Egypt is looking forward to receiving the first tranche worth around $750 million from the IMF
Egypt is looking forward to receiving the first tranche worth around $750 million from the International Monetary Fund (IMF) under the $3 billion Extended Fund Facility (EFF) in December The tranche accounts for 25% of the total value of IMF’s facility, Maait noted during an economic conference. In October, Egypt reached an agreement with the IMF over the four-year international financing program worth a total of $9 billion, including the $3 billion package from the IMF, along with $1 billion from the IMF’s Resilience and Sustainability Trust (RST) and $5 billion from international partners. (Bloomberg Alsharq)
- The Egyptian government has allocated around EGP 49.5 billion as investments for the development of the petroleum and mineral resources sector under the fiscal year (FY) 2022/2023 plan.
Dr. Hala El-Said, Minister of Planning and economic development highlighted that about EGP 17.6 billion of these investments would be directed to oil refining activities, while the remaining EGP 31.9 billion would be dedicated to petroleum extraction. The allocated investments for the development of the petroleum and mineral resources sector account for 3.5% of total investments under the FY 2022/2023 plan, the minister noted. As per the FY 2022/2023 plan, the government targets developing and upgrading around 15 strategic oil storages across Egypt, establishing a 263.5-kilometer-long pipeline network at the east of the canal, and building the first accredited gold refinery in Marsa Alam. )ِArab Finance)
- Egypt-Jordan trade exchange grows 2.7% in 8M-2022.
Trade exchange between Egypt and Jordan increased by 2.70% year-on-year (YoY) during the first eight months (8M) of 2022 to $646.10 million, compared to $629.10 million. Egypt’s exports to Jordan amounted to $481.60 million during 8M-22, down 3.30% when compared to $498.10 million in 8M-21, Akhbar El-Yom cited the Central Agency for Public Mobilisation and Statistics (CAPMAS). The commodities exported during 8M-22 included mineral fuels, oils, and distillation products at $90.90 million, electrical, and electronic equipment at $38.90 million, inorganic chemical products at $29.10 million, and vegetable products at $27.70 million. The value of Jordan’s exports to Egypt recorded $164.50 million during January-August 2022, a YoY surge of 25.50% from $131 million. (Arab Finance)
- Dior showcases fashion in shadow of Egypt's pyramids.
French fashion house Dior on Saturday held its first show at Egypt's ancient Giza pyramids, presenting its 2023 fall men's collection in the shadow of the millennia-old tombs. Dwarfed by the vast Giza necropolis -- their imposing ridges illuminated by white light for the show -- models showcased the collection titled "Celestial". Saturday's show was the second by a European fashion house to use Ancient Egyptian heritage sites as a backdrop this year. In October, Italian designer Stefano Ricci showcased his most recent collection at the Temple of Hatshepsut in Luxor. Egypt's Giza necropolis, just west of the capital Cairo, has in recent years played host to ever-grander events, including pop concerts and contemporary art exhibitions, as the North African country seeks to project a revitalized image to draw in new tourism and business. (Al Ahram)
- Egypt and Jordan agreed on Saturday to boost efforts towards reviving the peace process and reach a just and comprehensive solution to the Palestinian-Israeli conflict.
