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Egypt
Summary
Moody’s B3 / S&P B- / Fitch B1
Economy: Agriculture 15%, Industry 40%, Services 45%
Having restored political stability following the election of General el-Sisi in May 2014, Egypt is in
the process of restoring confidence in the economy and has embarked on a structural reform program
that includes IMF support. Egypt also benefits from dependable donor support due to its geopolitical
importance, particularly with the Gulf Cooperation Council (GCC). The United States and European
Union are also likely to reengage with Egypt given its importance as an ally in the region. Another key
positive is low public external debt. The majority of public debt is denominated in local currency and
is held domestically. External liquidity is limited despite substantial official inflows from the GCC, but
is expected to improve following the Egyptian pound devaluation. The fiscal position has deteriorated
substantially and will need to be redressed with politically painful and unpopular measures, such as the
removal of subsidies. The new administration has begun fiscal adjustment, but delicate social conditions and inflexible public expenditures are likely to make this a gradual multi-year process.
Economic Indicators
2012
2013
2014
2015
2016F
82.4
84.6
86.8
89.0
91.0
93.1
GDP per Capita (USD)
3,520
3,432
3,709
3,670
3,418
2,496
Nominal GDP (USD Billions)
232.5
Population (Millions)
2017F
290.1
290.4
321.9
326.6
311.2
Real GDP (%)
2.2
2.1
2.2
4.2
3.5
3.6
Year-End CPI (%)
7.3
9.8
8.2
11.4
10.8
16.4
Fiscal Balance (% of GDP)
-10.0
-13.4
-12.9
-11.5
-12.0
-9.7
Interest (% of Revenues)
24.3
32.3
30.1
30.9
37.5
33.9
FC Debt/Public Debt (%)
13.7
16.2
14.2
14.0
15.5
15.5
Government Debt (% of GDP)
74.6
84.8
86.3
89.0
94.6
93.4
354.3
387.3
363.4
405.4
465.4
401.7
Current Account (% of GDP)
-3.3
-1.3
-1.8
-5.1
-5.0
-4.5
FDI (% of GDP)
2.0
1.3
1.4
2.1
2.2
2.9
External Debt (% of GDP)
13.2
15.6
12.4
16.4
18.5
26.4
Foreign Reserves/External Debt (%)
35.5
37.8
38.7
30.8
35.7
37.4
Foreign Reserves (Mo. of imports)
2.1
2.8
2.3
2.7
3.8
3.8
Foreign Reserves (% of GDP)
4.7
5.9
4.8
5.0
6.6
9.9
Government Debt (% of Revenue)
As of November 2016
Forecasted or estimated results do not represent a promise or guarantee of future results and are subject
to change.
Source: IMF, Haver
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Lazard Emerging Markets Debt
Rating History
Below is a history of the country’s foreign and local currency ratings by the major agencies
dating back to 2000. We have also included a chart of the country’s hard currency external
debt spread and the JP Morgan EMBI Global Diversified Index spread for comparison.
Rating History
Hard Currency
Local Currency
BBB
BBBBB+
BB
BBB+
B
BCCC+
CCC
2000
2008
Moody’s
2016
S&P
Fitch
A
ABBB+
BBB
BBBBB+
BB
BBB+
B
BCCC+
CCC
2000
2008
Moody’s
S&P
2016
Fitch
As of December 2016
Performance represents past performance. Past performance is not a reliable indicator of future results.
Source: Fitch, Moody’s, Standard and Poor’s, Bloomberg
Bond Spreads
1000
800
600
400
200
0
2008
Egypt
2010
2012
2014
2016
EMBIGD
As of December 2016
Performance represents past performance. Past
performance is not a reliable indicator of future
results.
