{"id":545707,"date":"2022-04-10T04:01:30","date_gmt":"2022-04-10T04:01:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=545707"},"modified":"2025-12-15T21:10:23","modified_gmt":"2025-12-15T21:10:23","slug":"finmin-narrows-budget-deficit-target-as-the-dust-settles-from-wars-outbreak","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-narrows-budget-deficit-target-as-the-dust-settles-from-wars-outbreak\/","title":{"rendered":"FinMin narrows budget deficit target as the dust settles from war\u2019s outbreak"},"content":{"rendered":"<section id=\"545709\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545709\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/this-morning-its-inflation-day-eu-official-in-town-to-talk-mediterranean-green-hydrogen-partnership\/\">\r\n                            THIS MORNING: It\u2019s inflation day + EU official in town to talk Mediterranean Green Hydrogen Partnership                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/this-morning-its-inflation-day-eu-official-in-town-to-talk-mediterranean-green-hydrogen-partnership\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The latest on that front sees the government reporting that the hit to its deficit reduction target in the current fiscal year won\u2019t be as nasty as it had feared. Meanwhile, the Central Bank of Egypt\u2019s reserves announcement notes that the bank stepped in last month to deploy \u201cexcess foreign currency reserves\u201d to push us through a period of exceptional global stress. Egypt is uniquely squeezed by the ongoing war in Ukraine, and cabinet and the central bank continue to show significant maturity in their policy responses.<\/p>\n<p><strong>The second big theme: Investment, investment and still more investment.<\/strong> ADQ looks set to buy the state\u2019s stake in Abu Qir Fertilizers. The news comes after the Sovereign Fund of Egypt said last week that it expected \u201cwithin days\u201d to make public more information on ADQ\u2019s USD 2 bn in investments here. The SFE itself is rolling out fresh investment in NBFS and financial inclusion companies, the fundraising drive on Planet Startup continues apace, and Edita is committing EGP 1 bn in investment over the next several years as it fast-tracks growth plans.<\/p>\n<p><strong>***<\/strong><br \/> <strong>SPEAKING OF INVESTMENT- There\u2019s probably no sector hotter than fintech. What\u2019s Next <\/strong><strong>in the sector is the topic of our sitdown with the Central Bank of Egypt\u2019s Rasha Negm<\/strong> as well as the founders of two hot startups (<strong>Khazna<\/strong> and <strong>Kashat<\/strong>) and the VCs who have backed them (<strong>Accion<\/strong> and <strong>Cairo Angels<\/strong>).<\/p>\n<p><strong>LISTEN to part one of our talk on Apple Podcasts (<\/strong><strong><a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/whats-next-for-egypts-fintech-sector\/id1617987136?i=1000556814211\">listen, runtime: 44:59<\/a><\/strong><strong>)<\/strong>, <a href=\"https:\/\/play.anghami.com\/episode\/1048610056?adj_t=dgl0aa8_64v1dnl&adj_campaign=ios&adj_adgroup=song&adj_creative=76952495\">Anghami<\/a> or <a href=\"https:\/\/omny.fm\/shows\/the-enterprise-podcast\/whats-next-for-egypts-fintech-sector\">Omny<\/a> \u2014 or read highlights in this morning\u2019s What\u2019s Next, below. Look for us later this morning on <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9vbW55LmZtL3Nob3dzL3RoZS1lbnRlcnByaXNlLXBvZGNhc3QvcGxheWxpc3RzL3doYXQtaXMtbmV4dC5yc3M?sa=X&ved=0CB0Q27cFahcKEwj4z_O4qoj3AhUAAAAAHQAAAAAQLA\">Google Podcasts<\/a> and <a href=\"https:\/\/open.spotify.com\/show\/1hzX6KVJGkuj4udK2DvD5Y\">Spotify<\/a>.<\/p>\n<p><strong>Make sure you listen to the end. <\/strong>That\u2019s when the CBE\u2019s Negm talks about new legislation and regulation in the works. She also gives us the inside track on what the central bank hopes will become of the exciting new \u201cinstant payment network\u201d it launched just days ago.<br \/> <strong>***<\/strong><\/p>\n<p><strong>MEANWHILE- When can we expect a decision on fuel prices?<\/strong> The state\u2019s fuel pricing committee was due to announce prices for 2Q at the beginning of the month, but a government source told us yesterday that it still hasn\u2019t set a date to announce a decision. The committee has met more than once since March to discuss the effect of the Ukraine war on the oil market, which sent Brent prices to as high as USD 139 a barrel last month. From what the source told us, the government is taking a \u2018wait and see\u2019 approach and wants to continue assessing the market, which has remained volatile since Russia invaded Ukraine in late February.