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Swiss Economic Development Cooperation
Egypt: Country Strategy 20092012
07/2009
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Contents
Abbreviations 4
Introduction 5
1. Context 6
Political situation 6
Economic situation 6
Bilateral economic relations 8
2. Development cooperation in Egypt 9
Donor landscape and development policy 9
Swiss economic development cooperation 9
3. Conclusions and challenges 11
4. Future SECO economic cooperation: Objectives 13
5. Future SECO economic cooperation: Measures and implementation 15
6. Local partners and programme management issues 18
Annex: Country indicators 20
Data in this strategy is based on ocial nancial and development statistics
rom the World Bank and other international bodies.
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Abbreviations
CHF Swiss rancs
DPG Development Partners Group o the United Nations
EFTA European Free Trade Association
ESDF Egyptian-Swiss Development Fund
EU European Union
FDI Foreign Direct Investment
GDP Gross Domestic Product
IPR Intellectual Property Rights
MoU Memorandum o Understanding
NATO North Atlantic Treaty Organisation
SDC Swiss Agency or Development and Cooperation
SECO Swiss State Secretariat or Economic Aairs
SIFEM Swiss Investment Fund or Emerging Markets
SME Small and medium-sized enterprises
TPES Total Primary Energy Supply
UN United Nations
UNCTAD United Nations Conerence on Trade and Development
USA United States o America
USD US dollars
WE SECO CooperationWEHU SECO Cooperation Trade Promotion
WEIF SECO Cooperation Private Sector Development
WEIN SECO Cooperation Inrastructure Financing
WEMU SECO Cooperation Macroeconomic Support
WTO World Trade Organization
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IntroductionIn the ramework o the Swiss development cooperation, the Economic Cooperation and Develop-
ment Division o the Swiss State Secretariat or Economic Aairs (SECO) is responsible or economic
and trade policy measures with partner countries. The main aims are to integrate partner countries
into the global economy and to promote sustainable economic growth, thus contributing to poverty
reduction.
SECO ocuses its support on themes where it can add most value. Depending on the partner
countries needs and priorities, the interventions may include promoting stable economic conditions,
strengthening competitiveness, supporting trade diversication, mobilising domestic and oreigninvestment as well as improving basic inrastructure. Particular emphasis is placed on economic
governance and environmental issues. All measures are intended to trigger and complement eorts
made by partner governments, regional entities and the private sector.
SECO works globally through key multilateral partners as well as bilaterally with selected countries
such as Egypt. Based on consultation with the Egyptian Government and other development part-
ners, the present strategy sets out how SECO intends to translate its overall goal into concrete and
sustainable results. This entails applying best practice methodologies, observing the principles o the
Paris Declaration on Aid Eectiveness, thus using the most eective and ecient means o imple-
mentation.
The present country strategy is based on the Swiss Development Assistance Act o 1976, on the
Federal Councils development policy strategy o 2008 as well as on the Dispatch on the nancing
o economic and trade policy measures in the context o development cooperation and the related
seventh ramework credit, which was approved by the Swiss Parliament in December 2008.
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1 ContextPolitical situation
With the Suez Canal under its control and its central location in the Arab world, Egypt holds a key
role in Arican, Mediterranean, Middle Eastern and even global politics. It is the most populous Arab
country with 75.5 million inhabitants and a growth rate o 1.7% p.a.
Since the assassination o President Anwar as-Sadat in 1981, the ormer Deputy o the Minister o
Deence and Vice-President Muhammad Husni Mubarak has been President and Leader o the
National Democratic Party. The presidential elections in September 2005 conrmed PresidentMubarak in his position or a six-year term, whereas parliamentary elections in November 2005
brought substantial gains to the candidates o the Muslim Brotherhood and weakened the secular
opposition parties. A cabinet reshufe took place, suggesting urther economic and political reorms
in the years to come. The next presidential elections will take place in 2011.
The Armed Forces o Egypt are the largest on the Arican continent and the 11th largest in the
world. They support stability and moderation in the region and are a participant in NATOs Mediter-
ranean Dialogue orum.