Source: JP Morgan
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Egypt
Strengths
Geopolitical Significance
With a population of 90 million people, significant power in a volatile and complex region,
and access to the Middle East via the Suez Canal—Egypt holds significant geopolitical influence. As such, Egypt traditionally counts on the GCC, particularly Saudi Arabia and the
UAE, for significant sources of support and financing. For example, from 2014–2015, Egypt
received over US$10 billion from these sources, consisting of US$6 billion in deposits at the
central bank to strengthen reserves and liquidity, US$1 billion in cash grants, and US$3.7
billion in-kind grants.2 More recently, the UAE also made a US$1 billion deposit to help
Egypt secure the conditions of an IMF agreement.3 The GCC sees Egypt as a key ally and
is expected to continue providing support, given that they see Islamic extremists and the
Muslim Brotherhood as threats to their own regimes. However, GCC support has decreased
recently in light of the commodity price shock that is stressing the fiscal conditions as well as
the ongoing diplomatic discord with Qatar.4 The United States has also been a traditional ally
of Egypt, providing an estimated US$76 billion between 1948 and 2015, and US$1.3 billion
in military assistance for Egypt in fiscal-year 2016.5 While the new incoming US administration has not delineated its Middle East policy, ensuring stability and fighting terrorism
remains high on the US agenda.6
Reform Agenda with IMF Support
Since President el-Sisi took office in 2014, a series of important reforms have taken place. This
includes the passage of an important, (but delayed), investment law in March 2015, which
updated Egypt’s legal framework to attract and protect investments.7 This was followed with
a high-profile investment conference that attracted an initial pledge for investment worth
US$38.2 billion and signed memorandums of understanding for deals worth up to US$92
billion.8 The government has also implemented a series of fiscal and budgetary reforms, such as
the gradual elimination of fuel subsidies which was well received by rating agencies and led to a
credit upgrade in 2015.9 Egypt reached a major agreement with the IMF in 2016 that will help
consolidate reform efforts and should help restart the Egyptian economy.10 The recent devaluation of the Egyptian pound should also help support the economy.
Energy Sector
The energy sector is one of the key priorities for Egypt both in terms of reforms, and significant progress has been made since Mr. el-Sisi came to office. Power shortages, which were
frequent and constant in the past, have been reduced considerably, and there is also an ambitious plan to have 20% of energy to be renewable by 2020.11 Energy subsidies, which in the
past were a major fiscal drag, are being eliminated gradually. Finally, the recent “supergiant”
gas discovery of up to 30 trillion cubic feet is significant for Egypt. Once gas comes into production, Egypt will no longer need to import gas to meet domestic demand.
Low External Debt Burden and Low Rollover Risk
External debt is fairly low at less than 20% of GDP,12 of which only a very small portion is
owed to the international market.13 While external debt is likely going to continue to rise in
the coming years as Egypt enters into various bilateral and multilateral agreements to rebuild
its external liquidity, the debt burden is likely to remain fairly low both in absolute and relative terms. Close to 90% of the public debt is denominated in local currency, and local banks
and other domestic entities hold 95% of the debt stock.14 Thus, even though the headline
public debt-to-GDP ratio is high at more than 90% of GDP, actual refinancing risk is low.
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Lazard Emerging Markets Debt
Positive Growth throughout Crisis
Egypt’s economic performance has been weak since the crisis, with growth less than half the
rate prior to the Arab Spring. Tourism, investment, and consumption have all struggled amid
political volatility and uncertainty. Remarkably, growth remained positive throughout one of the
biggest shocks in the country’s history. Since the political situation stabilized, economic activity
has picked up, with GDP in 2017 estimated at 3.6%.15 Tourism is still declining, especially in
light of the Russian plane crash that carried tourists from the resort town of Sharm el-Sheik,16 but
construction activity has picked up due to GCC-funded infrastructure and real estate projects.
Weaknesses
Poor External Liquidity
Even though the stock of external debt is low and, as a consequence, external financing needs
are also low, Egypt’s external liquidity position has suffered significantly since the political
upheaval. Foreign exchange reserve levels have been low, falling to as little as US$15.5 billion
in July 2016 before improving to US$19 billion as of October 2016,17 a sharp decline from
the US$36 billion it had in December 2010 before the Arab Spring. Lack of external liquidity has impacted the business sector and the economy overall, but conditions are expected to
improve following the devaluation which should facilitate foreign capital inflow.