<\/p>\n<p><strong>Another hike is in the cards:<\/strong> The source told us that the committee will raise fuel prices for the current quarter, but didn\u2019t provide further details. This would be the fifth increase in less than a year, following a succession of hikes that have raised prices by as much as 16%.<\/p>\n<p><strong>FDI WATCH-<\/strong><strong> EFG Hermes has been tapped as financial advisor to the Saudi Public <\/strong><strong>Investment Fund<\/strong> on its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db46eae-b7d1-4b4b-8b2f-83a473b0aed7\">upcoming investment<\/a> in the three <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/25\/actis-confirms-its-bidding-for-a-stake-in-egypts-combined-cycle-plants-6971\/\">Siemens-built power plants<\/a> as part of its proposed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">USD 10 bn investment<\/a> in Egypt, <a href=\"https:\/\/alborsaanews.com\/2022\/04\/09\/1528748\">Al Borsa<\/a> reports, citing unnamed sources.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>HAPPENING TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Green hydrogen high on priority list as top European Union official comes to town for<\/strong> <strong>climate meetings<\/strong><strong>: <\/strong>EU Executive Vice-President Frans Timmermans is in town today and tomorrow for climate talks centered on COP 27 \u2014 and will launch discussions on a \u201c<strong>Mediterranean Green Hydrogen Partnership<\/strong>.\u201d The news comes amid a sharp expansion in global interest in our <a href=\"https:\/\/pemedianetwork.com\/hydrogen-economist\/articles\/strategies-trends\/2022\/european-backing-spurs-egypt-s-hydrogen-ambitions\/?utm_source=pocket_mylist\">nascent green hydrogen industry<\/a>. Talks will also focus on \u201cthe clean energy transition and energy efficiency, green growth models and diversification, sustainable finance, carbon markets, adaptation,\u201d the EU said in a statement.<\/p>\n<p><strong>Timmermans is meeting \u2026 everyone. <\/strong>He\u2019s scheduled to speak with Prime Minister Moustafa <strong>Madbouly<\/strong>, Foreign Minister Sameh <strong>Shoukry<\/strong>, Electricity Minister Mohamed <strong>Shaker<\/strong>, Environment Minister Yasmine <strong>Fouad<\/strong>, Oil Minister Tarek <strong>El-Molla<\/strong> and Planning Minister Hala <strong>El Said<\/strong>.<\/p>\n<p><strong>It\u2019s inflation day \u2014 and it\u2019s probably not going to be pretty: <\/strong>Consumer prices were already accelerating at their <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a850c3cb-222e-48ae-bd69-d1a536330c25\">quickest rate in 31 months<\/a> in February \u2014 and that was before the conflict in Ukraine \/ retaliatory sanctions really began to hit global commodity markets and before the devaluation of the EGP. Annual urban inflation remained just within the central bank\u2019s target range at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a850c3cb-222e-48ae-bd69-d1a536330c25\">8.8% in February<\/a>, but with prices of food and raw materials rising rapidly last month, that\u2019s not likely to last.<\/p>\n<p><strong>LEGISLATION WATCH- The Senate will discuss today new policy proposals to tackle <\/strong><strong>population growth<\/strong>, as well as a report on the draft <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/998365f3-19a3-4861-998b-637eefc9b9e2\">Unified Ins. Act<\/a> and a proposal to restructure the Egyptian Supreme Council of Energy, according to <a href=\"https:\/\/www.youm7.com\/story\/2022\/4\/7\/%D8%A7%D9%84%D8%AA%D8%A3%D9%85%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D9%88%D8%AD%D8%AF-%D9%88-%D8%A7%D9%84%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%A7%D9%84%D8%B3%D9%83%D8%A7%D9%86%D9%8A%D8%A9-%D8%A3%D9%85%D8%A7%D9%85-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%B4%D9%8A%D9%88%D8%AE-%D8%A7%D9%84%D8%A3%D8%B3%D8%A8%D9%88%D8%B9-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\/5719310\">Youm7<\/a>. A new authority with more power to manage policy on the growing population crisis is likely in the works, as we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82845e18-a08d-47c2-a8fe-ae6c53dfb4d6\">noted<\/a> last week.