World Bank approves USD 1 bn in concessional financing

☀️ Good morning, folks, and happy weekend. While we’d usually recommend starting off your morning with a hot cup of joe, we’d say make it iced considering the weather. It was a relatively calm week on the news front in Om El Donia, and we’ve got the week’s happenings for you below.

With summer now having made itself loud and clear — louder than necessary, if you ask us — you’re probably looking into zhuzhing up your diet, whether that be for “summer body” reasons or otherwise. In this week’s edition of The Enterprise Guide, we’re listing every protein powder, snack, or bar you should keep on your radar if the chicken in your freezer proves lackluster.

Also in today’s issue: We check out Mohamed Ramadan’s latest cinematic endeavor, enjoy a sushi feast (and let you know exactly how it went), and lose ourselves in the pages of Chimamanda Ngozi Adichie’s latest fictional epic.

🗞️ LAST WEEK IN 3 MINS-

DEBT-

The World Bank Group approved USD 1 bn in concessional financing for Egypt under the second phase of its Growth program, tied to structural reforms targeting state ownership, debt markets, and private-sector mobilization.

ALSO- An IMF mission landed Monday and began the seventh review on Wednesday — over a month ahead of schedule. Earlier this week, the government submitted updates to the IMF on its structural reform package.

ENERGY-

Egypt’s Russian crude imports surged 217% in April to 707k bbl / d from the 223k bbl / d recorded in March. Russian products imports nearly doubled to 499k bbl / d, taking Egypt’s share of Russia’s April seaborne product exports to almost a quarter.

ECONOMY-

Annual urban inflation eased 0.3 percentage points to 14.9% y-o-y in April — the first decline in three months and a full point below the 15.9% consensus from 14 analysts polled by Reuters. Core inflation fell 0.2 percentage points to 13.8% y-o-y.

REAL ESTATE-

The Tourism Development Authority is taking back land from developers in Marsa Alam, South Sinai, and El Quseir over stalled hotel projects — and repricing the recovered plots at sharply higher rates.

EARNINGS-

CIB saw its net income climb 7% y-o-y to EGP 17.8 bn in 1Q 2026 on the back of higher net interest income, which saw a 17% y-o-y jump to EGP 29.7 bn. Meanwhile, Talaat Moustafa Group saw its net income jump 24% y-o-y to EGP 5.5 bn in 1Q. Revenues surged 39% y-o-y over the same period to EGP 13.1 bn.

INVESTMENTS-

Apis Partners has closed its third fund at USD 1.23 bn — more than double its predecessor. Existing LPs accounted for around half of the capital raised, while new backers include sovereigns, supranationals, banks, insurers, and pension funds.

M&A-

Beltone VC and Citadel have offloaded Bosta stakes at 75% IRR — just as the logistics player eyes the EGX. In other M&A news, NBE bought a 20% stake in Norwegian developer Scatec’s 1.1 GW Obelisk solar project in Nagaa Hammadi for an undisclosed sum. The transaction makes state-owned NBE a co-owner of the USD 600 mn solar-plus-storage plant.

In a market defined by geopolitical risk, inflation, currency volatility, and declining interest rates, knowing how to manage your money has never been more important, and yet few people are really good at it.

The default in Egypt has traditionally been to dollarize, buy real estate, or stash your extra cash in a high-yield certificate of deposit, but that playbook is dying.

With an illiquid real estate market, the era of ultra-high-yield deposits coming to an end, and a rapidly expanding ecosystem of digital investment options, investors are looking for new, smarter opportunities.

In this four-part series, EnterpriseAM Money Matters will walk you through smart personal finance decisions regardless of your age, income, or starting point.

Coming straight to your inbox. Stay tuned.

🌍 AROUND THE WORLD IN SEVEN DAYS-

It was another politically-charged week abroad, with the US-Iran stalemate taking over the digital front pages — here’s what went down. After reports of US-Iran clashes on Friday, the situation in the Strait of Hormuz appeared to reach relative calm on Saturday. A day later, US President Donald Trump dismissed Iran’s response to Washington’s proposal, calling the demands “totally unacceptable.” On Monday, Trump said the ceasefire was “on massive life support.”

