7 November 2021
Egyptian Economy to Grow 4.9% in FY 2021-22 Driven by ICT Sector Development: EBRD


According to the latest Regional Economic Prospects by the European Bank for Reconstruction and Development (EBRD), Egypt’s output growth is projected to hit 4.9% in the fiscal year (FY) 2021/2022, driven by a boom in the ICT sector, private consumption, investment, and return of foreign direct investment (FDI).

Commenting on that forecast, the Minister of Communications and Information Technology Amr Talaat stated that the Report reflects the boom witnessed in the ICT sector, which has become the fastest-growing state sector, achieving a growth rate of 16%. In addition, the sector’s contribution to the Gross Domestic Product (GDP) reached 5%, with work in progress to reach 8% in three years.

Talaat added that several international reports shed light on that boom in the ICT sector. A large number of projects are being implemented in cooperation with different state sectors to build digital Egypt in a way that helps improve the quality of public services and optimize the government performance, he added.

The ICT Minister stressed that the Ministry of Communications and Information Technology (MCIT) is keen on maintaining high growth rates in the ICT sector and carrying on with its projects to harness digital technologies and adopt the latest techniques to support the state sectors with their digital transformation.

Moreover, Talaat highlighted that MCIT is pursuing its Digital Egypt strategy which aims to enhance Egypt’s standing on the ICT industry map, following several pillars: achieving digital transformation, building digital capacities, and fostering digital innovation and entrepreneurship. The Ministry is also carrying out a mega project to upgrade the telecommunication infrastructure nationwide with working in parallel to indigenize the Artificial Intelligence (AI) industry and create a legislative environment conducive to the growth of the ICT industry.

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