<\/p>\n<p><strong>COVID WATCH- Egypt saw an average of 400 new covid-19 infections per day last <\/strong><strong>week, down from <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9c89acc-d66b-4a40-b1d8-25751a739034\">559 per day<\/a><\/strong><strong> the week before. <\/strong>We also saw a daily average of seven deaths (down from an average of eight the week before), according to <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/307366938241194\">Health Ministry<\/a> figures released yesterday. Around 33 mn people are now fully vaccinated, and nearly 2.2 mn have had their boosters, the statement added.<\/p>\n<p><strong>SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:19pm CLT this evening in the capital city, and fajr prayers are at 4:04am.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD- Ukraine is gearing up for a redoubled attack from Russia in <\/strong><strong>the east<\/strong>, after Russian forces withdrew from the western region surrounding Kyiv. We have all the weekend\u2019s developments in the war \u2014 including our abstention from a key UN vote kicking Russia out of the body's human rights council \u2014 in today\u2019s War Watch section, below.<\/p>\n<p><strong>The first round of the French presidential election takes place today<\/strong>, and Camp Macron may be looking nervously at the polls as his far right rival Marine Le Pen continues to make gains. Over the past month, the French president has seen his commanding lead in the polls dwindle to just three points as the popularity of Le Pen\u2019s National Rally has grown. <strong>Macron is still projected to defeat Le Pen in the second round<\/strong> (held on 24 April), but it\u2019s unlikely to be a repeat of his resounding victory in 2017. Instead, the specter of a Brexit \/ Trumpesque populist turn in France is now a real possibility \u2014 an outcome that would leave the EU\u2019s second-largest economy with its most radical government in decades.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Companies have just under two weeks to file their first quarterly ESG compliance report:<\/strong> Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 20 April, the Financial Regulatory Authority (FRA) <a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\">announced last week<\/a>. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. <strong>Reach out to <\/strong><strong><a href=\"mailto:mtaalab@inktankir.com\">Moustafa Taalab at InkankIR<\/a><\/strong>, our parent company, if you need some help.<\/p>\n<p><strong>PSA #2- State-backed <\/strong><strong><a href=\"https:\/\/sdgs.un.org\/partnerships\/rowad-2030-project\">Rowad 2030<\/a><\/strong><strong> is now accepting applicants between the ages of <\/strong><strong>22-40 for its masters program in entrepreneurship and Innovation<\/strong> in collaboration with the University of Cambridge and Cairo University. Learn more about the program requirements and application process <a href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/519819202841254\">here<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image' ><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Fintech is having its day in the sun, outgrowing all sectors when it comes to VC funding in the past couple of years. We have a deep dive this morning into where this is all going with top founders, investors \u2014 and a regulator. In this week\u2019s What\u2019s Next, you can choose to read or listen to the founders of hot startups <strong>Khazna <\/strong>and <strong>Kashat<\/strong>, two of the VCs that have backed them (our friends at<strong> Cairo Angels<\/strong> and <strong>Accion<\/strong>), along with special guest <strong>Dr. Rasha Negm<\/strong>, who leads on fintech and innovation at the<strong> Central Bank of Egypt<\/strong>.<\/p>\n<p><strong>Scroll down to What\u2019s Next to read now <\/strong>or <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/whats-next-for-egypts-fintech-sector\/id1617987136?i=1000556814211\">go listen on Apple Podcasts.<\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/podcast\/\">podcast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545710\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"545710\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/545710\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545710\" class=\"content-area-description single-story post-545710 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/Somabay-endurancefestival1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>The Spring Edition of Somabay Endurance Festival takes place from May 26-28, featuring a races suitable for all ages and abilities. Join this family-friendly sports event by signing up at www.thetrifactory.com