Egypt, with one of the largest economies in Africa, also has one of the largest populations at nearly 100 million. The social and economic hit it has taken from the coronavirus is beginning to become more apparent. In the first part of our series on the impact of COVID-19 on Egypt, we look to see if its banks are strong enough to weather the pandemic slump. The challenge is to increase their lending to the private sector, and especially small business.
Financing from the International Monetary Fund and a successful eurobond issue look sufficient to ward off the “Sword of Damocles” hanging over the Egyptian pound. In this second part of our series on the impact of COVID-19 on Egypt, we examine if its reserves are strong enough to prevent a currency crisis.
When the name of the game is consolidating military power, a crisis can be good news. In this third story of our series on the impact of COVID-19 on Egypt, we look at whether the pandemic will allow military control to be strengthened.
There is no question on how important cotton is to Egypt’s textile industry: it contributes to around 3% of the country’s GDP, employs 2.25 million- one third of its industrial labour force - to meet its demand of 180 000 tons. But after years of trade wars between US and China, and now a global pandemic, the cotton industry in Egypt will need time to recover from its losses. In this fourth part of our series on the impact of COVID-19 on Egypt, we see how its prized 'white gold' will fare.
Tourism was one of the first and hardest hit industries when the coronavirus entered Egypt. And strongly attached to tourism is the informal sector and the ensuing domino effect. In this fifth part of our series on the impact of COVID-19 on Egypt, we take a look to see if there’s any light at the end of the tunnel for the vast industry of tourism.