Ministries of housing, financing, and tourism are set to start supporting five low-interest financing initiatives, instead of the CBE

Newsletter

22 Nov 2022

Ministries of housing, financing, and tourism are set to start supporting five low-interest financing initiatives, instead of the Central Bank of Egypt As of the effective day of the decree, the Ministry of Finance will manage and monitor all existing low-interest initiatives, including taking relevant decisions and setting regulations determining the beneficiaries, cost, schedule, and the authority executing each initiative. Furthermore, the prime minister’s decree prohibits any entity or authority, including the CBE, from preparing, drafting, or financing any new initiative or conducting any modifications to an existing initiative causing direct, indirect, potential, or expected financial burdens on the Public Treasury without approval from the Cabinet based on a study by the Ministry of Finance. The decree stipulates that in case of the violation of the previous clause, the Public Treasury may not be requested to give any relevant reimbursement. (Al Mal News)

Landmark climate change deal struck at UN summit COP27 in Egypt to help poorest countries hardest hit by global warming
A landmark deal has been struck by almost 200 countries at the UN summit COP27 in Egypt, to help poorer nations cope with the destruction from global warming. Applause broke out at the summit in Sharm El Sheikh, when the historic deal was made to establish a fund to help poor countries that are worst-hit by climate change. The global climate meeting was scheduled to end on Friday, but the division over the final deal pushed the summit into overtime. Earlier President of the COP27 summit, Sameh Shoukry admitted that not all parties were satisfied with the deal. (Sky News)
Egyptian agricultural exports reached a volume of around 5.615 million tons during the period from January 1st until November 16^th
Exports of citrus amounted to 1.674 million tons in the January-November period, while exports of fresh potatoes reached 863,231 tons. The volume of exports of onions, grapes, beans, and pomegranate recorded 431,469 tons, 154,010 tons, 165,001 tons, and 131,250 tons respectively. Exports of sweet potatoes reached 122,590 tons, while exports of mango and tomato amounted to 66,905 tons and 37,870 tons, respectively. Moreover, Egypt’s exports of garlic, strawberries, guava, and watermelon were 30,502 tons, 19,734 tons, 10,605 tons, and 9,130 tons, respectively. (Arab Finance)
The trade exchange between Egypt and the Netherlands grew by 15.75% to around $1.759 billion in 2021 from about $1.52 billion in 2020, Egyptian Minister of Trade and Industry Ahmed Samir revealed.
Samir held a meeting with the Dutch Minister for Foreign Trade and Development Cooperation, Liesje Schreinemacher, exchanging visions on different topics and economic issues of mutual interest. Samir noted that the meeting explored industrial and investment bilateral cooperation, as well as the establishment of joint projects in a group of sectors of top priority to both countries, including pharmaceuticals, agriculture, food security, new and renewable energy, water resources management, logistics services, and innovation industries. Furthermore, the Egyptian minister commented that Egypt’s agreement with the International Monetary Fund (IMF) would support the national economy’s stability and resilience against the adverse impact of the current global economic crisis resulting from the Russian-Ukrainian war. (Al Mal)
Egypt allocated EGP 410 billion to green projects during the fiscal year (FY) 2022/2023, according to an infographic by the Cabinet Media Center.
The green projects’ allocations for FY 2022/2023 comprise EGP 259 billion in clean transport projects, including the €2.7-billion two monorail lines in New Administrative Capital (NAC) and the 6th of October City, and the EGP 519.5 billion high-speed train project. The Egyptian government also allocated EGP 38 billion to sustainable sewerage projects, $25 billion to clean energy projects, $22 billion to clean water projects, $18.5 billion to environment projects, $14 billion to sustainable irrigation projects, and $11 billion to sustainable agriculture projects. Furthermore, the cabinet infograph also showed that 16 memoranda of understanding (MoUs) were signed for the production of green ammonia and green hydrogen projects in the Suez Canal Economic Zone (SCZone), including nine MoUs turned into actual contracts. (Arab Finance)
Egyptian government postpones application of ACI system at airports.
Minister of Finance, Mohamed Maait, announced extending the trial period for the advance cargo information (ACI) system at airports until global and local economies stabilize, the Middle East News Agency (MENA) reported on November 21st. Maait noted that the decision was taken based on a request by the business community dealing with the customs system. The decision aims to alleviate the impact of the Russian-Ukrainian war and Covid-19 on businesses, Maait added. It is worth noting that the ACI system was set to be applied at airports on January 1st, 2023. (Arab Finance)
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that the Egyptian population hit 104,228,000 on Monday,
with an increase of 115,000 since October 25 (28 days). In July, the Ministry of Health and Population announced Wednesday that the total number of visits held by women to family planning units reached 11,370,287; including visits made by 1,166,735 women who sought the service for the first time. With regard to the number of birth control items disbursed, it recorded 14,228,298 of various types. Also, birth control services were provided to 615,545 women in the first half of 2022 through mobile clinics and medical caravans. (Al Ahram)
The Ministry of Planning and Economic Development is preparing to offer new water desalination projects through The Sovereign Fund of Egypt (TSFE)
Dr. Hala El El-Said, Chairmperson of the TSFE and Egyptian Minister of Planning and Economic Development, noted that green hydrogen projects had been under negotiations for a long peirod, adding that investors had sealed preliminary agreements. Investors are set to start feasibility studies, secure required financing, and seek local and international partners, El-Said revealed. During the UN Climate Change Conference (COP27), TSFE signed a number of cooperation agreements and protocols with nine developers in the renewable energy sector at a total value of $83 billion. El-Said expected these agreements to be finalized in the second quarter (Q2) of 2023 and construction to start in the coming months.She added that the first phase of the hydrogen projects included $16.5 billion in projects to be executed in 2025-2026; $38 billion in projects to be executed by 2030; and $28.5 billion in projects to be executed by 2035. (Arab Finance)
The Land Developers (TLD) has signed a partnership agreement with ASASS Construction to initiate the construction work of Armonia New Capital at a contractual value of EGP 210 million.
Under the signed agreement, the two companies will jointly work on completing the project on time, while ensuring the highest quality. The partnership is aligned with TLD’s strategy to collaborate with eminent partners to deliver top-notch projects as per international standards. The signing ceremony was attended by Chairman and CEO of TLD Ahmed El Tayebi, Chief Development Officer of TLD Hossam El Sawwaf, Managing Director of ASASS Construction Ziad El-Hares, and General Manager of ASASS Construction Islam Onsy. Located in the heart of the New Administrative Capital at R7, Armonia extends over an area of 42 acres within close proximity to all key districts including the Government Center, Diplomatic District, Investment Zone, Conference Center, the New Administrative Capital Airport, Mohammed bin Zayed axis, and the Regional Ring Road. (Arab Finance)
valU, a subsidiary of EFG Hermes Holding (HRHO), has entered a partnership with Talaat Moustafa Group Holding (TMG Holding) (TMGH) to provide customers of TMG’s 2 flagship malls with favorable payment solutions to customers.
The partnership will serve the customers across both malls in TMG’s prominent full-fledged retail outlets in Madinaty and Al Rehab. Moreover, valU launched two cutting-edge arenas that will introduce exceptional stadium-like public viewing experiences of future football matches. The arenas are set to feature a wide range of distinct offerings, food and beverage choices, and interactive competitions and activities. Established in 2017, valU is the first-of-its-kind BNPL fintech platform in the Middle East and North Africa (MENA) region, offering a wide range of plans, with more than 5,000 points of sale and over 300 websites. (Mubasher)