Following a meeting in Cairo, Egyptian President Abdel Fattah al-Sisi and Jordanian King Abdullah II announced their full support to Palestine. Their meeting focused on the latest developments in the region, notably in the Palestinian Territories, said Egyptian presidency spokesman Bassam Rady. He said the leaders agreed on the need to boost their countries’ efforts to provide full support to the Palestinian people and to revive the peace process to reach a solution to the Palestinian-Israeli conflict. This solution will ensure the legitimate rights of the Palestinian people in line with international resolutions, stressed Rady. Sisi and King Abdullah also discussed several issues of common interest. They underscored the importance of consolidated and concerted Arab efforts to confront current crises in some regional countries while respecting their unity and sovereignty and ending the suffering of their people. King Abdullah was accorded a formal reception at the Al-Ittihadiya Palace where he met with Sisi. (Egypt Today)
- Egypt implements 1st certified gold refinery in Marsa Alam
The Egyptian Minister of Petroleum and Mineral Resources Tarek al-Mulla announced that work is underway to implement the first accredited gold refinery in Egypt in the Marsa Alam area in the Eastern Desert, in order to maximize the added value of gold resources. The minister assured that the mining sector in Egypt is reaping the fruits of the reforms that have been implemented. He noted that the success of the first global bid, which was launched in 2020, in attracting unprecedented global and local participation in the field of gold mining in the Eastern Desert and the Red Sea, despite the global challenges of the coronavirus pandemic. (Al Ahram)
- Arab Union for Land Transport (SuperJet Egypt) has signed a contract with Tanks Production and Repair Company (Military Factory 200) at a value of EGP 680 million for locally manufacturing 100 electric buses of the MCV brand.
Under the contract, the 100 buses will be part of the first phase of the bus rapid transit (BRT) project on the Ring Road. Moreover, the number of electric buses will be increased for the second phase of the Ring Road upgrade project as well, upon which the road will extend over 110 kilometers. The signing complements the outcomes of COP27 and comes in line with the government’s directives to localize the transportation industry. (Arab Finance)
- Zoomcar, the biggest car-sharing marketplace covering emerging markets and dominating India's self-driving car market, announced the launch of Zoomcar Green programme by the second quarter (Q2) of 2023.
Hany Olma, the VP and Country Manager of Zoomcar Egypt, said: “Through Zoomcar Green Programme, we are keen to create a greener environment by extending the eco-friendly car market, with investments amounted at $2 million over a period of up to 12 months and plan to reach the highest ROI.” The programme will support the market dynamics to move forward towards using electric cars, to help provide more opportunities to sustainably transform the car-sharing industry, according to a press release on Sunday. Moreover, it aims to encourage electric car owners to rent their cars via the Zoomcar platform. It further supplies them with a tonger to recharge the batteries, encouraging the transformation towards electric and hybrid cars to replace the ones with IC engines "gasoline and gas". Olma added: “A team will be dedicated to provide both car owners and renters with a unique customer experience, thus contributing to building an integrated and sustainable ecosystem, and promoting the green economy. This comes as a part of our commitment to improve the quality of life for future generations, in line with COP27 recommendations to transform towards using electric cars.” (Mubasher)
- NBE, EGOTH sign EGP 393m financing deal to renovate Sofitel Winter Palace.
The National Bank of Egypt (NBE) has signed a long-term investment financing contract valued at EGP 393 million with the Egyptian General Company for Tourism and Hotels (EGOTH) to finance renovations of the Sofitel Winter Palace Hotel in Luxor. The NBE will contribute 75% of the total investment costs of EGP 524 million, with a financing period of twelve years, Ahram Gate reported on Sunday. The loan comes within the framework of the Central Bank of Egypt's (CBE) initiative to finance the replacement and renewal of hotels, floating hotels, and tourist transport fleets. Moreover, it comes within NBE’s framework to continuously support Egypt’s tourism sector, being a key source of foreign currencies. The project aims to replace and renew the palace according to the latest standards of modern hospitality, while preserving the building’s archaeological and architectural character, as part of the Egyptian state’s plan to develop all historical buildings nationwide. (Mubasher)
- The Central Bank of Egypt (CBE) issued treasury bills (T-bills) worth EGP 27.50 billion through two offerings on Sunday.
With a tenor of 91 days until 7 March 2023, the first auction stood at EGP 7.50 billion, according to official data. Meanwhile, the second tranche was valued at EGP 20 billion and will mature in 273 days on 5 September next year. On 1 December, the CBE offered T-bills at an aggregated value of EGP 26 billion through two issues. (Mubasher)
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