Good morning, friends. We’re halfway through what has been a pretty eventful October and we don’t expect the news flow to slow down as the month draws to a close. We lead today’s issue with debt news, with the IFC gearing up to issue EGP 100 bn worth of bonds within months.

ALSO IN TODAY’S ISSUE- The Madbouly government unveils its plan to up oil and gas exploration in the years to come and we dive into Entlaq’s report dissecting our startup scene.

PSA-

WEATHER- It’s another cool fall day in Cairo, with a high of 28°C and a low of 19°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 27°C and a low of 18°C.

GDP WATCH-

The IMF expects Egypt’s economy to grow 4.3% in 2025, according to the fund’s latest World Economic Outlook (pdf). The fund also sees the economy growing 4.5% in 2026 and 5.3% in 2030. While the report didn’t offer much commentary on Egypt, it mentioned that “the outturn in the first half of 2025 was better than expected.” The report doesn’t mention growth projections for the country’s fiscal year, which runs from July to June.

What about the global picture? We dive deeper into the WOE in this morning’s Planet Finance, below.

More to come: Expect more commentary on Egypt when the IMF releases its Regional Economic Outlook for the Middle East and Central Asia on 21 October.

WATCH THIS SPACE-

#1- The economy is showing signs of improvement and steady growth amid rising investor confidence, Finance Minister Ahmed Kouchouk told international investors on the sidelines of the IMF and World Bank annual meetup in Washington, according to a ministry statement. Recent economic and fiscal reforms have helped sustain stability and push growth to 4.4%, Kouchouk said.

Driving growth: Private sector investments grew 73% last fiscal year, supported by better governance of public investments, which created more space for private participation and lowered the government’s debt-to-GDP ratio. Kouchouk added that fiscal policy now focuses on boosting production and exports and making growth more inclusive, while improved economic policies have helped ease inflation.

#2- Owners of New Urban Communities Authority-established units will soon get a three-month window to settle late payment fees under more favorable conditions, following the proposal’s approval by the Housing Ministry, according to a ministry statement. The move covers all types of land — residential, commercial, service, investment, industrial, and legalization plots — as well as coastal units.

The authority will grant a 70% waiver on late-payment fines for those who pay all outstanding dues in full and a 50% waiver for those who pay half. An additional 10% reduction applies if payment is made within 30 days of the official announcement. The measure, which can only be used once within the three-month period, is part of the government’s broader drive to ease burdens on citizens and investors and maintain a favorable climate for real estate investment.

HAPPENING TODAY-

#1- It’s day three of the World Bank and IMF annual meetup in Washington. Yesterday’s release of the IMF’s World Economic Outlook is continuing to get a lot of ink in the financial press this morning, after the Fund noted the global economy’s “unexpected resilience” despite global tariff war uncertainty weighing on growth. This pushed the fund to up its global GDP forecast 0.2 percentage points from its July projection to 3.2%.

** Want to dive headfirst into the report to find out more? We’ve got a rundown in today’s Planet Finance in the news well, below.

#2- It’s day four of Cairo Water Week, the country’s annual event to discuss innovative solutions for climate resilience and water sustainability, which is taking place at New Cairo’s Triumph Luxury Hotel and will wrap tomorrow. The event’s packed schedule includes workshops, exhibitions, and sessions around adaptation to climate change, water resource management, nature-based solutions, and sustainable infrastructure. The event will also host competitions for young inventors and showcase new technologies aimed at advancing the water sector in Egypt and the region.

** DID YOU KNOW that we cover Saudi Arabia and the UAE?

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THE BIG STORY ABROAD-

Government bonds rallied yesterday as equities took a hit and investors piled into safe haven assets following renewed tensions between the US and China as the latter faces a 100% tariff on its goods after it tightened export controls on rare earth minerals.

The yield on the UK’s benchmark 10-year government bond — gilts — lost 8 basis points, while yields on US 10-year Treasuries fell 3 basis points, and yields on bonds in France, Germany, Italy, Australia, and Japan all edged lower. (CNBC)

Meanwhile, US Federal Reserve Chair Jerome Powell signaled he would back another rate cut as preliminary labor market data shows signs of distress, despite the official jobs market data being delayed to the ongoing US government shutdown. (Financial Times)

CLOSER TO HOME- The fragile Israel-Hamas ceasefire agreement has already started to face snags, just a day after US President Donald Trump heralded the end of the war during his visit to the region. Israel said it would limit the volume of humanitarian aid going into Gaza to half since Hamas has failed to return the bodies of some of the deceased hostages, as was agreed. Hours later, though, Hamas delivered some of the bodies, but US President Donald Trump is threatening Hamas with retaliation if it does not lay down its arms.

The question of Hamas’ disarmament remains contentious, with Hamas yet to comply as it deploys hundreds of security forces in Gaza and follows through with executions of several people accused of collaborating with Israel. (Reuters | Bloomberg | Guardian)

Trump is also threatening to cut financial aid to Argentina if current president — and Trump ally — Javier Milei loses the upcoming election, threatening a USD 20 bn commitment to the country. (Guardian | Reuters | AP | New York Times)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at what the state is doing to up electricity and renewables investments this fiscal year.

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