THIS EVENING: Are we getting c. USD 3 bn from the World Bank?

Good afternoon, ladies and gentlemen. We’re guzzling coffee while we still can during daylight hours as we gear up for the start of Ramadan this evening or tomorrow evening.

THE BIG STORY TODAY-

World Bank to funnel c. USD 3 bn into the state’s coffers: The World Bank is expected to extend around USD 3 bn in financing to Egypt, Finance Minister Mohamed Maait said today at a presser attended by Enterprise. The announcement gives further nuance to Maait’s statement last week that our agreement with the International Monetary Fund could help secure a total of USD 20 bn in foreign support.

ICYMI: The USD 20 bn figure includes around USD 11 bn from international partners — including the World Bank, European Union, Japan, and the UK — alongside the USD 8 bn IMF package we agreed on with the Fund last week and a still-in-talks USD 1-1.2 bn in climate finance under the Fund’s Resilience and Sustainability Facility.

The latest on our IMF package: The USD 8 bn loan will come with a three-year tenor, Maait said.

Remember: The agreement is subject to approval by the IMF’s executive board, which is expected to meet to consider the pact before the end of the month, according to our sources.

THE BIG STORY ABROAD

Biden’s plans to accelerate the delivery of aid to Gaza are getting some ink in the international press. A US Army vessel was on its way to Gaza today with equipment for the construction of a temporary pier as part of the POTUS’ plan to increase aid to Gaza, according to the Associated Press. Setting up the jetty, alongside the airdrops conducted by the US, Jordan, and other nations, signals the growing concern about the humanitarian crisis in the enclave and the readiness to circumvent Israeli supervision of shipments by land. Israel approved the sea deliveries and stated that it would inspect the cargo heading to Gaza before it departs from a location near Cyprus.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• IMF agreement could pave the way for more foreign financing: Officials expect our agreement with the IMF to help secure a total of USD 20 bn in foreign support.
• Moody’s has upgraded Egypt’s outlook to positive from negative,affirming its Caa1 rating — seven rungs into junk territory.
• Investor appetite for local debt has returned post-float: The central bank raised EGP 87.8 bn in a one-year t-bill auction on Thursday — receiving offers for almost 3x the amount sold. The bills were sold at an interest rate of 32.3%. It also sold EGP 14.2 bn worth of six-month t-bills. Prominent investment banks like Goldman Sachs, Citibank, and Morgan Stanley were among the investors.

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: After two years of a worsening foreign currency crunch that has made it increasingly difficult to import machinery and raw materials, industry players are able to breathe a sigh of relief after the Central Bank of Egypt’s decision to float the EGP last week means unlocking FCY critical to their operations.

☀️TOMORROW’S WEATHER- On what is likely to be the first day of Ramadan, the mercury will climb to a high of 24°C after an early morning low of 11°C and then drop to a low of 16°C, according to our favorite weather app.