US President Joe Biden arrived in Sharm El-Sheikh to participate in the "Climate Summit" | Zilla Capital

Newsletter

13 Nov 2022

US President Joe Biden arrived in Sharm El-Sheikh to participate in the “Climate Summit”

US President Joe Biden arrived in the Egyptian city of Sharm El-Sheikh on Friday to participate in the “Climate Summit”, and he was received by the Egyptian Minister of Planning, Hala Said. Biden will participate in the summit held in Sharm el-Sheikh, a day after the arrival of the US House of Representatives Speaker, Nancy Pelosi. It is noteworthy that this is Biden’s first visit to Egypt since he took office in 2021, and his visit to Egypt is scheduled to last 3 hours, during which he will meet with Egyptian President Abdel Fattah El-Sisi, before leaving for Cambodia. (CNN Arabic)

Egypt’s annual inflation jumps to 16.3% in October: CAPMAS
Egypt's annual headline inflation rate rose to 16.3% in October 2022, compared to 7.3% in the same month of 2021. The CAPMAS attributed the accelerated annual inflation to the year-on-year (YoY) surge in prices of the food and beverage segment by 23.9%, the alcoholic beverage and tobacco segment by 13.6%, the ready-made clothing and footwear segment by 14.6%, and the education segment by 7.7%. t is worth noting that Egypt's annual headline inflation rate recorded to 15.3% in September 2022, compared to 8% in September 2021. (CAPMAS)
Banque Misr signs a memorandum of understanding with El Sewedy and the Suez Canal Economy to establish an academy for technical education
This agreement positively reflects on the provision of skilled technical labor required to support strategic fields and industries by providing innovative technical education and vocational training programs, in accordance with advanced international standards, with a focus on the methodology of competencies and competencies. The Academy's presence was chosen within the strategic industrial zones that El Sewedy is establishing, with the aim of supporting the Egyptian industry and encouraging investment by providing skilled and trained technical labor according to the highest standards and advanced technology. (Hapi Journal)
IMF likely to discuss 4-year financing program to Egypt in December
The board of the International Monetary Fund (IMF) is expected to discuss the four-year international financing program to support Egypt’s economic reform, Minister of Finance Mohamed Maait said. This includes a staff-level agreement with the IMF under the Extended Fund Facility (EFF) at a value of 3 billion USD, along with 5 billion USD package from a number of international and regional partners. Moreover, it includes the possibility of obtaining an additional financing worth 1 billion USD from the IMF's Resilience and Sustainability Trust (RST). (Arab Finance)
Madbouly, Abdalla discusses necessary financing for essential commodities purchase
Prime Minister Mostafa Madbouly has met with the Acting Governor of the Central Bank of Egypt (CBE) Hassan Abdalla to discuss the provision of the necessary financing for purchasing essential commodities. They confirmed that reserves of these commodities are at a safe level. Both Madbouly and Abdalla stressed the importance of increasing the share of financing provided to invest in sustainability projects. The meeting was held on the sidelines of COP27 in Sharm El-Sheikh. (Arab Finance)
Egypt, US’ Honeywell seal MoU to transform government institutions to smart ones
Egyptian Ministry of Communication and Information Technology has signed a memorandum of understanding (MoU) with the US-based Honeywell International Inc. to transform government institutions into smart ones that depend on modern eco-friendly technology. The MoU comes within the framework of the state’s sustainable digitalization plan of government institutions to achieve operational excellence and ensure administrative and environmental sustainability. (Arab Finance)
Egypt ranks 4th in Africa to achieve SDGs in 2022
Egypt came in the 4th spot among 47 African countries in achieving the Sustainable Development Goals (SDGs) in the United Nations report for sustainable development for 2022, Minister of Finance Mohamed Maait said. Maait noted that around 30% of public investments in Egypt’s fiscal year (FY) 2022/2023 budget are linked to the SDGs, adding that the government aims to increase this percentage to 50% in FY 2024/2025 from 15% in FY 2021/2022 budget. (Arab Finance)
Egyptian private sector ready to issue 120-200 billion USD green bonds
The private sector in Egypt is getting ready to issue green bonds worth about 120 billion USD to 200 billion USD, Minister of Planning and Economic Development Hala El-Said said. Egypt is the first country in the Middle East and North Africa (MENA) to launch green bonds at a value of 750 million USD to mobilize resources for green projects, especially in the clean transport field. The Egyptian government has made a number of policies to be applied to create a favorable environment for climate actions. (Hapi Journal)
Developed countries pledge 100 billion USD financing for climate action in developing countries: Al-Mashat
The developed countries pledged 100 billion USD in financing to support climate action in the developing countries, Egyptian Minister of International Cooperation Rania Al-Mashat said. The developing countries is in a need for more than that amount. Egypt’s joint cooperation portfolio with the OPEC Fund amounts to around 1.5 billion USD. It is worth noting that the ACG consists of 10 national, regional, and international institutions, including the OPEC fund. (Arab Finance)
Tanmiya sells 28.6 million EGP units in CFC
Tanmiya for Real Estate Investment (TANM) announced that it sold two administrative units at the Podium project in Cairo Festival City (CFC) in consideration of 28.59 million EGP. The impact of the sale will be reflected on the financial statements for the period ending December 31st, 2022. Established in 2021, Tanmiya is a Cairo-based EGX-listed company that operates within the construction and engineering field. (Arab Finance)
Fawry’s microfinance unit launches loan-requesting app
Fawry for Banking Technology and Electronic Payment (FWRY) announced that its subsidiary, Fawry Microfinance, launched Tamweelak Fawry mobile app. Tamweelak Fawry enables users to request a loan online and track it through a simplified financing process tailored to the needs of micro and small businesses. The app features an easy registration process so that users can obtain and repay their loans in a few steps. Tamweelak Fawry also includes a loan calculator that helps users identify the best product for their business needs. (Arab Finance)