Political and Social Tensions
After the removal of Egypt’s first democratically elected president, President Morsi, in July
2013, General el-Sisi won the May 2014 presidential election in a landslide victory, with
96.9% of the votes amid very low voter turnout. Supporters—the business community that
was strongly tied to former President Mubarak in particular—are happy to see order restored
with the help of the army, after three years of turmoil. However, the West initially gave a
lukewarm reception to the new regime due to concerns about the repression of the opposition. Indeed, more than 16,000 people have been jailed, over 1,000 killed, public protests
have been banned, and there have been crackdowns on the press.18 Yet, the threats stemming
from violent jihadism in the region have changed the West’s attitude toward Egypt, as it is
a major regional ally, and the political dynamic presents a quandary for US policy makers.19
As Egypt undertakes austerity measures as part of its adjustment process, the government will
also be challenged to contain social tension and potential protests.20
Slow Pace of Reform
Egypt’s fiscal position has deteriorated significantly in recent years, as the economic slowdown
affected revenues, and expenditures are largely inflexible as a result of subsidies, wages, and
interest payments. While the new administration has embarked on an adjustment program
and has made progress, much work remains to be done in order to tackle Egypt’s structural
weaknesses. Some important reforms such as the introduction of the value-added tax and the
reduction of fuel subsidies were approved in 2016, but this took longer than anticipated.
Other reforms the government is working on, such as simplifying bureaucracy, may also
prove a daunting task; it is estimated that Egypt has 33 different ministries, more than 2,500
departments, and executive bodies that employ in the aggregate of circa 6.4 million people.21
The challenge for the government is to push for reforms and adjustments while maintaining
social stability.
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Egypt
Country Background
Size
1,002,450 KM2 (30th)
Capital
Cairo
Population
94.7 Million
Ethnic Groups
Egyptians (99.6%)
Religion
Sunni Muslim 90%, Roman Catholic 9%, Other Christian 1%
Median Age
23.8 Years
Literacy Rate
73.8%
Independence
February 1922
Political System
Republic
President
Abdel Fattah el-Sisi
Legislative Elections
2018
Legislative Branch
Elections in 2015, Parliament Came Together in Early 2016
Economy
Agriculture 11.2%, Industry 36.3%, Service 52.5%
Labor Force
Agriculture 29%, Service 24%, Industry 47%
Merchandise Exports
Crude Oil and Petroleum Products, Fruits and Vegetables,
Cotton, Textiles
Export Partners
Saudi Arabia 9.1%, Italy 7.5%, Turkey 5.8%, UAE 5.1%,
US 5.1%, UK 4.4%, India 4.1%
Currency
Pound (EGP)
As of November 2016
Source: CIA
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Country Timeline
Six-day war
1967
May—Egypt, Jordan sign defence pact. Israel says it increases danger of war with Arab states.
1967
June—Six-Day War in which Israel defeats forces of Egypt, Jordan and Syria. Israel takes
control of Sinai, the Golan Heights, the Gaza Strip, East Jerusalem and the West Bank.
1970
September—Nasser dies and is replaced by his Vice-President, Anwar al-Sadat.
1971
Treaty of Friendship between Egypt and the Soviet Union is signed.
1971
Egypt's new constitution is introduced and the country is renamed the Arab Republic of Egypt.
1971
The Aswan High Dam is completed. It proves to have a huge impact on irrigation, agriculture
and industry in Egypt.
Yom Kippur
1973
October—Egypt and Syria go to war with Israel during Israel's celebration of Yom Kippur to
reclaim the land they lost in 1967. Egypt begins negotiations for the return of Sinai after the war.
1975
June—The Suez Canal is re-opened. It had been closed since the 1967 war.
1976
Anwar al-Sadat ends the Treaty of Friendship with the Soviet Union.
1978
September—Camp David Accords for peace with Israel are signed.
1979
March—The peace treaty between Egypt and Israel is signed. Egypt is then condemned by
other Arab nations and excluded from the Arab League.
Sadat assassinated
1981
October—Anwar al-Sadat is assassinated by Jihad members. A national referendum
approves Hosni Mubarak as the new president.
1987
October—Mubarak begins his second term.
1989
Egypt rejoins the Arab League.
1993
October—Mubarak begins his third term in office.
1995
June—Mubarak is the target of an assassination attempt in Addis Ababa, Ethiopia, upon his
arrival at a summit of the Organisation of African Unity.