Economic situation
Egypt is a middle-income country with a large economic potential and an important emerging
market. The country has made considerable progress in macroeconomic stabilisation and reorm
since embarking on a structural adjustment programme in 1991, aiming at deregulation, liberalisation
o trade and promotion o private initiative and investment. In the late 1990s, however, economic
perormance weakened and the situation urther deteriorated during the period 20002003,
ollowing the diculties related to September 11 and the war in Iraq. During this period, real GDP
growth reached levels as low as 3.2% in 2003. Since then, real GDP growth has risen steadily to
peak at 7.2% in 2008, coming close to the objective o Egypts current Five-Year Plan that aims or
annual real GDP growth o 8%.
The Egyptian economy is relatively small (only the ourth economy in the Arab World ater Saudi
Arabia, the United Arab Emirates and Algeria). Nevertheless, the country remains an important eco-
nomic hub connecting the Arican, European and Asian continents and its economy is well diversi-
ed. Services account or almost hal o GDP. This includes the public sectors (administration and
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1 UN Conerence on Trade and Development, World Investment Report 2008
2 Arab Republic o Egypt Poverty Reduction in Egypt, World Bank, June 2002.
Suez canal) contribution o about 33%. The industry sector contributes 38% to the overall GDP,with the textile industry being the most important branch. Although the contribution o agriculture
to GDP has signicantly diminished in recent years (rom 20% in 1982 to 13.8% in 2007), this
sector remains important.
Egypt has been very successul at attracting oreign investment. According to UNCTADs World
Investment Report 20081, Egypt is at the top o the list o Arican countries in terms o oreign direct
investments (FDI). In 2007, Egypt received a total o USD 11.6 billion in FDI which corresponds to
over the hal o oreign direct investments in Northern Arica and to 22% in the whole o Arica.
The Government o Egypt has been nancing the decit o the state budget through grants and
borrowing on the local market. State debt reached 70% o GDP in 2007. The Governments overallexternal debt reached a moderate 24,2% o GDP (FY 2006/07), according to the IMF. Infation
remains a challenge peaking at 22% in the rst seven months o 2008 and an estimated 9.1% in
2009.
Unemployment is at about 10% (23% among women) according to ocial gures. In order to
respond to unemployment, estimates show that Egypt needs to maintain a real GDP growth rate o
6% (almost 800 000 new jobs must be created every year in order to absorb new entrants to the
market). According to a World Bank report2, about 20% o the population lives on less than USD 2
per day. This gure is much lower than the estimation o average daily wages in 2007 at USD 810,
thereby refecting the large disparities in the distribution o wealth within the population.
Egypts economy is urther conronted with a persistent high vulnerability to external shocks. In the
wake o the international nancial crisis and its impact on the large markets such as the EU and the
USA, an international slowdown in economic growth is expected. Egyptian exports and the tourism
industry will be aected. The Government has approved dierent measures to protect the Egyptian
economy rom a slowdown in GDP growth, such as the promotion o exports and suspension o the
planned increase in very cheap energy prices or industrial use. Furthermore, the Governments
current economic policy underlines the importance o maintaining a sound and prudent macro-
economic approach and promoting a more active role o the private sector in the development proc-
ess. In addition, in reaction to the nancial crisis the Government launched a EG 15 billion (1.7%
o GDP) stimulus programme in December 2008 mainly to nance new inrastructure projects,especially in the transport sector, and also or tax relie purposes. A second stimulus programme o
same magnitude was launched in March 2009 to support the economy.
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Bilateral economic relations
With exports valued at CHF 626 million in 2008, Egypt is the second largest Arican export market
or Switzerland ater South Arica (CHF 775 million). Switzerlands imports rom Egypt, in turn,
remain comparatively low with CHF 28.2 million.
Egypt is an important emerging market with substantial potential or growing business relations
with Switzerland. In order to support trade relations between Switzerland and Egypt, and taking
into consideration the progress achieved so ar under the EU Mediterranean Partnership, a Free
Trade Agreement with the European Free Trade Association (EFTA) was signed in January 2007,
which came into eect on 1 August 2007. The ree trade agreement provides liberalisation o trade
in industrial goods and shery products and aims at improving the market access or agricultural
products. The agreement also contains rules regarding intellectual property rights and competition
as well as evolutionary clauses regarding services, investments and public procurement. This allows
Egypt to improve its competitiveness and increase its attraction to investors rom the EFTA states.
Moreover, the provision o technical and nancial assistance is included in the ree trade agree-
ment. Egyptian exports benet rom a contractual guarantee or preerential treatment in the EFTA
markets.
