered to be a regional reference with its influence in the Organisation of Islamic Cooperation and the League of Arab States, the actual general secretary of which is Egyptian Ahmad Abou Gheit.
Form of Government
Head of State and Government
President Abdel Fattah al-Sisi; Prime Minister Mostafa Madbouly
GDP per capita
In the period 2010-2019, Egypt’s average GDP growth rate was 4.3%. It has benefited from economic reforms of 2006-2008, which contributed to the growth of manufacturing and construction industries. Egypt is the top recipient of FDI in Africa. In 2019, it reached $9 billion, which is a 10% increase compared to the year before. Among others, Egypt attracts foreign investments due to its strategic geographic position, low cost of labour despite their reliable qualification (In 2020 the average salary per month in Africa was $1,231, in Egypt — $1,416 per month, in the EU — $3,780 per month), high tourist potential completed by a large domestic market.
Egypt is the third most populous country in Africa. In 2019 its tourism sector generated $13 billion with 13 million tourists. The literacy rate in Egypt is 64%, with an enormous gap between the 15-24 years old population and 65 years and older. Since 2010, its employment rate has been steadily decreasing to less than 10% in 2018. In 2020, in the context of COVID-19 pandemic, it rose to 10.13%.
The automotive, textile and construction industries represent together 35.6% of Egypt’s GDP and represent 28% of the workforce. Suez Canal is of vital importance, as it generated $5.6 billion in 2020. Egyptian oil production has risen for it to become the 13th oil producer in the world.
In August 2015, Rosneft and the Egyptian State Gas Company signed a general agreement on gas supplies to the Egyptian company for a period of 2 years. In 2016-2017, Rosneft supplied 700 thousand tons of LNG. In August 2015, Rosneft Trading and the Egyptian Natural Gas Holding Company (EGAS) signed a general agreement on the […]
In December 2019 in Cairo Zarubezhneft JCS, the Ministry of Petroleum and Mineral Resources of Egypt, Egyptian state Ganoub El Wadi Petroleum Holding Company and Pacific Oil Limited signed the PSA (production sharing agreement) for the licensed blocks SEREU (South East Ras El Ush) and EGZ (Easet Gebel El Zeit). The blocks are located on […]
On October 23, 2019, within the framework of the Russia-Africa Economic Forum, VEB.RF and Afreximbank signed an agreement on general rules and conditions for VEB’s participation in Afreximbank’s Trade Confirmation Guarantee Program as a confirming bank. The document was signed by the Deputy Chairman of VEB.RF Daniil Algulyan and the Executive Vice President of Afreximbank […]
In February 2019, VO Safety and Egyptian Nuclear and Radiological Regulatory Authority signed a contract for engineering and consulting service as a part of the project for construction of a nuclear power plant El Dabaa in Egypt. The contract provides for VO Safety’s assistance in obtaining authorizations for the construction of NPP as well as […]