1997
Fifty-eight tourists are killed by gunmen in front of the Temple of Hatshepsut near Luxor. It is
alleged that Egypt's Islamic Group (Jemaa Islamiya) is responsible.
1999
October—Mubarak begins his fourth term in office.
2000
December—Egypt, Lebanon and Syria agree on a billion-dollar project for a pipeline to carry
Egyptian gas under the Mediterranean to the Lebanese port of Tripoli.
2002
February—Hundreds of passengers are killed after their train catches fire south of Cairo.
Sinai bomb
2004
October—Bomb attacks target Israeli tourists on Sinai peninsula; 34 people are killed.
2004
November—Funeral of Palestinian leader Yasser Arafat is held in Cairo.
2005
February-April—Pro-reform and opposition activists mount anti-government demonstrations.
2005
May—Referendum vote backs a constitutional amendment that will allow multiple
candidates to stand in presidential elections.
2005
July—Scores of people are killed in bomb attacks in the Red Sea resort of Sharm al-Sheikh.
2005
September—President Mubarak is re-elected for a fifth consecutive term.
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Egypt
2005
December—Parliamentary polls end with clashes between police and supporters of the
opposition Muslim Brotherhood. The National Democratic Party and its allies retain their
large parliamentary majority. Muslim Brotherhood supporters, elected as independents, win
a record 20% of seats. More than 20 Sudanese migrants die after police break up a protest
camp outside the UN offices in Cairo.
2006
February—Up to 1,000 people die when a ferry carrying about 1,400 passengers from Saudi
Arabia to Egypt sinks in the Red Sea.
2006
April—Bomb attacks in the Red Sea resort of Dahab kill more than 20 people.
2006
August—Egypt praises the way the guerrilla group Hezbollah held out in the war with Israel in
Lebanon after earlier questioning its judgement.
2006
November—Egypt is one of at least six Arab countries developing domestic nuclear
programmes to diversify energy sources, the International Atomic Energy Agency (IAEA)
reports.President Mubarak promises democratic and constitutional reform in an address to
parliament. Opponents are sceptical.
2006
November—Upsurge in arrests of Muslim Brotherhood members.
2007
March—Referendum on constitutional amendments. The authorities say 76% of voters
approve changes, opposition groups say the poll was rigged.
2007
April—Amnesty International criticises Egypt's record on torture and illegal detention. More
than 30 members of the Muslim Brotherhood go on trial, the first time in seven years that
members of the group have been tried under military jurisdiction.
2007
June—Parliamentary elections. Governing National Democratic Party wins
most votes.
Press harassed
2007
October—Independent, opposition newspapers protest against "government harassment"
after seven journalists are imprisoned and an editor is put on trial. Dustur newspaper editor Ibrahim Eissa sentenced to six months in jail for reporting rumours about President
Mubarak's health. Rights groups demand change to law on reporting "false information".
2008
April—Military courts sentence 25 leading Muslim Brotherhood members to jail terms in
crackdown targeting the organisation's funding. More than 800 arrested over a month.
Brotherhood boycotted municipal elections after only 20 candidates allowed to stand.
2008
November—The governing NDP says it will privatise some state firms and distribute free
shares to citizens. State will retain majority stakes in strategically important assets such as
iron, steel, transport and tourismSecurity forces redeploy in Sinai after clashes over
smuggling into Gaza Strip with local Bedouin left several tribesmen dead.
2009
February—Leading opposition figure Ayman Nour freed after serving three years of five-year
sentence on forgery charges that he said were politically motivated.Bomb attack in popular
tourist area of Cairo kills a French student and injures 24 other people. Authorities arrest three
suspects, say small Islamist cell thought to be responsible.
Terror arrests
2009
April—Egyptian authorities say they arrested 49 people the previous year on suspicion of
helping Hezbollah send money and aid to Hamas in Gaza.
2009
May—Egyptian police clash with Coptic Christian pig farmers trying to stop their animals
being taken away for slaughter as a precaution against swine flu. Interior Ministry says seven
people with suspected links to al-Qaeda arrested in connection with Cairo bomb attack which
killed a French student in February.
2009
June—US President Barack Obama makes key speech in Cairo calling for a new beginning
between the United States and the Muslim world.