3 EFTA member states are Norway, Iceland, Principality o Liechtenstein and Switzerland
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2 Development cooperation in EgyptDonor landscape and development policy
The current development objectives o the Government o Egypt, as expressed in the 6th Five-Year
Plan (2007/8 2011/12) aim at reconciling the interests o past and uture generations within a
concept o sustainable development, developing a national economy able to ace global compe-
tition and reduce poverty. Goals o the Government in this plan include:
Realise higher rates o economic growth
Achieve balance between development requirements and environmental preservation
Achieve an ecient and competent economy (building a knowledge-based economy, developing
Egyptian exports, promoting the role o the private sector)
Eradicate poverty and unemployment
Egypt receives signifcant development assistance aid. The role o donor coordination rests with the
Ministry o International Cooperation. Furthermore, the international donor community meets regularly
in the ramework o the Development Partners Group o the United Nations (DPG), which is currently
composed o 21 bilateral partners and 13 multilateral agencies. The DAG operates at two levels:plenary meetings and thematic sub-groups (Health and Population, Natural Renewable Resources,
Environment and Energy and Micro, Small and Medium Enterprises). Switzerland participates in all
these groups.
Swiss economic development cooperation
The Swiss economic development cooperation programme in Egypt has been developed over a
period o 30 years. The nancing o basic inrastructure through mixed nancing lines amountingto a total o CHF 330 million since 1979 has been the main pillar o this cooperation. Over the
past decade, priority has been given to projects in the health sector. The last mixed credit projects
are expected to be completed by 2011. Smaller programmes in the domain o trade promotion have
also been supported. In addition, a partial cancellation (CHF 150 million) o the bilateral debt was
granted in 1995, leading to the establishment o the Egyptian-Swiss Development Fund (ESDF)
endowed with local counterpart unds equivalent to CHF 90 million. Ater the Gul War, additional
bilateral assistance was provided including the rescheduling and reduction o the bilateral debt with
a contribution o CHF 30 million to the establishment o a Social Fund and targeted technical
assistance.
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Parallel to the conclusion o the Free-Trade Agreement between Egypt and EFTA in 2007, a Memo-randum o Understanding (MoU) or Strengthening Economic Development Cooperation between
the Government o the Arab Republic o Egypt and the Government o the Swiss Conederation was
signed, aimed at acilitating the implementation o the Free Trade Agreement and enabling Egypt to
better benet rom trade liberalisation. This MoU laid the basis or uture Swiss economic
development cooperation in Egypt, the details o which are now being set out in the present
strategy. The ocus areas described in the MoU are as ollows: i) inrastructure nancing, ii) private
investment promotion, iii) trade and clean technology cooperation and iv) social development and
environment. Many commitments mentioned in the MoU have already been ullled, as activities
were started beore signature o the MoU. The main completed activities are:
Measures aiming at increasing the competitiveness o Egyptian enterprises and adapting themto the quality and environmental standards prevailing in the export markets.
The promotion o more eco-eciency in industrial production and the adoption o international
exports standards.
Measures in the domains o social development and environment by ESDF, which will be closed
by December 2009. It should be noted that the und was already established in 1995 and is men-
tioned in the MoU mainly or the sake o completeness.
Grants oreseen in the MoU or new inrastructure have not yet been allocated however and areintegrated in this strategy.
In 2008, a bilateral Steering Committee was constituted in order to monitor the implementation o
the MoU and to consult on the uture cooperation strategy o Switzerland in Egypt. This Steering
Committee, composed o Egyptian (Ministry o International Cooperation) and Swiss ocials (Swiss
Embassy / SECO), meets twice a year.
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3 Conclusions and challengesEgypt is a key political and economic player in Arica attracting successully large investment and
development assistance programmes rom all over the world. However, Egypt is still conronted with
serious environmental challenges and social disparities, and still receives oreign aid. With decades
o successul trade and development relationships with Egypt, Switzerland can capitalize on a long-
standing riendship and lessons learned rom past experiences.
Against this background, SECO will ocus its assistance in the ollowing elds o action:
Maintaining a high economic growth rate in order to absorb new entrants to the labour marketand keep unemployment and poverty under control: The eorts undertaken in the improvement
o the business environment, strengthening o the nancial sector and acilitation o trade, which
have resulted in a 7% annual growth rate over the past three years need to be actively contin-
ued. These measures will also contribute to enhancing Egypts international competitiveness.
