Egypt directs EGP 12.3bn to local development over 4 months
Egypt directs EGP 12.3bn to local development over 4 months. Egypt’s Minister of Local Development Hisham Amna has announced that the ministry directed EGP 12.3bn to local development projects this fiscal year (from July to mid-November 2022), which constitutes 48% of the total allocations during the year, which are estimated at EGP 29bn. The current finance was used to support urgent and emergency needs of the governorates and to complete projects that have been started in the field of extending and strengthening electricity and lighting networks, paving roads, improving environment, security, firefighting, and traffic. The minister explained that the rates of project implementation in the governorates ranged between 35% and 94%. (Al Ahram)
- Cairo hosts first economic forum between Egypt and Mauritius next Sunday the 27th of November.
Cairo will be hosting on Sunday the first ever economic investment forum between Egypt and Mauritius, which is being organized jointly by the Egyptian-African Businessmen Association (EABA) headed by Yousry Al-Sharkawy and the Mauritian Economic Council headed by Hemraj Raminal. It is also being organised in coordination with Mauritius’ Ambassador in Cairo Goberd Hane Raminal and the Egyptian Embassy in Mauritius. The forum will be held within the framework of the role played by the EABA to support economic cooperation between the Egyptian financial and business community with its counterparts in brotherly African countries. (Daily News Egypt)
- The European Bank for Reconstruction and Development (EBRD) has provided a financial package of up to $50m to the National Bank of Kuwait – Egypt (NBK Egypt), to support micro, small, and medium-sized enterprises (MSMEs) in Egypt.
The package comprises a loan of $40m that NBK Egypt will on-lend to local private MSMEs and a $10m loan under the EBRD Youth in Business programme, co-financed with EU funds under the Egypt Micro and Small Financial Inclusion programme, to be on-lent by NBK Egypt to local private MSMEs that are led or majority owned by entrepreneurs under the age of 35. The EBRD’s Youth in Business loan component will be complemented by up to $1m in the form of first-loss risk cover provided by the European Union (EU) under its Egypt Micro and Small Financial Inclusion programme. A comprehensive technical cooperation package, focusing on staff training and skills development, will accompany both loans. It will assist NBK Egypt with programme implementation, marketing and general awareness raising, in-person and digital training, mentoring and product development, as well as advisory services, with the aim of strengthening entrepreneurial skills and mindset. (Al Ahram)
- Egypt boosts LNG exports by 14% in 2022, About 90% of which are heading to European Union countries
Europe which is seeking to phase out its imports of Russian gas following Moscow's invasion of Ukraine -- has also engaged with Israel on the potential to supply Israeli gas to Europe via Egypt. In June, the European Commission, Israel and Egypt signed a trilateral memorandum of understanding on the supply of Israeli gas via Egypt's LNG export infrastructure to the EU. Egypt has two LNG export facilities -- the 7.2 million mt/year Shell-operated Idku facility and the smaller Eni-operated 5 million mt/year Damietta plant. (S&P Global)
- The Central Bank of Egypt (CBE) launched on Sunday its financial inclusion strategy for 2022-2025
Financial inclusion revolves around making quality financial services available to all individuals across all classes through formal channels at a reasonable cost in a way that protects their rights and allows them to soundly manage their money. The CBE’s strategy aims to protect the rights of their clients and boost confidence in the Egyptian banking sector; promote a culture of the financial inclusion; uplift citizens’, companies’, and projects’ financial capabilities; encourage entrepreneurship and startups; and establish an inclusive and effective financial infrastructure. The strategy also targets expanding digital financial services and easing access to financial services for the informal sector, bringing them into the formal economy. The CBE said that it had held several meetings with ministries and the concerned bodies in order to draft this strategy. (Al Ahram)
- Forbes Middle East hosted first-ever Under 30 Summit in El Gouna between 24th and 26th of November
The summit came in line with Orascom Development’s strategy that pays great attention to encouraging youth across various sectors, especially entrepreneurship. The three-day event was attended by young entrepreneurs, business owners, athletes, and experts. On the sidelines of the first edition of the summit, G-Valley for leading businesses in El Gouna City, where operations will start in 2023 to attract emerging companies and entrepreneurs. G-Valley aims at creating a healthy environment that supports and empowers companies and business leaders to expand their businesses by offering them support programs and benefits, which will contribute to achieving sustainability in El Gouna. (Arab Finance)
- The National Bank of Egypt (NBE) signed a cooperation protocol with B.TECH to support micro-, small-, and medium-sized enterprises (MSMEs)
The agreement will enable B.TECH to expand its services to merchants by allowing MSMEs to trade in home appliances, providing them with special financing tools, Chairman and Managing Director of B.TECH Mahmoud Khattab said. For his part, NBE’s Group Head of Small and Medium Enterprises Tariq Hassan revealed that the agreement would provide MSMEs with the financing required to purchase electrical devices and equipment from B.TECH. Hassan added that companies would receive letters of credit and guarantees to support their efforts to achieve sustainable growth in various sectors through specialized units in the NBE. (Arab Finance)
- Egypt is working on the establishment of a company to receive investments from Egyptians working abroad to be pumped into local projects
Soha Gendy, the Egyptian Minister of Immigration and Egyptian Expats said that the company could be established next year and listed on the stock market. She added that expatriates would be able to buy shares in the new company or directly invest in it. Moreover, the minister revealed that the company was one of the requests of Egyptian expatriates, noting that it aims at investing in major and national Egyptian projects with high revenues. It is worth noting that remittances by Egyptians working abroad decreased to around $20.9 billion in January-August from $21.4 billion in the same period a year earlier. (Arab Finance)
- Egyptian exports to the United Kingdom surged by 77.6% year-on-year (YoY) during the first eight months of 2022
The UK’s exports to Egypt jumped by 34.6% YoY in the eight months period ended on August 31st, Maait added. The finance minister also revealed that around 1,640 British companies are operating in Egypt in a myriad of sectors, including services, manufacturing, energy, and financing. On October 31st, Minister of Trade and Industry Ahmed Samir stated that the trade exchange between Egypt and the United Kingdom surged by 35% to around $2.917 billion in 2021 from $2.163 billion in 2020. (Arab Finance)
- Regional Investment Holding has sold a 1.96% stake or 6.88 million shares in Naeem Holding (NAHO)
Accordingly, Regional Investment Holding’s stake in Naeem Holding fell to 8.59% from 10.56% in a statement filled today to the Egyptian Exchange (EGX). Established in 1997, Naeem Holding is engaged in the provision of investment banking services within Egypt and abroad. (Mubasher)
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