2009
July—Egyptian officials say 25 militants suspected of having al-Qaeda links were arrested for
plotting attacks on ships in the Suez Canal.
2009
August—Twenty-six members of an alleged cell of the Lebanese militant group Hezbollah go
on trial in Cairo on charges of plotting attacks in Egypt and helping to send weapons to Hamas
in Gaza.
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2009
November—Row between Egypt and Algeria following violence at football matches.
2009
December—Foreign activists protest in Cairo against Egypt's refusal to let aid convoys into Gaza.
2010
January—Coptic Christians clash with police after an apparently sectarian shooting outside a
church.
Anti-Mubarak protests
2010
February—Former UN nuclear chief Mohammed ElBaradei returns to Egypt and, together
with opposition figures and activists, forms a coalition for political change. ElBaradei says he
might run in presidential election scheduled for 2011.
2010
March—President Mubarak undergoes gall-bladder surgery in Germany, returning to Egypt
three weeks later.
2010
June—Muslim Brotherhood fails to win any seats in elections to the Shura consultative upper
house of parliament; alleges vote was rigged.
2010
November—Coptic Christians clash with police in Giza over construction of church.
Parliamentary polls, followed by protests against alleged vote rigging. Muslim Brotherhood
fails to win a single seat, though it held a fifth of the places in the last parliament.
2011
January—21 killed in bomb at church in Alexandria where Christians had gathered to mark the
New Year. Anti-government demonstrations, apparently encouraged by Tunisian street protests which prompted sudden departure of President Ben Ali. President Mubarak reshuffles
his cabinet but fails to placate demonstrators, whose calls for his resignation grow louder.
Days later he promises to step down in September.
2011
February—President Mubarak steps down and hands power to the army council.
2011
March—Egyptians approve package of constitutional reforms aimed at paving the way for
new elections.
2011
April—Former President Mubarak and his sons, Ala and Gamal, are arrested on suspicion of
corruption.
2011
April-August—Protests continue in Cairo's Tahrir Square over slow pace of political change.
Islamist groups come to the fore. Army finally disperses protestors in August.
2011
August—Former President Mubarak goes on trial in Cairo, charged with ordering the killing of
demonstrators earlier in the year.
2011
October—Clashes between Coptic Christians and security forces kill 24 people.Egypt and
Israel swap 25 Egyptians in Israeli custody for a US-Israeli citizen accused of spying.
2011
November—Violence in Cairo's Tahrir square as security forces clash with protesters
accusing the military of trying to keep their grip on power. Prime Minister Essam Sharaf
resigns in response to the unrest. Start of parliamentary elections.
2011
December—National unity government headed by new Prime Minister Kamal al-Ganzouri
takes office.
2012
January—Islamist parties emerge as victors of drawn-out parliamentary elections.
2012
March—Pope Shenouda III, the veteran head of the Coptic Church, dies.
2012
April—Crisis in relations with Saudi Arabia over the Saudi detention of an Egyptian lawyer
briefly threatens the substantial aid that the Saudis provide Egypt.
First free presidential poll
2012
May—Muslim Brotherhood candidate Mohammed Mursi tops the first round of voting in first
free presidential elections, narrowly ahead of Mubarak-era prime minister Ahmed Shafiq.
Official media put turnout at a low 43%. Military leaders announce the end of the state of
emergency in place since Anwar al-Sadat's assassination in 1981, as its last renewal expires.
2012
June—Muslim Brotherhood candidate Mohammed Mursi narrowly wins presidential
election. Court sentences ex-President Mubarak to life in prison for complicity in the killing
of protesters during the 2011 uprising.
2012
July—President Mursi submits to a Supreme Court ruling that the parliamentary elections
were invalid, after initially ordering parliament to meet in defiance of a military decree
dissolving it in June.
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Egypt
2012
August—New prime minister Hisham Qandil appoints a cabinet dominated by figures from
the outgoing government, technocrats and Islamists, to the exclusion of secular parties.
Islamist fighters attack an army outpost in Sinai, killing 16 soldiers, and mount a brief incursion into Israel, highlighting the tenuousness of government control over the largely-lawless
area. President Mursi dismisses Defence Minister Tantawi and Chief of Staff Sami Annan and
strips military of say in legislation and drafting the new constitution.
