Egyptian firms bypass banks to fund growth from their own pockets

Egyptian firms reported a real annual sales contraction of 11.4% in the World Bank’s latest Survey (pdf)

The contraction echoes PMI readings from April, which showed the non-oil private sector contracting at its fastest pace in over three years.

Egyptian firms are investing — but largely without banks.

The picture is even more pronounced among small and big companies.

Electricity remains the top business obstacle

The survey also highlights continuing bottlenecks in utility connections.

Corruption ranked as the second-largest obstacle cited by firms

Informality continues to weigh heavily on registered businesses.

Exports remain limited despite reliance on imported inputs:

Customs clearance times compare favorably with regional peers

Training and innovation remain weak: