MSMEDA allocates EGP 9.9M in funding for civil societies in Fayoum

Newsletter

17 Aug 2023

MSMEDA allocates EGP 9.9M in funding for civil societies in Fayoum. MSMEDA is allocating EGP 9.9 million for civil societies in Fayoum to fund micro-sized and community projects. Of this, EGP 5.4 million is for microfinancing and EGP 4.5 million for community development, targeting health, preschool, illiteracy, and employment sectors, as per CEO Basel Rahmy’s statement on August 15th. (Arab Finance)

USAID names Sean Jones as the new mission director for Egypt.
Sean Jones is the newly appointed Mission Director for USAID in Egypt, overseeing 45 projects from the US's $125 million annual aid. With prior roles in Ethiopia, Mexico, and other countries, Jones aims to collaborate with Egypt on economic growth, women's rights, and climate change. (Arab Finance)
Inflation concerns drive Egyptian stocks near an all-time peak.
Egypt's stock market is approaching a record high due to local investors using equities as a hedge against surging inflation, a strategy seen globally in nations with economic challenges. Since October, the EGX 30 index has surged over 70%, nearing its 2018 record. Similar trends have been witnessed in countries like Turkey and Nigeria. Turkey's main index has grown 300% since early 2022, while Nigeria's has risen by 27%. (Asharq)
Sugar trading begins on the Egyptian Commodity Exchange from tomorrow, Thursday.
Starting tomorrow, sugar will be available for sale on the Egyptian Commodities Exchange to benefit various businesses, including food industries and merchants. Dr. Ibrahim Ashmawy confirmed this move aligns with government efforts to regulate key commodity markets, ensuring transparency and price stability by directly connecting producers with the supply chain. (Hapi Journal)
Novostal-M of Russia considers growing its footprint in Egypt's metal industry..
Trade Minister Ahmed Samir discussed with Russia's Novostal-M Holding their plans to expand in Egypt, potentially setting up a steel factory and aiding in infrastructure projects. Their talks also covered cooperation in construction, fertilizer exports to Africa, and enhancing payment methods with Egyptian firms. Additionally, an agreement was reached to increase Egyptian exports of citrus fruits and urea through Novostal-M. (Arab Finance)
JPMorgan drops $11 billion in one day over worries about credit rating.
On August 16th, Egyptian Trade and Industry Minister Ahmed Samir discussed plans with a delegation from the Russian company Novostal-M Holding to broaden their presence in the Egyptian market. The company is exploring the establishment of a steel plant in Egypt, providing metals for national projects, and setting up food warehouse infrastructure. They also deliberated on construction cooperation, Egypt's nitrogen and fertilizer supplies, and exports to Africa. Both parties talked about potential contributions to Egypt's infrastructure and enhancing transaction systems with Egyptian firms. An agreement was reached to increase exports of Egyptian citrus and urea through Novostal-M. (Hapi Journal)
Lebanon welcomes oil and gas exploration vessel to begin drilling in the "9" concession zone.
On Wednesday, Lebanon received an oil and gas exploration vessel to begin drilling in the concession area No. 9, as announced by the Lebanese Minister of Public Works and Transport, Ali Hamiyeh. This effort, led by a consortium including France's Total Energies, Italy's Eni, and Qatar's state energy company, follows a US-mediated agreement last year establishing maritime borders between Lebanon and Israel for the first time. This pact enabled exploration and provided a framework for resource exploitation near the delineated borders. Lebanese Energy Minister Walid Fayyad anticipates potential discoveries by year's end, while Eni's CEO, Claudio Descalzi, is optimistic about findings. Lebanon seeks these energy resources to alleviate its grave economic woes. (Economy Plus)
Business sector collaborates with India's H&H on healthcare and medical products.
The Ministry of Public Business Sector in Egypt hosted a delegation from the Indian healthcare and medical products company, H&H, to explore cooperation in health and pharmaceutical care, and technology localization. The meeting, attended by leaders from both sides, discussed partnerships, providing raw materials for the Egyptian market, and leveraging the Pharmaceutical Holding Company's expertise to produce nutritional supplements. The initiative aligns with the state's goal to bolster local manufacturing, adopt advanced technologies in pharmaceuticals, and foster partnerships in the sector. Minister Mahmoud Esmat emphasized the state's commitment to the pharmaceutical industry, local and international partnerships, and maintaining confidentiality in forthcoming collaborations with H&H. (Economy Plus)
Egypt and China sign a three-year agricultural agreement.
On August 16th, Egypt's Minister of Agriculture, Al-Sayed El-Quseir, and China's Tang Renjian agreed on a three-year partnership to enhance agricultural cooperation. This collaboration will focus on water-saving techniques, organic farming, digital transformation, fish farming, soil health, and other areas. It also involves sharing knowledge on cultivating hybrid crops like rice and corn, advancing livestock production, machinery, training, and establishing a joint agricultural committee. (Arab Finance)
Raya Holding's H1 consolidated profit doubles year-over-year.
Raya Holding for Financial Investments announced a nearly 100% year-on-year growth in its consolidated profits for H1 2023, recording EGP 287.282 million, up from EGP 143.658 million in H1 2022, as per the data shared with the Egyptian Exchange on August 16th. The company's H1 2023 revenues reached EGP 14.511 billion, a significant rise from EGP 9.126 billion in the previous year. On a standalone basis, the net profit after tax stood at EGP 110.746 million, an increase from EGP 77.488 million in H1 2022. Raya, established in 1999 and EGX-listed since 2005, specializes in IT consulting and services, with subsidiaries in various global regions. (Arab Finance)