The Treasurer’s Guide to Trade Finance

Egypt

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 230 bn Goods Exports 28

GDP per capita (USD) 2,781 Imports 47

GDP volume growth (year-on-year) + 1.8% Net – 19

Population 82.54 m Services Exports 19

Discount rate (end period) 9.50% Imports 14

Exchange rate EGP / USD (year average) 6.0169 Net + 5

BoP (goods, services & income) as % of GDP – 9.0% Source: IFS, IMF, January 2013 and World Bank Data

International/Regional memberships

Common Market of Eastern and Southern
Africa (COMESA): since 6 January 1999.

International Monetary Fund (IMF):
since 27 December 1945.

World Trade Organization (WTO):
since 30 June 1995.

Government trade policy

ƒ Egypt partly directs its trade policy through
a series of bilateral and multilateral trade
agreements.

ƒ Egypt is also signatory to COMESA
(www.comesa.int), a free trade zone
between Egypt and 19 other signatories.
COMESA also operates a customs union,
standardising customs tariffs for trade
with external countries. In 2008 COMESA
incorporated the East African Community
and theSouthern Africa Development
Community.

ƒ Egypt has in place bilateral and regional

trade agreements with a number of countries

and trading blocs.

ƒ National export credit insurance provider:

Export Credit Guarantee Company of Egypt

(ECGE — http://www.ecgegypt.net).

ƒ Other export credit insurance providers:

the Islamic Corporation for Insurance of

Investments and Export Credits (ICIEC

— http://www.iciec.com) provides investment

and export credit insurance for Islamic

countries, including Egypt. The ICIEC is part

of the Islamic Development Bank; the Arab

Investment and Export Credit Guarantee

Corporation (DHAMAN —

http://www.dhaman.org) provides export credit

insurance and export credit for Arab

countries, excluding Comoros.

ƒ Egypt maintains nine free trade zones

(Alexandria, Nasr City, Port Said, Suez,

Ismailia, Damietta, Shebin El Kom, Keft

and Media) and one special economic zone

(North West Suez).

Currency and exchange controls

Official currency: Egyptian pound (EGP).

Exchange rate arrangement: floating.

Egypt does not impose foreign exchange
controls.

Bank accounts

ƒ Resident companies cannot hold local

currency (EGP) accounts outside Egypt.

ƒ Resident companies can hold foreign currency

bank accounts both within and outside Egypt.

ƒ Non-resident companies can hold local

currency and foreign currency bank accounts

in Egypt.