FOOD SECURITY–

OPEC Fund to help Egypt fund commodities imports: The OPEC Fund for International Development (OPEC Fund) is providing Egypt USD 10 mn to finance imports of vital food and agricultural commodities, it said on Tuesday. The loan is part of a USD 200 mn trade finance facility with the International Islamic Trade Finance Corporation (ITFC) supporting food security in Egypt, which has taken a hit since the war in the Ukraine pushed up the global price of commodities.

Remember: Our heavy reliance on imports of wheat, grain, vegetable oils and animal proteins has continued to push up the annual food inflation rate, which reached a record high of 71.4% y-o-y in August.

EDUCATION –

AUC receives USAID grant: The American University in Cairo (AUC) received a USD 85 mn grant from USAID, according to a press release (pdf) on Monday. The investment will go towards the five-year USAID Partnerships for Educational Progress program, which will see the AUC collaborate with the Higher Education Ministry, US universities, Egyptian higher education institutions, and the private sector to develop higher education in Egypt.

ICYMI- USAID has taken a keen interest in developing the country’s education system and its director met with Education Minister Reda Hegazy last week to discuss the agency’s support for education projects in Egypt.

REGULATION-

Higher fees, more lenient residency rules for foreigners: The government has amended the act governing foreign residency in Egypt, introducing higher fees, published yesterday in theOfficial Gazette. Key changes included increasing residence cards issuance fees to EGP 500, from EGP 380 previously.

Remember- Earlier this month, the government issued a decision requiring Foreign nationals applying for a residence permit after arriving in Egypt to transfer the required fees from hard currency into EGP through a local bank or exchange office, effective as of 13 September. Foreign folks residing in the country without a valid residence permit have three months from 13 September to rectify their status — and must deposit an administrative fee equivalent to USD 1k in a designated bank account.

#2- New pricing rules for ins. firms: The Financial Regulatory Authority (FRA) has issued a decision requiring ins. companies and cooperative associations to conduct in-depth studies on the technical and actuarial principles they use to price ins. policies. Firms will need to put forward proposed advisory rates for each ins. branch, based on at least five years of historical performance data. The regulator said the decision aims to bring more transparency and fairness to pricing. The initial focus will be on property and liability ins., including lines such as aviation, marine, petroleum and engineering.

Tags: