Good afternoon, wonderful people. We have a light issue for you today. Enjoy it while you can — last week’s calm saw a torrent of news the following day. Read ahead for details on the upwards remittances trend from Egyptian expats, Nawy’s Series A funding round, and the future (or lack thereof) of leadership.

THE BIG STORY TODAY

Remittances from Egyptians residing abroad continued to rise in February, climbing 130.8% y-o-y to around USD 3 bn — the highest figure ever recorded during the month — according to a statement (pdf) from the Central Bank of Egypt. Notably, February marks the twelfth consecutive month of y-o-y remittance growth, according to the CBE’s statement.

The figure was also up m-o-m, rising from the USD 2.9 bn recorded in January. Remittances are poised to continue their upward trajectory, with Morgan Stanley forecasting USD 32 bn in inflows by the end of the fiscal year.

Local proptech platform Nawy has raised USD 52 mn in a Series A funding round led by Africa-focused VC firm Partech Africa, complemented by an additional USD 23 mn in debt financing from local banks, TechCrunch reports. The funding marks one of the largest Series A rounds for an African startup and follows Nawy’s 2022 seed round, which was led by the Sawiris family.

The backers: The funding round saw participation from a number of global venture capital firms and investment funds, including Nclude, e& Capital, Endeavor Catalyst, HOF Capital, March Capital, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures.

The company plans to use the funds to expand into North Africa and the Middle East, targeting Morocco, Saudi Arabia, and the UAE. It also intends to acquire smaller companies while accelerating product development and embedding AI into its processes.

THE BIG STORY ABROAD

US and China have agreed to temporarily cut tariffs by 115% for the next 90 days following trade talks between the two sides in Geneva, according to a joint statement from the two countries. The US will lower levies on Chinese goods to 30%, down from 145%, while China will reduce duties on US imports to 10%, down from 125%. China will also “suspend or cancel" non-tariff measures against the US.

Both parties aim to then “establish a mechanism” to proceed with discussions concerning their economic and trade relations, which may take place alternately in China and the US, or in a third country. “We want more balanced trade, and I think both sides are committed to achieving that,” US Treasury secretary Scott Bessent said in a debriefing in Geneva. “Neither side wants a decoupling,” he added. (Financial Times | Bloomberg | The New York Times | BBC | CNN)

☀️ TOMORROW’S WEATHER- Expect warm but cloudy weather tomorrow in the capital, with a high of 35°C throughout the day and a cooler 21°C at night, according to our favorite weather app.