and get ready to #ExperienceEndurance. Book now: www.thetrifactory.com\/somabay<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545711\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545711\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil\/\">\r\n                            FinMin narrows deficit target for this fiscal year as economy withstands global turmoil                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/finmin-narrows-deficit-target-for-this-fiscal-year-as-economy-withstands-global-turmoil\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The new 6.2% target not only reverses that revision, but is more ambitious even than the 6.7% goal FinMin laid out in its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f10ef3d-eec0-4f11-a112-c1dee1ee9780\">draft budget<\/a> nearly a year ago. The news implies the government was significantly ahead of its target prior to the outbreak of war, giving it a cushion to absorb fallout from that and the commodity price acceleration that pre-dated it, but that it turbocharged.<\/p>\n<p><strong>The outlook for the primary surplus is also somewhat sunnier: <\/strong>The government is now targeting a primary surplus of 1.3% in this fiscal year. That\u2019s an improvement on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51628974-be35-4f80-bb1a-b37a346a766d\">1.1-1.2%<\/a> it had predicted a month or so before Russia invaded Ukraine (though it doesn't quite meet the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1aed811-8e9a-412d-ba3f-47159fbb227d\">1.5%<\/a> penciled in at the start of the year). We\u2019re also still planning to bring the debt-to-GDP ratio below 90% by June as outlined in the draft budget, with the aim of cutting back to 85% by 2025 (up from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1aed811-8e9a-412d-ba3f-47159fbb227d\">82.5%<\/a> targeted before Ukraine was invaded).<\/p>\n<p><strong>What changed? Policymakers have stepped in to limit the damage.<\/strong> In a bid to stem outflows, the Central Bank of Egypt <a href=\"https:\/\/enterprise.press\/afternoons\/pm-cbe-goes-surprise-100-bps-rate-increaseand-allows-egp-slip-usd\/\">devalued the EGP<\/a> last month and raised interest rates by 100 bps. We also officially <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">requested support<\/a> from the IMF to mitigate the impact of the war on our economy and are in talks for a fresh financial package. Recent economic reforms have also made us \u201cmore able to flexibly manage internal or external issues and absorb the largest possible amount of global shocks,\u201d Maait said.<\/p>\n<p><strong>We\u2019re also getting support from the Gulf: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">Recently announced<\/a> investment and funding from Saudi Arabia, Qatar, and the UAE, totaling some USD 22 bn, is also partly to thank for the improved outlook. BNP Paribas <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">estimated<\/a> Egypt\u2019s total funding gap in FY 2021\/2022 at around USD 17.6 bn.<\/p>\n<p><strong>TBD- Next year\u2019s budget. <\/strong>Ministries and government agencies are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5818dafa-b691-4e31-bdd4-2c25a84a9c4b\">looking at ways<\/a> to trim spending for next fiscal year, after the cabinet in March signed off on a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">revised FY 2022\/2023<\/a> budget in light of recent price hikes. The government is now targeting growth of 5.5%, a 6.1% budget deficit and a primary surplus of 1.5%. We\u2019ve had no word yet on revised debt-to-GDP figures \u2014 and everything could change up to and until the budget is passed by the House, typically before the end of June.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-deficit\/\">budget deficit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545713\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545713\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement\/\">\r\n                            Reserves dip to USD 37 bn as CBE deployed excess liquidity to \u201ccalm the markets\u201d \u2013statement                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Reserves came in at nearly USD 37.1 bn at the end of March from just under <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2e2cd42-a6e8-4fb9-9bee-f48abae3ffec\">USD 41.0 bn<\/a> at the end of the previous month.