Investments in adequate (environmental) inrastructure, resulting in an improved accessibility to
services and enhanced environmental conditions, particularly in the densely settled areas o the
Nile valley and the delta: The management o waste remains o paramount importance; particu-
larly or toxic waste (industrial, medical, chemical), since there is a great shortall o adequate
treatment capacity. The Government o Egypt also wishes to make increasing use o the availa-
ble renewable energy resources (wind, solar, biomass) in order to reduce its CO2 emissions andthe high level air pollution. In spite o investments made, more needs to be done to prevent the
urther deterioration o the water quality, impacting health, agriculture and quality o lie. There
are water shortages due to the growing population, urbanisation, the expansion o agriculture
to ormer desert areas, insuciently treated industrial and domestic discharges, limited sanitation
coverage in rural areas and heavily polluted drainage canals. The deterioration o the environment
is a serious limitation or economic growth: the harm to the economy due to poor water quality
alone is estimated at 1.8% o GDP.
Despite notable improvements in the indicators o overall scal decit and public debt, the
Government o Egypt still aces a number o macroeconomic challenges such as large subsidies,
infation, large domestic debt with low average maturity and the reorm o treasury manage-
ment, which need to be addressed in order not to negatively aect the sustainability o the
economic growth and Egypts ability to nance investment projects needed or development.
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The ollowing principles shall be applied in the implementation o the strategy:
SECO remains a committed partner or in-country implementation o the Paris Principles on Har-
monisation and Alignment and will actively participate in the harmonized donor dialogue and
seek co-nancing opportunities to pool resources, develop a targeted policy dialogue with the
Government and reduce the administrative burden or recipients
Give high priority to the capacity building needs
Favour a niche approach within the elds o SECOs core competencies, ocusing on projects
or activities with strong innovation and a high demonstration eect
Wherever possible, create synergies between dierent SECO programmes
Implement results-based project management and incorporate clearly dened perormance indi-
cators
Reinorce and maintain the visibility o the SECO cooperation programme
Achieve a better balance between the State and the private sector through the development o
the private sector
Financing o projects is demand driven and based on single project proposals o the Egyptian
Government
Given that SECO will carry out simultaneously global and bilateral programmes, it will closely
monitor global and regional initiatives relevant to Egypt
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4 Future SECO economic cooperation:Objectives
SECO based the ollowing strategic objectives to respond to Egypts challenges and priorities on the
6th Five-Year Plan o the Egyptian Government and on the MoU or Strengthening Economic Develop-
ment Cooperation, but also on consultations with the Ministry o International Cooperation and on
strategies o like-minded donors.
Overall SECO objective for Egypt
To support Egypt in its objectives o achieving and maintaining a high and sustainable GDP growth and economy,
o improving its international competitiveness and o reducing its poverty.
Objectives* Contribution to the
expected overall outcome**
a. To contribute to the improvement o the basis
or sustainable economic development and
growth through the support or basic, in particular
environmental, inrastructure
Reliability and cost-eectiveness o services as
well as the quality o inrastructure is improved
Regulatory authorities are strengthened and lead
over time to a better provision o basic inra-
structure services
b. To promote international competitiveness and
resilience to external shocks in view o Egypts
increasing internationalisation
Compliance with trade-related standards is
improved as evidenced by trade policy reviews
(e.g. WTO)
Exports and imports o goods and services as %
o GDP increase and export base is diversied
Financial sector soundness is improved as
evidenced by soundness indicators and sector
wide assessments
Debt is consolidated as a prerequisite or continued
growth perormance
Public Financial Management systems aresystematically improved
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Objectives* Contribution to theexpected overall outcome**
c. To promote employment by strengthening the
private sector, in particular by promoting SMEs
Improving the business environment as evidenced
by the World Bank Doing Business Ranking and the
Global Competitiveness Index
Financial markets gain in depth as evidenced by
nancial sector deepness indicators
Unemployment and poverty are reduced
* SECOs eorts are guided by these main objectives. Additional activities are possible on a selective basis, as long as they arein line with the countrys needs and the economic and trade policy measures.
