Good morning, folks. After an unusually busy Ramadan for local business and economy news, it seems the tempo is set to pick up even further with a raft of new announcements out over the Eid Al Fitr break.

We’ve got plenty to squeeze into today’s issue, so let’s jump right into it.

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HAPPENING TODAY-

The IMF and World Bank spring meetings kick off today: Global finance chiefs are in Washington this week for the IMF and World Bank’s annual spring meetings.

ICYMI: Georgieva will begin her second, five-year term as the head of the IMF on 1 October 2024. The IMF’s executive board said she was getting another term thanks to her “strong and agile leadership … navigating a series of major global shocks.”

What to look out for: Finance Minister Mohamed Maait will take the stage tomorrow for a one-on-one conversation with the IMF’s Middle East and Central Asia head Jihad Azour under the title Egypt: Lessons in Restoring Macroeconomic Stability. The IMF will also release its World Economic Outlook and part of its Global Financial Stability report tomorrow and its fiscal monitor on Wednesday.

Go deeper: Check out the full schedule for the gathering here.

Also on Maait’s Washington schedule: Maait will also be attending an annual health financingforum hosted by the World Bank today until Wednesday and the G20 finance ministers’ meeting running this Wednesday and Thursday, according to a statement from the Finance Ministry.

PSA-

The blackouts are back: Rolling blackouts are to resume in Egypt today after the Electricity Ministry put blackouts on pause for 35 days during the month of Ramadan and the Eid vacation, unnamed sources from the ministry told Al Mal. Power cuts will last for an hour each day between 11am and 5pm, the sources added.

WEATHER- It’s feeling pretty summery in Cairo today, with a high of 30°C and a low of 18°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 25°C and a low of 14°C.

WATCH THIS SPACE-

#1- EBRD mull financing Actis’ acquisition of Gabal El Zeit: The European Bank for Reconstruction and Development is reviewing a proposed USD 140 mn loan for private equity giant Actis to finance its acquisition of the Gabal El Zeit wind farm in the Gulf of Suez, according to a project summary from the lender. The loan is now pending a structure review.

Remember: The Gabal El Zeit wind farm is included in the list of 35 companies and assets earmarked for privatization. Actis has reportedly wrapped up due diligence on the state-owned 580-MW wind farm and is in advanced negotiations with the government, according to unconfirmed local media reports in February.

#2- A digital upgrade for the commercial registry: Local companies will have six months to register and update their commercial activity on a new electronic platform, the Supply Ministry said in a statement on Sunday. An automated assistant that can be contacted via WhatsApp has also been launched to help establishments register on the platform.

#3- Egypt could be present at G7’s June meetings: G7 leaders will gather inmid-June to hold outreach meetings centered on the war in Ukraine, with host Italy planning to extend invitations to several African countries including Egypt, an unnamed source told Reuters.

THE BIG STORY ABROAD-

There’s no single big story abroad this morning, but driving the news for the foreseeable future:

#1- Are we looking at an Iran-Israel war? Egyptian, Saudi, G7, and G20 leaders are all pushing Tel Aviv and Tehran to cool off lest they tip things over into a wider regional conflagration. It’s the singular priority in policymaking circles this morning, as underscored by the banner headline in the Wall Street Journal: Biden wanted to avoid a regional war. Now he’s got one.

Egypt expressed “deep concern” over the attacks, calling on all parties to avoid further instability in the region. Foreign Minister Sameh Shoukry also held telephone conversations with his counterparts from the US, Iran, and Israel in a bid to prevent any further escalation.

Business as usual in Egypt: The Civil Aviation Ministry denied rumors that Egypt will be closing its airspace, explaining that flights continue to operate normally — however, EgyptAir briefly suspended flights to Jordan, Iraq, and Lebanon before resuming them hours later.

The key message to Israel, per Politico: Don’t do something you’ll regret.

#2- The wildcard: How will Netanyahu react? And on what time scale? International leaders will have plenty of forums in which to express “deep concern” this week, with G7 foreign ministers and EU heads of state both set to meet on Wednesday and G20 finance ministers meeting on Thursday.

Also “top of mind” as we keep shrugging off the post-Eid blues:

Not enough news in the pipeline for you? The halving of BTC should take place sometime around Saturday, Donald Trump’s criminal hush-money trial gets underway today in New York City, and India kicks off its 44-day parliamentary election process on Friday.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We dive into the demand and supply for second foreign languages in Egypt’sK-12 system.

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