Egypt Country Overview
Egypt is a North African nation bordering Israel, Sudan, Libya, and the Gaza Strip, with a population of 114.6 million. The capital is Cairo, and Arabic is the official language, although English and French are widely understood among educated classes. The majority of Egyptians are Sunni Muslims, with a Christian minority mainly from the Coptic Church. Egypt faces challenges in its business climate due to economic weaknesses, security issues, and pervasive corruption. It is also home to the river Nile, the longest river in Africa.
Egypt General Information
Capital: Cairo
Language: Arabic (official), Arabic, English, and French widely understood by educated classes.
Religion: Muslim (predominantly Sunni) 90%, Christian (majority Coptic Orthodox, other Christians include Armenian Apostolic, Catholic, Maronite, Orthodox, and Anglican) 10% (2015 est.)
Currency: The Egyptian Pound. The Egyptian Pound is subdivided into smaller currency denomination known as qirsh or millimes.
Cryptocurrency: Under Islamic Law and by religious decree, cryptocurrencies in Egypt are prohibited.
GMT: Egypt Standard Time is ( GMT+2 ).
Egypt is in Central Africa Time Zone ( CAT ).
About Egypt
The Arab Republic of Egypt is a north African nation bordering Israel, Sudan, Libya and the Gaza Strip. Egypt has a population of 114.6 million people and around 7.7 million alone live within the metropole of the capital, Cairo; Alexandria forms Egypt’s other major urban settlement with 3.8 million inhabitants.
Around 95% of the population lives within 20 kilometres of the Nile and the Nile Delta. Arabic is the lone official language, but in the educated classes and tourist areas English and French are also widely understood. Around 90% of the population are Muslim, with the majority following Sunni Islam, and there is a Christian minority, predominantly of the Coptic Church.
Egypt is viewed as having acceptable to high levels of risk with regards to its business climate and political situation. This risk largely stems from the economic weaknesses and major security issues that Egypt faces. Corruption also poses a major obstacle to business and investment in Egypt; Baksheesh, or bribery, is part of Egyptian’s everyday life. Corruption pervades the economy, judiciary and public sector. As such, Egypt ranks 108 of 180 in Transparency International’s 2023 Corruption Index.
Egypt’s GDP was last measurable in 2023 when it stood at US$395.9 billion. Since then, Egypt has had moderate growth rates of around 3.8% annually.
Egypt is a presidential republic, thus executive power is currently held by President Abdel Fattah al-Sisi, who is also the chief of state. Meanwhile, the head of government is Prime Minister Mostafa Madbouly, an office whose holder is appointed by the President and approved by the parliament.
The legislative branch of government is formed by the House of Representatives, the Majlis al-Nowaab, with has 596 seats. 448 members are elected by an individual candidacy system, 120 elected in party-list constituencies by simple majority votes and 28 are appointed by the President.
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