** These are generic objectives to which SECO programmes aim to contribute and which set guiding principles or programme
activities. Achieving these depends on a variety o actors, not all o which can be directly infuenced by SECO (e.g. decisionso partner governments, economic conditions, etc.). In order to measure our contribution, specic indicators or SECOprogrammes will be ormulated in relation to these objectives.
SECOs transversal theme o economic governance will run through all dimensions, as well as
strengthening corporate governance and corporate social responsibility. The second SECO transversal
theme o climate change, energy and the environment is central to the inrastructure deve lopment,
trade promotion and private-sector development programmes.
Taking into account these themes is essential to achieve the Egyptian objectives o sustainablegrowth and the integration o the country into the world economy.
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5 Future SECO economic cooperation:Measures and implementation
The seventh ramework credit (20082012) denes an amount o CHF 400 million or economic
cooperation activities in the seven priority countries including Egypt. The allocation to individual
countries, programmes and projects will depend on the identication o suitable transactions, the
absorption capacity as well as the eciency and eectiveness o the cooperation with the relevant
partners in each priority country.
a. To contribute to improvement of the basis for sustainableeconomic development and growth through support forbasic, in particular environmental infrastructure
Means:
SECOs inrastructure programme ollows three axes o intervention: i) the nancing o investments
or advanced environmental technology; ii) the provision o technical assistance or institutional and
capacity building, incl. private sector participation; iii) the contribution to policy dialogue in order toimprove the quality o public inrastructure and achieve ecological sustainability.
Challenge:
A key challenge or the SECO inrastructure programme in Egypt are other donors carrying out in-
rastructure projects in SECOs sectors o interest with substantially higher budgets. This requires a
good coordination between the various donors and the relevant Egyptian authorities, as well as
economic transparency in the projects.
Proposed measures:
Contribute with technology and know-how transer to improvement o the inrastructure with
eect on the environment and the climate. Possible sectors o activities: water supply, waste-water treatment, waste management (particularly solid and liquid toxic waste) and renewable
energy.
Contribute to a better corporate governance in the management o investment projects and the
operation and maintenance o public inrastructure.
Contribute to the policy dialogue on the provision o inrastructure jointly with other donors.
4 Colombia, Egypt, Ghana, Indonesia, Peru, South Arica, Vietnam
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b. To promote Egypts international competitiveness and resil-ience to external shocks in view of its increasing interna-tionalisation
Means:
SECO provides technical assistance to trade and support to export quality control and standards, as
well as support to productivity, sustainability and energy eciency programmes. SECO also contrib-
utes to the reduction and mitigation o macroeconomic and nancial stability risks related to Egypts
integration into the global economy and to strengthening the economys ability to withstand
shocks.
Challenges:
Generally, the sustainability o capacity development programmes in Egypt, especially in the private
sector, is challenging. SECO has also limited resources to implement bilateral projects and partici-
pate actively in the policy dialogue. In addition, there are also several existing programmes in Egypt
already supporting export activities by SMEs.
Proposed measures:
Capacity building in the area o the protection o intellectual property rights (IPR)
Reduction o trade barriers through support o customs reorms and quality control, standards
and certication
Contribute to clean technology, environmental and energy eciency programmes
Reduction o macroeconomic risks through capacity building in internal debt management, sup-
porting public nancial management and nancial sector reorms.
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c. To promote employment by strengthening the private sec-tor, in particular by promoting SMEs
Means:
SECO provides technical assistance to acilitate access to nance and management support or pri-
vate companies, while making more use o the private sector as a development agent, as well as
achieving better leverage with regard to the role o the public sector in the economy. SECO also
contributes to the improvement o a more business enabling environment.
Challenges:
SECO has no experience in providing support to micro-enterprises and should ocus on the SME
segment. Furthermore, credit lines or SMEs are already made available by other large donors such
as the EU and the Egyptian Social Fund or Development and will thus not be part o SECOs pro-
gramme.
