Good morning, all, and happy hump day. We have another packed issue for you this morning, led by the government’s latest efforts to ensure the oil keeps flowing — we’re buying up 3% of Libya’s monthly oil production.

Also in today’s issue: The Madbouly government sees our financing gap shrinking to EGP 2.7 tn next fiscal year; the EGX ended the first quarter of the year up despite an almost 8% dip in March; and the EGP 2 coin will soon hit the market.

Watch this space

ECONOMY — Could the IMF help us weather the impact of the war in the Gulf? The IMF may top up existing lending programs to support a wave of countries seeking emergency aid to weather the energy crisis triggered by the US-Iran war, the Fund’s Managing Director Kristalina Georgieva told Reuters. And while she didn’t name any of the nations that “asked for funding help,” we already knew that the Madbouly government has been in talks with the IMF, among other international financial institutions, for additional concessional financing to help plug the war-triggered financing gap.

Watch this space: Requests for emergency financing will be discussed during the IMF and World Bank’s annual spring meetings, which will kick off on Monday, 13 April.

The Fund has been assessing the impact of the war on countries with existing loan programs since the war first broke out, IMF Arab States and Maldives Executive Director and former Finance Minister Mohamed Maait told EnterpriseAM last month. The lender’s response will be based on the scale and length of the shock.

LOGISTICS — East Port Said port received the largest dry bulk vessel ever to berth at an Egyptian port, according to a statement by the Suez Canal Economic Zone. The MV Paroship vessel arrived at the Sky Ports multipurpose terminal carrying around 180k tons of cargo from Mauritania, compared to the roughly 165k tons carried by the largest capesize vessel previously received there.

Why it matters: The vessel’s arrival signals that the port is pushing beyond its container-hub profile and into heavier bulk handling. In an effort to position itself as a regional trade and logistics hub, Egypt is upgrading its port infrastructure to receive more types of vessels and greater quantities of cargo.

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An EGP 2 coin will soon be put into circulation, the Egyptian Mint Authority announced yesterday. The move comes as part of the Finance Ministry’s efforts to address the shortage of change.

EGP 1 coins are also being minted using a lower-cost alloy so as to avoid the coin’s monetary value falling below the material value of the metal it contains. With the EGP depreciating against the greenback and the price of various metals rising in the wake of the war on Iran, the fear is that if this trend continues, individuals could melt and sell the metal with a return.

The nationwide issue of never having enough change is also being addressed at public transport hubs, with a digital payment system being rolled out in addition to easier ways to top up and use smart travel cards to reduce the use of coins, central bank officials said.

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Data point

450 — the number of foreign companies that have applied to set up operations in Egypt since March, according to a cabinet statement. The influx comes despite regional tensions, as escalating conflict continues to rattle investor confidence throughout the region.

PSAs-

#1- We’re getting a midweek break next week: The public and private sectors are getting Monday, 13 April off for Sham El Nessim, according to a statement from the cabinet. Operating hours for commercial venues will be extended from 9pm to 11pm between Friday, 10 April, and Monday, 13 April for the occasion. We’ll be on the lookout for similar statements from the EGX and the central bank.

#2- You can now pay mobile phone customs fees in installments via Valu, the Egyptian Customs Authority and the National Telecom Regulatory Authority (NTRA) said in a statement. The grace period to settle customs dues has also been extended to 120 days after the device’s activation, giving travelers four months to navigate the payment process before any regulatory action.

WEATHER- Little chance of light showers is expected over Cairo today, with a high of 24°C and a low of 14°C, according to our favorite weather app.

Possible intermittent showers are also expected in Alexandria, with a high of 20°C and a low of 12°C.

The big story abroad

US-Iran talks haven’t made much headway yet. US President Donald Trump shut down Iran’s 45-day ceasefire proposal, which he criticised for being “not good enough.” Trump warned that every bridge in Iran could be destroyed if a resolution — that reopens the Strait of Hormuz — was not reached by later today. “The entire country can be taken out in one night,” Trump said during a news conference yesterday.

Tehran hit back with a ten-point proposal, which reportedly demands assurances that Iran would not be attacked again, an end to Israeli strikes on Lebanon’s Hezbollah, and the removal of all sanctions, two senior Iranian officials told the New York Times.

Meanwhile, in the world of finance: Global investment bank Goldman Sachs said that the recent exodus of retail investors from private credit has created an opportune moment to invest in the asset class. The firm characterized the trend as a “meaningful shift” which will result in heavier reliance on institutional investors.

Also in the news orbit is Nasa’s latest mission, Artemis II, which has officially reached thefarthest point in space ever travelled by humans. Launched earlier this week, the mission took four astronauts around the far side of the moon and they’re now on their way back to Earth.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: EnterpriseAM’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We look at how the Shams Misr initiative aims to drive a solar boom.

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