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MSMEs-
Fresh funds for Egypt’s microenterprises: EFG Holding’s microfinance arm Tanmeyah and Egypt’s Micro, Small, and Medium Enterprise Development Agency (MSMEDA) will lend out a combined EGP 200 mn to local microenterprises under an agreement inked between the two sides, according to a joint statement (pdf). The two sides will hand out loans of up to EGP 220k to some 10k microenterprises.
What they said: “Through this partnership, we aim to empower microenterprises by providing not just financial assistance but also the necessary support and resources to thrive,” EFG Finance CEO Aladdin El Afifi said.
HOSPITALITY-
The Smokery is heading to Oman: Local fine dining restaurant chain The Smokery has inked a MoU to form a strategic partnership with the Omani government’s Oman Tourism Development Company to launch restaurants and a salmon smoking factory in the country, according to a joint statement (pdf). The project will have an estimated investment of approximately EGP 250 mn over three years.
The first of many Gulf expansions? The Smokery is also exploring the possibility of expanding into Saudi Arabia and the UAE, a company representative told Enterprise.
LEGISLATION-
#1- MPs greenlight amendments to Unified Budget Act: MPs gave final approval to amendments to the United Budget Act that will see the budgets of all 59 of the state’s economic bodies and the state budget presented in a new consolidated budget — dubbed the Public Government Budget. The amendments were drafted after consultations with international institutions including the IMF.
** Finance Minister Mohamed Maait last month unveiled the ins and outs of the amendments — read our coverage here.
#2- Amendments to the Traffic Law were also passed by MPs, raising the price of car plates to EGP 600 from EGP 150 and giving the prime minister the right to further increase prices by 10% every year. The increases will cover the rising cost of manufacturing and support the integration of modern technology in regulating traffic movement.
PHARMA-
Egyptian insulin to land in Cuba: Arab Company for Drug Industries and Medical Appliances (ACDIMA) will begin exporting Egyptian-made insulin to Cuba, according to a statement from the Health Ministry.
