Good afternoon, ladies and gentlemen, and welcome to a relatively brisk issue to wrap up the first day of the short workweek.

THE BIG STORY TODAY

Have we got the second tranche from the IMF? Egypt has reportedly received the USD 820 mn second tranche of the USD 8 bn package agreed on with the IMF, two unidentified government sources told Asharq Business.

Earlier than we expected: IMF mission chief for Egypt Ivanna Hollar said during a press conference earlier this month that we could receive the tranche this summer after the fund completes its third review of the facility it agreed on with the government.

THE BIG STORY ABROAD

The US House has voted to pass USD 95 bn in aid to Ukraine, Israel, and Taiwan.An impasse that spanned six months ended with the approval of USD 61 bn in aid to Ukraine partly to address Kyiv’s dwindling ammunition, USD 26.4 bn to Israel, and USD 8 bn to Taiwan in the wake of growing tension with China. The Israel aid bill is meant to replenish the state’s missile defenses, despite Biden’s insistence that the US will not support Israel’s retaliation against Iran’s attacks last week. Democrats were able to maneuver a USD 9 bn package in humanitarian aid designated to Gaza as part of the aid package to Israel. (Bloomberg | BBC)

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

  • Gov’t slashes 2024 privatization program targets: The government aims to raisearound USD 1 bn through the privatization of state-owned companies and assets via stake sales to strategic investors or EGX listings this year.
  • New Chinese projects coming to our industrial zones: Egypt has inked 14 agreements with Chinese companies to set up projects alongside the Egyptian private sector during the China-Egypt Zhejiang Economic Forum on Thursday. The agreements include a USD 800 mn fiberglass and polyester factory with China’s Xin Feng Ming Holding.
  • The state is eyeing longer debt maturities: The Madbouly government aims to extendthe average maturity of its debt instruments to 4.5-5 years as it focuses on longer-term bonds.

enterprise

*** 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: An increasing number of international companies are looking to turn Egypt into a manufacturing and export hub for home appliances, with several companies trying to take advantage of recent government incentives as well as Egypt’s location and market demographics.

☀️ TOMORROW’S WEATHER- Monday is continuing with the recent rise in mercury with a high of 32°C and chilly lows of 18°C in Cairo at night, according to our favorite weather app.

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