THIS EVENING: World Bank provides Egypt USD 700 mn in Development Policy Financing

Good afternoon, ladies and gentlemen, and happy Monday. This second day of the week couldn’t get any better as we have news of another day off.

PSA-

Public sector employees officially have Sunday, 30 June off in observance of 30 June Revolution Day, Prime Minister Moustafa Madbouly’s office announced today.

THE BIG STORY TODAY

World Bank grants Egypt USD 700 mn in Development Policy Financing: The World Bank has announced that it will be providing Egypt with USD 700 mn in Development Policy Financing (DPF), in a move to help “support the country to shift toward more private sector participation, better macroeconomic and fiscal resilience, and a greener growth trajectory,” the World Bank and the International Cooperation Ministry said in separate statements on Monday.

The funding comes as part of a three-year USD 6 bn financing package from the Bank that was announced in March, which the bank said is designed to help boost private sector growth and job creation, and to “enhance human capital outcomes, foster climate resilience, and strengthen economic management,” the lender’s statement read. Of the USD 700 mn included in the current DPF, USD 200 mn will be contingent on complementary financing from other development partners, the bank said.

THE BIG STORY ABROAD

Iranians go to the polls this Friday for the country’s presidential elections, garnering the attention of the international press. Iran’s former president Ebrahim Raisi died after a helicopter carrying him and Foreign Minister Hossein Amirabdollahian crashed in May. Bloomberg profiles the six men selected by Iran’s Guardian Council to run in the election, the majority of whom are anti-US hard liners although Masoud Pezeshkian stands out as the sole reformist candidate. Meanwhile Reuters spoke to young voters about the likelihood that they will take part in the election, which one described as “a circus.”

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

• The USD rose above 48 EGP for the first time since April, jumping by around EGP 0.70 yesterday. The rate settled at EGP 48.20 by the end of the day at the Central Bank of Egypt and other local lenders.
• Beltone Holding is revamping its Beltone Trading App into an investment fund platform with a new fully digital onboarding process.
• Saudi-Egyptian Industrial Investment’s acquisition bid for El Nasr Glass is back on: The Saudi-Egyptian Industrial Investment company is considering reviving its bid to acquire a majority stake in the state-owned El Nasr Glass and Crystal Company.

☀️ TOMORROW’S WEATHER- Another scorcher with a high of 39°C and a low of 25°C in Cairo, according to our favorite weather app.