Egypt Independent

EFG Hermes predicts a US$6-8 bn funding gap in 2015-2017



One of the leading investment banks in the Arab World has predicted Egypt’s funding gap to hover between US$6-8 billion over the next two fiscal years.
 
“We estimate Egypt’s funding gap at $6 billion in FY2015/16 and $8.4 billion in FY2016/17,” EFG Hermes said in a report on Wednesday, saying that the amount would, enable the Central Bank of Egypt to eliminate the parallel market and provide authorities with “breathing space until the FDI cycle starts to kick in later in 2016.”
 
Finance Minister Hany Qadry Dimian said in statements to daily economic Al Mal on Thursday that he expects the financing gap in Egypt to range between $30 and $32 billion by 2020, compared to the current $36 billion.