<\/p>\n<p><strong>What happened? The central bank \u201cmobilized excess foreign currency reserves to calm the markets during periods of exceptional stress<\/strong>,\u201d the statement said, pointing to what it described as a \u201cmassive sell-offs in emerging markets.\u201d The CBE said it deployed some of its reserves to cover \u201csubstantial foreign investor outflows and partially cover local demand in order to ensure the availability of imported strategic goods and to repay external debt obligations in a timely manner.\u201d<\/p>\n<p><strong>The CBE is projecting calm<\/strong>: \u201cNet international reserves remain at ample levels, covering more than five months of imports, exceeding global reserve adequacy measures,\u201d the central bank said.<\/p>\n<p><strong>The central bank is also getting more firepower to work with <\/strong>thanks to our friends in the GCC. The UAE is reportedly looking to invest USD 2 bn in Egypt, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">Qatar<\/a> said at the end of March it would commit some USD 5 bn here and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">Saudi Arabia<\/a> said days later that it was making a USD 5 bn deposit at the CBE and could invest some USD 10 bn in Egypt. The Madbouly government is also in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">talks with the International Monetary Fund<\/a> for a new program that could unlock additional financing.<\/p>\n<p><strong>The story is getting coverage in the global business press:<\/strong> <a href=\"https:\/\/www.reuters.com\/business\/finance\/egypt-net-foreign-reserves-fell-37082-bln-march-cbank-2022-04-07\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-07\/egypt-s-foreign-reserves-fall-as-war-pressures-nation-s-finances\">Bloomberg<\/a> | <a href=\"http:\/\/www.xinhuanet.com\/english\/africa\/20220408\/e7f2129a26e040b48ec9aaeebc1e2da7\/c.html\">Xinhua<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545715\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545715\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/\">\r\n                            ADQ could buy up National Investment Bank\u2019s entire stake in Abu Qir                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=ADQ could buy up National Investment Bank\u2019s entire stake in Abu Qir&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/&title=ADQ could buy up National Investment Bank\u2019s entire stake in Abu Qir\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=ADQ+could+buy+up+National+Investment+Bank%E2%80%99s+entire+stake+in+Abu+Qir+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F10%2Fadq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/adq-could-buy-up-national-investment-banks-entire-stake-in-abu-qir\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545715\" class=\"content-area-description single-story post-545715 post type-post status-publish format-standard hentry category-ma-watch tag-abu-qir-fertilizers tag-adq tag-enterpriseam tag-ma-watch tag-national-investment-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Abu Dhabi wealth fund ADQ is on course to acquire the National Investment <\/strong><strong>Bank\u2019s (NIB) entire 21.5% stake in Abu Qir Fertilizers<\/strong> as part of its USD 2 bn investment in Egypt, sources told <a href=\"https:\/\/www.asharqbusiness.com\/article\/35970\">Bloomberg Asharq<\/a>, without disclosing the value of the sale. A senior exec at NIB would neither confirm or deny the news when we asked yesterday, but did confirm negotiations are ongoing between ADQ and the government committee managing the state privatization program.<\/p>\n<p><strong>REMINDER- ADQ is reportedly looking at state-held stakes in <\/strong><strong>four other EGX-listed companies.<\/strong> The wealth fund is reportedly eyeing up to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b620f717-d83d-4c48-906c-a85dca2eff2a\">18% of private-sector bank CIB<\/a> (acquired by state vehicles as part of the CBE\u2019s asset buying program to shore up the EGX in the early days of the pandemic) and an unknown stake in EGX-listed fintech player Fawry. Shares in state firms <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/173a4bd1-68e9-478a-8422-135f238e0210\">Mopco and Alexandria Containers<\/a> are also reportedly in play, as may be stakes in privately held companies.<\/p>\n<p><strong>We\u2019re expecting more details soon:<\/strong> Sovereign Fund of Egypt head Ayman Soliman <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db46eae-b7d1-4b4b-8b2f-83a473b0aed7\">said last week<\/a> that details on ADQ\u2019s investment are expected \u201cwithin days.