Good morning, friends. It seems that everyone’s gearing up for the incoming national holidays by getting all their big announcements out of the way before we all take a well deserved break. In today’s plentiful issue, we’ve got big international debt issuance plans from the government, a look into the rise in remittances, another big-ticket real estate project in the works, and a whole lot more.

PSA-

Banks will also be off next Thursday in observance of Sinai Liberation Day, in addition to the two days bankers will be getting off on Sunday and Monday for Coptic Easter and Sham El Nessim.

But don’t worry, the rest of you will also be getting time off, with the public and private sectors getting Monday and Thursday off next week, in addition to Thursday, 1 May for Labor Day.

And that includes us too, here at EnterpriseAM Egypt HQ. Your go-to daily dose of local business news will be taking a break from your inbox on Sunday, Monday, and Thursday next week.

WEATHER- Cairo is in store for a sunny day today, with a high of 30°C and a low of 15°C, according to our favorite weather app.

It’s a few degrees cooler in Alexandria, with a high of 26°C and a low of 16°C.

And over the weekend, expect to see highs in the capital stay in the low 30s and for temperatures to remain around the same mark for our friends on the Mediterranean.

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WATCH THIS SPACE-

A joint Egyptian-Tunisian investment bank in the works? Investment Minister Hassan El Khatib and Tunisian Prime Minister Sara Zaafarani discussed putting into motion a proposal to establish a joint bank to facilitate investment and trade between the nations, according to a ministry statement covering the minister’s trip to the fellow North African nation. One of the first steps would be getting Egyptian state-owned banks to look into opening a branch or representative office in the country, according to the statement. The idea of a unified platform to promote cross-border investments was also floated during a separate meeting with Tunisian Economy Minister Samir Abdel Hafiz

Egyptian businesspeople could soon be able to more freely enter and exit Tunisia — and vice versa — under a visa whitelist initiative that more easily approves multi-entry visas with the aim of encouraging bross-border investment. Also among the initiatives to improve economic coordination between the two are efforts to reactivate the Egypt-Tunisia Business Council.

The two sides also floated reactivating a regular shipping line between the countries to boost trade, in addition to working on a road network via Libya. El Khaitb pushed for a tripartite committee of the three countries to be set up to develop the maritime and land link proposals.

HAPPENING TODAY-

There’s only one question on everyone’s mind today — Will the central bank finally cut interest rates? Later today, we will have the answer — and the consensus is for a cut, according to economists and analysts recently polled by EnterpriseAM. After having kept rates steady for the past seven Monetary Policy Committee meetings, most of the analysts we spoke to are pencilling in a 200 bps cut, with some saying the cut could be as large as 300 bps.

HAPPENING NEXT WEEK-

The IMF and World Bank’s spring meetup will get the ball rolling on Monday amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

The mood of the meetup is already starting to become clear, with World Bank President Ajay Banga telling reporters yesterday that “uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment,” according to AFP.

Tensions between the Trump administration and the World Bank are expected to come into focus over the week, with the White House so far yet to commit to the USD 4 bn pledged to the international financial institution by his predecessor in the last months of his presidency. Brushing off suggestions of bad blood, Banga described ongoing negotiations with its largest financial backer as “constructive” and told reports that “they’re asking the right questions, and we’re trying to give them the right answers.”

We’re yet to hear who will be representing Egypt at the meetup, but we’re expecting some of the most senior members of the cabinet to soon be jetting off to Washington DC for the event — as was the case last year.

You can check out the full schedule on the event’s official website.

DATA POINT-

The Finance Ministry expects Suez Canal revenues from transit fees to almost double to USD 6.3 bn in the budget draft for FY 2025-26, compared to USD 3.7 bn estimated in the current fiscal year, according to data seen by EnterpriseAM. The ministry also expects the public treasury’s share of these revenues to nearly double to EGP 205 bn compared to EGP 109 bn in the prior year.

REMEMBER- Revenues from the global waterway dipped by roughly USD 7 bn in 2024, as attacks on passing vessels by Yemen’s Houthis in response to Israel’s war on Gaza pushed the world’s major shipping lines to reroute around the Cape of Good Hope. There was a brief reprieve in Red Sea disruptions after a January ceasefire, but Israel soon relaunched its assault on Gaza, which was followed by the resumption of Houthi attacks in the Red Sea in retaliation to the mounting casualties in the enclave that have now passed the depressing 60k milestone.

THE BIG STORY ABROAD-

US stocks had another tough day yesterday, with US Federal Reserve Chair Jerome Powell’s warnings about the impacts of tariffs on inflation prompting a broad-based sell-off that pushed the S&P 500 down more than 2%, and the Nasdaq down 3.1%. Powell hinted at higher inflation and slower growth on the back of the new tariffs in remarks for the Economic Club of Chicago, and signaled that the Fed will be in no rush to cut interest rates. (Reuters | Bloomberg | WSJ | FT)

The biggest losers from the sell-off so far? Tech stocks. We have more on this in Planet Finance, below.

Meanwhile, gold is soaring to record highs as investors pile into the safe haven, while another (usual) safe haven — the USD — is still losing value, with counterparts like the JPY and the CHF gaining ground as investors continue to shy away from US assets. (Reuters)

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