The World Bank (WB) has expected that Egyptian oil and gas exports will increase by 30.6% to $23.5 billion during the fiscal year (FY) 2022/23.

In a press release, the WB stated that Egypt’s current account deficit in FY2021/22 narrowed to 3.5% of GDP, compared with 4.4% in FY2020/21 due to some developments including improvement in oil related trade during FY2021/22 which was driven by robust liquefied natural gas (LNG) exports at high international prices.