{"id":706730,"date":"2026-06-01T00:00:00","date_gmt":"2026-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=706730"},"modified":"2026-06-01T02:55:02","modified_gmt":"2026-06-01T02:55:02","slug":"egyptian-firms-bypass-banks-to-fund-growth-from-their-own-pockets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/01\/egyptian-firms-bypass-banks-to-fund-growth-from-their-own-pockets\/","title":{"rendered":"Egyptian firms bypass banks to fund growth from their own pockets"},"content":{"rendered":"

Egyptian firms reported a real annual sales contraction of <\/strong>11.4%<\/strong> in the <\/strong>World Bank\u2019s latest Enterprise Survey (pdf)<\/a><\/strong>, lagging behind the 5.2% growth of the wider MENA region. Behind this headline slump is a set of operating-environment findings suggesting that Egypt\u2019s three-year macro stabilization push has not yet filtered down to the day-to-day constraints firms identify as their biggest obstacles to growth. The survey covered 1k businesses between September 2025 and January 2026.<\/p>\n

The contraction echoes<\/strong> PMI readings from April<\/a><\/strong>, which showed the non-oil private sector contracting at its fastest pace in over three years.<\/strong> Input costs spiked to early-2023 highs, forcing companies to push selling prices up at their fastest rate since August 2024 and immediately softening order books. Despite weakening revenues, employment continued to grow 3.9% annually.<\/p>\n

Egyptian firms are investing \u2014 but largely without banks.<\/strong> Banks account for just 3% of investment financing, compared to 15% across the region. Companies finance 88% of capital expenditure internally, while supplier credit contributes another 4%, and equity financing remains negligible at 0.5%. <\/p>\n

The picture is even more pronounced among small and big companies. <\/strong>Only 3.2% of small firms and 1.4% of large companies report using bank financing for investment, compared with 24.7% of medium-sized firms. While the survey does not identify the reasons behind the low use of bank credit, the findings come amid high interest rates and may also reflect collateral requirements, risk aversion toward SMEs, or weak appetite for expansion driven by slowing demand.<\/p>\n

Electricity remains the top business obstacle <\/strong>despite years of investment in generation capacity. Around 16% of firms identified electricity as their biggest obstacle, while more than one-third reported experiencing power outages, averaging four outages per month. The problem appears particularly acute for large firms, with 29.7% reporting outages.<\/p>\n

The survey also highlights continuing bottlenecks in utility connections. <\/strong>Businesses seeking a new electricity connection face an average wait of nearly 89 days, compared to 66 days across the region and 35 days among lower-middle-income economies. For companies launching new facilities or expanding production capacity, the delay can translate into months of idle capital before operations begin. Companies also reported an average wait of 86 days to obtain a construction permit, compared with 60 days across the wider MENA region and 37 days in lower-middle income countries.<\/p>\n

Corruption<\/strong> ranked as the second-largest obstacle cited by firms<\/strong>, with nearly 15% identifying it as their biggest challenge. Political instability followed at 11%, while access to finance, an inadequately educated workforce, and crime and disorder were each cited by roughly 8% of respondents. Although the overall bribery incidence rate stood at 3% among Egyptian firms \u2014 compared to 13% across the wider region and 17% in lower-middle-income countries \u2014 nearly 17% of local firms applying for construction permits reported being asked for gifts or informal payments. Large firms were more likely to report bribery requests than smaller businesses.<\/p>\n

Informality continues to weigh heavily on registered businesses. <\/strong>Roughly 41% of firms report competing against unregistered operators, making the informal sector the third-largest business obstacle after electricity and corruption. The findings suggest many formal businesses continue to bear the costs of taxation, regulation, and compliance while competing against operators that function outside the formal system.<\/p>\n

Exports remain limited despite reliance on imported inputs: <\/strong>Only 5% of Egyptian firms export at least 10% of their sales directly, compared with 11% among peer economies. Notably, roughly 31% of manufacturers use imported raw materials or supplies, compared to 60% across the region and 51% in lower-middle-income countries.<\/p>\n

Customs clearance times compare favorably with regional peers<\/strong>, with exports clearing in four days and imports in eight days on average \u2014 an area for improvement that has been a top priority for the Investment Ministry in the past few years.<\/p>\n

Training and innovation remain weak: <\/strong>Just 8% of firms offer formal employee training, while only 7% spend on research and development. Roughly 9% introduced a new product or service, while only 3% implemented a process innovation.<\/p>\n

