Egypt offers Venezuela the export of medicines in exchange for oil

Newsletter

16 Nov 2023

Egypt offers Venezuela the export of medicines in exchange for oil. The Export Council for Medical Industries is studying the possibility of exporting medicines to the Venezuelan market in exchange for importing oil, as part of efforts to alleviate pressure on hard currency in Egypt. The coordination is underway with the Egyptian Ministry of Petroleum to implement this deal, valued at 300 million USD, especially given the Venezuelan market’s need for medicines and supplies. (Al Borsa News)

Afreximbank signs a financing agreement worth 800 million USD with Oando Company.
The African Export-Import Bank (Afreximbank) has signed a letter of undertaking to facilitate a dual-currency credit facility of 800 million USD with Oando Company. The financial package includes 500 million USD in reserve-based secured lending facilities and 300 million USD in trade-backed term loan facilities, and the financing was signed during the African Trade and Investment Forum (IATF) held in Cairo. (Hapi Journal)
Qatar will inject 1.5 billion USD in industrial investments in Egypt in 2024.
The head of the Commercial Representation Authority, affiliated with the Egyptian Ministry of Trade and Industry, Yahya El-Wathiq Belah, expects, new Qatari investments in the industrial sector in Egypt in 2024, amounting to approximately 1.5 billion USD. These figures anticipated by El-Wathiq Belah are the first mentioned for new Qatari investments in Egypt since the gas-rich state agreed with the Egyptian government in March 2022 on investments and partnerships totaling 5 billion USD in the near future. (Asharq Business)
The government has approved the development plan for the tourist front west of the New Alamein City.
The government has approved the general plan for the development project of the tourist front west of the New Alamein City. The project will be implemented on an area of approximately 10.5 million square meters, with a built-up area (BUA) spanning up to 5 million square meters. It will include 6,600 housing units to accommodate nearly 30,000 residents, in addition to 18,000 hotel rooms. (Al Borsa News)
Egypt aims to boost petrochemical, fertilizer exports to Africa by 10% in 2024.
Speaking at the third Intra-African Trade Fair (IATF) being held 9-15 November, Abul-Makarem emphasized Egypt's commitment to expanding exports. The IATF, with over 1,950 foreign exhibitors, highlights Egypt's growing stature as a reliable gateway to Africa, he noted. The export council hopes to take advantage of the African Continental Free Trade Area (AFCFTA) to expand exports. (Daily News)
It is worth noting that Egypt exported 358 million USD worth of chemicals and fertilizers to Africa in the first quarter of 2023 alone,
lagging only behind construction materials in terms of total value of the country’s exports to the continent. Egyptian exports of chemicals and fertilizers soared by 23% in 2022 to 8.62 billion USD from 7.33 billion USD in 2021, the council revealed in June. Annually, exports of fertilizers jumped by 42% to hit 3.38 billion USD, ranking second among the 2022 exports. Egypt also aims to import various products, production requirements, intermediate chemicals, fertilizers, and plastic industries from African countries. (Daily News)
Steel prices in Egypt reach historic highs.
Ezz Steel, Egypt's largest steel producer, raised prices to 37,305 EGP from 32,135 EGP per ton in March. Also, other producers, including El-Marakby Steel, increased prices per ton to 33,500 EGP from 29,500 EGP. The Egyptian Steel and Garhy Steel raised prices to 35,000 EGP and 33,500 EGP per ton, respectively, from 32,050 EGP and 27,500 EGP in March. Egypt’s steel production has slowed since the beginning of 2023 due to foreign currency shortages and a decline in local demand. (Daily News)
Egypt's Mercantile Exchange Chairman Reveals Price of Sugar in Market.
The local market is witnessing significant increases in the price of a kilo of sugar, with it almost disappearing from food stores and major chains, and if it exists, its price ranges from 45 to 50 pounds per kilo. Ibrahim Ashmawy, chairman of the Egyptian Mercantile Exchange said that the reasons for the rise in sugar prices, during the recent period is the approaching start of the harvest of the new crop of cane, the increase in demand for sugar, and the fact that some companies and traders are storing sugar, in preparation for the start of the month of Ramadan in March 2024. Ashmawy added, that the state has conducted a tender to import 100,000 tons to fill the current gap in the markets, at a price ranging from 810 to 820 dollars per ton. (Daily News)
On the global front, Israel’s siege of Al Shifa hospital, the largest in Gaza, continues to lead the conversation in the international press after Israeli troops entered the hospital
in what they described as a “precise and targeted operation” against Hamas. Israel and the US maintain that Hamas is using hospitals to conduct their operations and hide top brass — claims that doctors at Al Shifa vehemently deny. (Financial Times)
Putin is keeping an eye on the Asia-Pacific Economic Cooperation (APEC) summit today as talks between Chinese President Xi Jinping and US President Joe Biden are taking place.
Given their alliance with China, Russia isn’t very keen on any agreements between their ally and the US. Russian news agencies are making sure to dim down the meeting by stressing the differences between the two, rather than mentioning the summit or Xi-Biden talks. (CNBC)