Egypt has taken Russia’s place as one of Europe’s key fertilizer suppliers
Egypt has taken Russia’s place as one of Europe’s key fertilizer suppliers due the spillover effects of Russia’s invasion of Ukraine. Egypt exported 1.5 billion EUR worth of fertilizers across the Mediterranean during the first ten months of 2022, almost triple that of 2021. Europe’s fertilizer industry has been forced to cut production due to surging natural gas prices, while an import ban on Russian fertilizers has sent countries in search for new suppliers. Fertilizers are among eight products chemical companies want to become eligible for export subsidies. (Bloomberg Asharq & Al Shorouk)
- CBE extends tourism initiative until end-March.
The Central Bank of Egypt (CBE) decided to extend the tourism initiative and the initiative to support retail facilities related to tourism until the end of March 2023. The CBE extended the grace period of banks’ dues for tourism companies for three months that end on March 31st. The central bank also extended the validity of the initiative supporting tourism retail facilities for three months that end on March 31st. During the extension period, banks will be allowed to carry forward dues of tourism customers’ consumer loans and mortgage loans for personal use until the end of next March. The decision applies only to regular customers. (Al Mal)
- CBE cancels fees for EGP online banking transfers for another year.
The Central Bank of Egypt (CBE) extended the exemption of online banking transfers in Egyptian pound from all fees and commissions for a year until December 31st, 2023. The CBE also exempted users of the instant payment network (IPN), InstaPay, from all fees and commissions pertaining to instant transfers. The central bank revealed that the number of instant payment transactions executed via InstaPay and CBE’s online platforms reached over 8 million in less than eight months at a value of more than 45 billion EGP. (Al Mal)
- Moreover, the CBE canceled all e-collection activation fees for e-commerce services for micro-, small-, and medium-sized enterprises (MSMEs).
The bank exempted the first transaction each month for all users of mobile wallets from fees of transfers to other wallets. The CBE set a cap of EGP 1 for transfer fees incurred by clients for transactions conducted between mobile wallets of the same service provider. The bank also set a cap of EGP 15 for transfer fees among different service providers' mobile wallets. On December 25th, the CBE decided to extend the tourism initiative and the initiative to support retail facilities related to tourism until the end of March 2023. (Al Mal)
- Egypt’s supply ministry denies increasing prices of commodities in January.
The Head of the Internal Trade Sector at the Ministry of Supply and Internal Trade Abdel Moneim Khalil denied rumors spread on social media about increasing the prices of supply commodities in January 2023. The state is keen on supplying commodities and alleviating burdens on Egyptian citizens, he added. A total of 64 million citizens benefits from ration cards, adding that President Abdel Fattah El-Sisi directed the provision of EGP 1 billion as exceptional support for the holders of ration cards. (Economy Plus)
- Egypt implements 2.1 billion USD oil, natural gas explorations in Mediterranean until 2025.
The plans take place at the Mediterranean Sea in partnership with major international companies, Minister of Petroleum and Mineral Resources Tarek El-Molla said. Based on the preliminary findings, the new explorations are expected to result in promising discoveries that would support the national economy, El-Molla added. Furthermore, El-Molla demonstrated recent development in the Soda Ash project in New Alamein’s Industrial Zone with total investments of around 500 million USD. (Arab Finance)
- Egypt eyes 5.5% GDP growth in FY 2023/24.
The government plans to achieve a sustainable primary surplus of around 2% on average, and set ratios of deficit and debt at a declining trajectory. He revealed that the government seeks to cut the budget deficit to 5% in the medium term and the debt-to-GDP ratio to less than 80% by the end of 2027. Furthermore, the minister stated that the FY 2023/2024 budget focuses on development priorities, expansion of the social protection network, and alleviating impacts of international and local economic challenges. (Hapi Journal)
- World Bank grants Egypt 500 million USD financing for social protection.
The World Bank granted Egypt a new development financing of $500 million to support the “Takaful and Karama” program, Minister of International Cooperation Rania Al-Mashat stated. The program supports the most vulnerable classes against the implications of the global economic crises and external shocks. She noted that the new financing supports Egypt’s institutional capacities through the provision of technical support and investments for registration, control, and verification of payments and accountancy systems. (Hapi Journal)
- Al Tadamun Microfinance Foundation, Al Baraka Bank Egypt support women-led microenterprises with 90 million EGP.
Al Tadamun Microfinance Foundation has signed a financing agreement with Al Baraka Bank Egypt (SAUD) at a value of 90 million EGP to support women-led microenterprises in Egypt. As per the signed agreement, the financing will be directed to support women owning micro businesses with enough financial resources that enable them to develop and expand their projects. This move will help these women provide sufficient income for their families and improve their conditions of living. (Al Mal)
- Menthum launches saving mobile application in Egypt.
Menthum Holding for Financial Investments launched a digital saving application. Users of the new app can easily download the app and sign up before being visited by the Menthum team to complete the process and sign the required documents. Following the completion of these procedures, customers would be able to add money with no restriction on the minimum amount. As soon as their money is credited to their Menthum account, customers will earn daily returns. Customers can withdraw money at any time without a lock-in period. (Amwal Al Ghad)
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