Proposed measures:
Support long-term nancing o private equity unds that invest in private companies with assist-
ance o the Swiss Investment Fund or Emerging Markets (SIFEM)
Support corporate governance structures in the private sector
Improvement o management skills within SMEs
Support simplication o business start-up procedures
Support acilitation o dispute resolution
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6 Local partners and programmemanagement issues
In Berne the SECO cooperation (WE) sections directly involved in the implementation of the co-
operation programme are: (i) Macroeconomic Support (WEMU); (ii) Private Sector Development
(WEIF); (iii) Trade Promotion (WEHU) (iv) Inrastructure Financing (WEIN). General coordination is
assumed by a country coordinator. (Contact: State Secretariat or Economic Aairs SECO, Economic
Cooperation and Development, Country Coordinator Egypt, Engerstrasse 1, 3003 Berne, Switzer-
land, Tel. +41 (0)31 324 09 10, [email protected], www.seco-cooperation.admin.ch.)
The Swiss Embassy in Cairo is SECOs direct Swiss partner in Egypt. It ensures the local coordinationand management o the economic cooperation and development programme. The Embassy also
maintains regular contacts with the local authorities, the working partners and coordinates with the
other donors in Egypt. Contact: 10, Abdel Khalek Sarwat Street, 11511 Cairo, Egypt, Tel. +20 (2)
257 58284, [email protected], www.eda.admin.ch/cairo.
Monitoring at the programme level is supported by a bi-annual bilateral Steering Committee with
representatives o the Ministry o International Cooperation and o the Swiss Embassy/SECO.
Monitoring at the project level is ollowed by the Swiss Embassy and SECO with the support o
Swiss consultants.
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Main international partners for SECO in Egypt
WB World Bank WE
IFC International Finance Corporation WEIF
EU Delegation o the European Commission to Egypt WE
KW KW Entwicklungsbank WEIN
GTZ Gesellschat r technische Zusammenarbeit WEIN
ADB Arican Development Bank WE
PPIAF Public-Private Inrastructure Advisory acility WEIN
SIFEM Swiss Investment Fund or Emerging Markets (Bern) WEIF
UNIDO UN Industrial Development Organisation WEHU
OSEC Business Network Switzerland (Zurich) WEHU
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Annex: Country indicatorsThe ollowing data rom the respective years or most recent is based on statistics rom the World
Bank and other international bodies, including the World Economic Forum, the ILO and the UNDP.
Sustainable Growth 2008 2009 2010
GNI per capita, PPP (current international USD) 5,400
Real GDP growth (annual %) 7Global Competitiveness Index (Rank) 77 81
External Debt (in % GDP) 23
Gross government debt (in % GDP) 29.2
Gross capital expenditure (in % GDP) 21
Infation, GDP Defator (annual %) 13
Domestic credit provided by banking sector (in % GDP) 18.7
Interest rate spread5 5.7
Strengthened Integration into the World Economy 2008 2009 2010
Exports o goods and services (% o GDP) 31
Imports o goods and services (% o GDP) 39
FDI (net infows, BoP, current USD) 11.58 bn
5 Lending rate minus deposit rate (%).
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Reduction of Disparities 2008 2009 2010
Gini index6 34.4
Unemployment rate (%) 10.6
Poverty headcount ratio at national poverty line (% o population) 53
Improved water source, urban (% o population with access) 99
Improved sanitation acilities, urban (% o population) 85
Electrication rate (%) 98
Improvement of Economic Governance 2008 2009 2010
Ease o doing Business (Rank) 114
Trade Across Borders (Rank) 24
Governance indicators o the World Bank7
A) Government Eectiveness (%) 39
B) Regulatory Quality (%) 43
C) Rule o Law (%) 52
D) Control o Corruption (%) 36
Improvement of Environmental Conditions 2008 2009 2010
CO2 emissions (metric tons/per Capita) 2
Share o renewable energy o TPES (%) 4.2
GDP per unit o energy use8 4.9
6 A value o 0 represents absolute equality, and a value o 100 absolute inequality.7 Percentile rank indicates the percentage o countries worldwide that rate below the selected country.
Higher values indicate better governance ratings.8 The ratio o GDP (in 2000 PPP USD) to commercial energy use, measured in kilograms o oil equivalent.
This indicator provides a measure o energy eciency by showing comparable and consistent estimates
o real GDP across countries relative to physical inputs (units o energy use).
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Notes
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ContactState Secretariat or Economic Aairs SECOEconomic Cooperation and DevelopmentCountry Coordinator EgyptEngerstrasse 1CH-3003 [email protected] + 41 (0)31 324 09 10www.seco-cooperation.ch