One bright spot: <\/strong>Egyptian firms scored 54.4 on the World Bank's management practices index, outperforming both the regional average of 52.2 and the lower-middle-income average of 49.0. The findings suggest that management quality may not be the primary factor holding back business performance.<\/p>\n

The big question: <\/strong>Egyptian firms are still investing, hiring, and operating despite falling sales, but they are increasingly doing so without meaningful support from the banking system. The survey raises a broader question about whether the next phase of economic reform can move beyond macro stabilization and address the day-to-day constraints businesses say are holding back growth \u2014 from access to credit and utility connections to the competitive pressures posed by the informal economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian firms reported a real annual sales contraction of 11.4% in the World Bank\u2019s latest Enterprise Survey (pdf), lagging behind the 5.2% growth of the wider MENA region. Behind this headline slump is a set of operating-environment findings suggesting that Egypt\u2019s three-year macro stabilization push has not yet filtered down to the day-to-day constraints firms […]<\/p>\n","protected":false},"author":1,"featured_media":706731,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8652],"tags":[8651,104,72,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-706730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","tag-economy","tag-enterpriseam","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"af724929-5322-4b2b-b21e-76c99e635d83","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/156.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Banking on themselves","related_issue":[706725],"teaser":""},"yoast_head":"\nEgyptian firms bypass banks to fund growth from their own pockets - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/01\/egyptian-firms-bypass-banks-to-fund-growth-from-their-own-pockets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian firms bypass banks to fund growth from their own pockets\" \/>\n<meta property=\"og:description\" content=\"Egyptian firms reported a real annual sales contraction of 11.4% in the World Bank\u2019s latest Enterprise Survey (pdf), lagging behind the 5.2% growth of the wider MENA region. 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The latest purchasing managers\u2019 index fell to 48.2, down from 50.8 in April, signalling \"a moderate deterioration in the health of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1122.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643159,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/03\/non-oil-private-sector-activity-grows-after-three-years-in-contraction\/","url_meta":{"origin":706730,"position":1},"title":"Non-oil private sector activity grows after three years in contraction","author":"enterpriseam admin","date":"3 September 2024","format":false,"excerpt":"Good afternoon, friends. It\u2019s another busy day for business news in Egypt, with the release of S&P Global\u2019s Egypt PMI for August, which showed activity growing after years in contraction. THE BIG STORY TODAY- We\u2019re finally growing: Egypt\u2019s non-oil private sector activity expanded in August for the first time in\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/226.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577804,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/06\/private-sector-contraction-deepens-following-egp-devaluation\/","url_meta":{"origin":706730,"position":2},"title":"Private-sector contraction deepens following EGP devaluation","author":"enterpriseam admin","date":"6 December 2022","format":false,"excerpt":"Private sector activity takes a hit following devaluation: The contraction in Egypt\u2019s private sector deepened in November as the depreciation of the EGP triggered a surge in inflation, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI index fell to 45.4 from 47.7 in October, falling further below the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/89.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576986,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/06\/private-sector-activity-contracts-for-23rd-consecutive-month\/","url_meta":{"origin":706730,"position":3},"title":"Private sector activity contracts for 23rd consecutive month","author":"enterpriseam admin","date":"6 November 2022","format":false,"excerpt":"Activity in Egypt\u2019s non-oil private sector continued to contract in October, remaining effectively unchanged from the month before as inflation, supply disruptions, and falling demand abroad continued to weigh on businesses, according to S&P Global\u2019s purchasing managers\u2019 index (pdf). The PMI index registered 47.7 last month, climbing just 0.1 points\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/87.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":666461,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/04\/non-oil-private-sector-activity-inches-closer-to-the-green-in-may\/","url_meta":{"origin":706730,"position":4},"title":"Non-oil private sector activity inches closer to the green in May","author":"enterpriseam admin","date":"4 June 2025","format":false,"excerpt":"Egypt\u2019s headline figure rose by 1.0 percentage point to 49.5 in May","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/6\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589633,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/06\/the-pmi-was-in-contraction-territory-again-in-june\/","url_meta":{"origin":706730,"position":5},"title":"The PMI was in contraction territory again in June","author":"enterpriseam admin","date":"6 July 2023","format":false,"excerpt":"The PMI rose to 49.1 from 47.8 in May","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/129.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/706730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=706730"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/706730\/revisions"}],"predecessor-version":[{"id":706769,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/706730\/revisions\/706769"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/706725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/706731"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=706730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=706730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=706730"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=706730"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=706730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}