In oil news, Washington released 53.3 mn barrels of crude from its reserves on Monday to steady oil markets amid the war, loaning the supply to nine companies, including ExxonMobil, Trafigura, and Marathon. And it seems the world’s oil inventory is shrinking, with one estimate placing the drop at roughly 4.8 mn bbl / d between March and April. As the global economy is forced to draw increasingly from its security buffers, the risk of more volatile price fluctuations and severe supply shortages rises.

On Wednesday, Trump landed in Beijing, kicking off the highly anticipated Trump-Xi meeting. The presidents’ first meeting lasted two hours and 15 minutes, with Trump noting they were off to a “ great ” start. While the Chinese leader echoed Trump’s sentiments, hailing a new era of US-China relations, he warned that Taiwan presents “the most important issue,” warning that it could create a “very dangerous situation” if differences arise. Both leaders also reportedly agreed that the Strait of Hormuz “must remain open,” according to White House officials.

MEANWHILE- US inflation hit a three-year high in April, coming in at 3.8% thanks to the war-triggered rise in energy prices. Investors are wagering on continued inflation growth, expecting average annual inflation to level out at 2.7% over the next five years. But US stock markets don’t seem rattled by the (seemingly endless) conflict. Later in the week, the US Senate confirmed Kevin Warsh as the next head of the Federal Reserve, taking over from outgoing chief Jerome Powell. Warsh, a longtime advocate for rate cuts, will take over during a period of high inflation.

Over in the UK, Prime Minister Keir Starmer declared he plans to stay in office following calls for his removal after the Labor Party’s dire performance in local elections — the worst results for a governing party in decades.

IN THE BUSINESS PRESS- Online marketplace eBay turned down GameStop’s USD 56 bn acquisition bid, expressing concerns over financing and leverage, the video game retailer’s governance, and operational risks of the combined entity. In the AI world, Anthropic is in early negotiations to raise over USD 30 bn in new funding.

☀️ THE WEATHER THIS WEEKEND-

Stay cool — and if possible, stay indoors. We’re in for quite the hot weekend, with temperatures today reportedly set to peak at 33°C, with a low of 19°C. Tomorrow will be warmer, with a high of 33°C and a low of 21°C, as per the latest updates from the Egyptian Meteorological Authority. That said, we’d recommend monitoring the authority’s official channels throughout the weekend, as updates are posted regularly amid reports of an upcoming heatwave.

🎤 HAPPENING THIS WEEKEND-

Angham is set to take the stage at El Arena, New Cairo tonight. The vocal powerhouse brings a high-production and immersive live experience, led by maestro Hani Farhat. Doors open at 7:30pm — you can book your tickets now through Tazkarti.

Pianist Amr Selim is bringing his musical talents to Theatro Arkan tonight. The concert starts at 7:30pm — you can book your tickets on Ticketsmarché.

Omar Khairat will be performing at Al Manara Main Hall tonight in support of Baheya Foundation. Featuring the composer’s live music, the evening is dedicated to healing, hope, and giving. The concert kicks off at 8pm, with tickets available on Ticketsmarché — all proceeds go toward supporting Baheya patients.

Beloved former professional footballer Hazem Emam will be sharing the stage with media veteran Mahmoud Saad tonight at AUC Tahrir Square’s Falaki Theatre for an in-depth conversation on all things sports, football, and his life behind the scenes. The talk kicks off at 7:30pm, with tickets available on Tazkarti. Photography will be off limits, with phones set aside for the duration of the interview.

If you’re hoping to unwind, Waleed El Moghazy’s Bazet Menny comedy show at Theatro Arkan tomorrow is the perfect place to go. In his debut stand up special, El Moghazy brings relatable chaos and humorous anecdotes to the stage. The show starts at 7:30pm — you can book your tickets on Ticketsmarché.