2012
September—Egypt kills 32 militants and destroys 31 smuggling tunnels to Gaza in an
offensive against militants who attacked troops in Sinai in August.
Tension over new constitution
2012
November—Bishop Tawadros is chosen as the new pope of Egypt's Coptic Christians.
President Morsi issues a decree stripping the judiciary of the right to challenge his decisions,
but rescinds it in the face of popular protests.
2012
December—Islamist-dominated constituent assembly approves draft constitution that boosts
the role of Islam and restricts freedom of speech and assembly. Public approve it in a referendum, prompting extensive protest by secular opposition leaders, Christians and women's
groups. Government paralysis weakens the currency and delays a $4.8bn (£3bn) IMF loan.
2013
January—More than 50 people are killed during days of violent street protests. Army chief
Abdul Fattah al-Sisi warns that political strife is pushing the state to the brink of collapse.
2013
March—A court halts President Morsi's plans to bring parliamentary elections forward to
April, citing failure to refer the electoral law to the Constitutional Court. The main opposition
National Salvation Front had announced a poll boycott earlier.
2013
June—President Morsi appoints Islamist allies as regional leaders in 13 of Egypt's 27 governorships. Most controversially he appoints a member of a former Islamist armed group linked
to a massacre of tourists in Luxor in 1997. This prompts protests and the Luxor governor
subsequently resigns.
Islamists ousted
2013
July—The military removes President Morsi amid mass demonstrations calling on him to
quit. Mr Morsi's supporters in the Muslim Brotherhood reject a timetable for new elections
laid out by interim president Adly Mansour.
2013
August—Hundreds are killed as security forces storm protest camps in Cairo set up by
supporters of Mr Morsi. Human Rights Watch says action may constitute a crime against
humanity. Some 40 Coptic churches are destroyed in a wave of attacks.
2013
September—Army launches major campaign against militants in northern Sinai, clearing a
strip along the border with Gaza to stop Hamas and other Palestinian militants entering the
peninsula. Hamas denies any involvement. A court bans Muslim Brotherhood from carrying
out any activity in Egypt and orders confiscation of its assets.
2013
October—Egypt criticises US decision to suspend large part of $1.3bn (£810m) in aid following months of political turmoil.
2013
November—A new law restricts public protests.
2013
December—Government declares Muslim Brotherhood a terrorist group after a bomb blast
in Mansoura kills 12.
2014
January—Egyptians vote in referendum on a new constitution drafted since the July 2013
overthrow of the Islamist-led government. The new basic law bans parties based on religion.
2014
February—Government of Prime Minister Hazem el-Beblawi resigns in a surprise move. No
reasons are given.
2014
May—Former army chief Abdul Fattah al-Sisi wins presidential election.
2014
June—International outcry as three al-Jazeera journalists are jailed after being found guilty of
spreading false news and supporting the banned Muslim Brotherhood.
2014
October—Egypt demolishes houses along border with Gaza to stop arms smuggling to jihadist
group Ansar Beit al-Maqdis after it steps up attacks on security forces in Sinai. Government
grants military extra powers in peninsula under three-month state of emergency.
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Lazard Emerging Markets Debt
2014
November—Ansar Beit al-Maqdis pledges allegiance to the extreme Islamic State movement, which controls parts of Syria and Iraq.
2015
February—Egyptian aircraft bomb Islamic State positions in eastern Libya after extremist
group released video apparently showing killing of 21 Egyptian Coptic Christians. Egypt seeks
UN mandate to sanction international intervention in Libya.
2015
May—Ousted President Morsi sentenced to death over 2011 mass breakout of Muslim
Brotherhood prisoners, along with more than 100 others. He was sentenced to 20 years in
prison in April over arrest and torture of protesters during his 2012-2013 rule.
2015
June—Prosecutor-General Hisham Barakat and three members of the public killed in
suspected Islamist car bombing in Cairo.2015 July - Islamic State launches wave of attacks
in North Sinai.
2015
July—Islamic State launches wave of attacks in North Sinai.
2015
October—Islamic State claims responsibility for destruction of Russian airliner in Sinai, in
which all crew and 224 tourist passengers were killed.
2016
January—Islamic State carries out attack at Giza tourist site and is suspected of attack on
tourists in Hurghada.
2016
April—Egypt announces that it will hand over to Saudi Arabia two strategic Red Sea islands,
sparking public outrage and unrest.
2016
May—EgyptAir flight from Paris to Cairo crashes into the Mediterranean Sea.
2016
November—MF approves a three-year $12bn loan to Egypt designed to healp the country out
of its deep economic crisis.
2016
November—Egypt's appeals court overturns the death sentence of former president
Mohamed Morsi and orders a retrial in connection with a mass prison break in 2011.
Source: BBC
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Egypt
Notes
1 As of December 2016.
2 “Official: GCC not expected to provide Egypt with additional aid during FY15/16,” Egypt Independent, June
28, 2015, accessed on November 27, 2015, http://www.egyptindependent.com/news/official-gcc-notexpected-provide-egypt-additional-aid-during-fy1516.
3http://www.thenational.ae/business/banking/uae-to-provide-egypt-central-bank-with-six-year-1-billion-deposit, accessed November 16, 2016.
4http://www.nytimes.com/2015/02/20/world/middleeast/gulf-cooperation-council-backs-qatar-in-dispute-withegypt.html, accessed November 16, 2016.
5 Sharp, Jeremy M., “Egypt: Background and U.S. Relations,” Congressional Research Service, July 24, 2015,
accessed on November 27, 2015, https://www.fas.org/sgp/crs/mideast/RL33003.pdf.
6http://www.al-monitor.com/pulse/originals/2016/11/trump-aid-middle-east-congress-jordan-egypt-tunisia.
html, accessed November 16, 2016.
7 Kalin, Stephen and Yara Bayoumy, “Egypt’s cabinet approves long-awaited investment law,” Rueters, March
4, 2015, accessed on November 27, 2015, http://www.reuters.com/article/2015/03/04/us-egypt-investmentlaw-idUSKBN0M00W120150304.
8 “Egypt signed final investment deals worth $33 bn at conference: Salman,” Ahram Online, March 15, 2015,
accessed on November 27, 2015, http://english.ahram.org.eg/NewsContent/3/162/125291/Business/EEDC-/
Egypt-signed-final-investment-deals-worth--bn-at-c.aspx.
9 Parasie, Nicolas, “Egypt’s Reforms Bear Fruit as Moody’s Upgrades Credit Rating,” Wall Street Journal,
Frontiers Blog, April 7, 2015, accessed November 27, 2015, http://blogs.wsj.com/frontiers/2015/04/07/
egypts-reforms-bear-fruit-as-moodys-upgrades-credit-rating/.
10http://www.imf.org/en/News/Articles/2016/11/11/NA111116-A-Chance-For-Change-Egypt, accessed
November 16, 2016.
11Carlisle, Tamsin, “Egypt’s Sisi outlines national energy policy at World Future Energy Summit,” Platts, The
Barrel, January 21, 2015, accessed November 27, 2015, http://blogs.platts.com/2015/01/21/egypt-sisienergy-policy/.
12“Arab Republic of Egypt: 2014 Article IV Consultation,” International Monetary Fund, IMF Country Report
No. 15/33, February 2015, http://www.imf.org/external/pubs/ft/scr/2015/cr1533.pdf.
13As of November 2015, Source: IMF.
14As of October 2014, Source: Haver.
15IMF WEO October 2016 data.
16Kaplan, Michael, “Following Russian Plane Crash In Sinai, Fears That Egypt’s Tourism Jewel Of Sharm
El-Sheikh Could Be Lost,” International Business Times, November 6, 2015, accessed on November 27,
2015, http://www.ibtimes.com/following-russian-plane-crash-sinai-fears-egypts-tourism-jewel-sharm-elsheikh-could-2173408.
17 Bloomberg data.
18“Stop U.S. support for the repressive regime in Egypt,” Washington Post, October 28, 2014, accessed on
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accessed on November 27, 2015, https://www.fas.org/sgp/crs/mideast/RL33003.pdf.
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587
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