\u201d ADQ has appetite for companies in sectors including infrastructure, education, healthcare, and financial inclusion, Soliman told <a href=\"https:\/\/www.zawya.com\/ar\/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\/%D8%A8%D9%85%D8%B4%D8%A7%D8%B1%D9%83%D8%A9-%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D8%B9%D8%B1%D8%A8-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D9%85%D8%B5%D8%B1-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AF%D9%8A-%D9%8A%D9%82%D8%AA%D8%AD%D9%85-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-g1n87frh?amp=1\">Zawya<\/a> last week.<\/p>\n<p><strong>The investment signals \u201crenewed confidence\u201d in the EGX<\/strong>, former head of the Egyptian Private Equity Association Hani Tawfik told Asharq.<\/p>\n<p><strong>Background:<\/strong> NIB, Abu Qir\u2019s largest shareholder, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352cb619-1060-47c5-8a48-c0f5d2e91ca3\">sold 42.4 mn shares<\/a> in the company and reduced its stake from 24.9% to 21.5% late last year. Institutional and individual investors now hold a combined 21.0% in the firm, while state-owned firms hold the balance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-investment-bank\/\">National Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545716\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545716\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/\">\r\n                            SFE plans two investments in financial inclusion + NBFS sectors                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=SFE plans two investments in financial inclusion + NBFS sectors&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/&title=SFE plans two investments in financial inclusion + NBFS sectors\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=SFE+plans+two+investments+in+financial+inclusion+%2B+NBFS+sectors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F10%2Fsfe-plans-two-investments-in-financial-inclusion-nbfs-sectors%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/179.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545717\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/sfe-plans-two-investments-in-financial-inclusion-nbfs-sectors\/179-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/179.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"179.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/179.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/179.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545716\" class=\"content-area-description single-story post-545716 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-ayman-soliman tag-enterpriseam tag-financial-inclusion tag-investment-watch tag-national-democratic-party-hq tag-non-banking-financial-services tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> SFE to invest in NBFS + financial inclusion companies:<\/strong> The Sovereign Fund of Egypt (SFE) is planning to invest in two companies in the financial inclusion and non-banking financial services sectors before the end of 2Q 2022, SFE head Ayman Soliman told <a href=\"https:\/\/bit.ly\/3v4irbs\">Zawya<\/a>. The fund will also take a 25% stake in a new financial services firm it is establishing alongside local and Arab investors, he said, without disclosing further details.<\/p>\n<p><strong>Background:<\/strong> The SFE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61c5be51-b852-4666-b740-76a8b63cd57f\">has been eyeing<\/a> investments in the fintech and financial inclusion sectors \u2014 in addition to healthcare services, logistics, food processing and agriculture \u2014 since 2020, with plans to use industry-specific sub-funds for the investments.<\/p>\n<p><strong>Also from Soliman:<\/strong><\/p>\n<ul>\n<li><strong>The fund plans to double its AUM to EGP 33 bn by the end of 2022<\/strong>, up from EGP 15-16 bn currently.<\/li>\n<li><strong>The SFE has begun receiving bids for the contract to redevelop the site of the former National Democratic Party HQ<\/strong>. At least <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec6542ef-2669-479e-800f-97fc8d864564\">five groups<\/a> are reportedly interested in the contract, which will see the land used for a hotel, commercial, and residential project. Companies will be able to bid until the end of this quarter.<\/li>\n<li><strong>Garden City incubator + French uni campus afoot:<\/strong> The SFE will this quarter ink an agreement with a consortium of Egyptian and international companies interested in developing space formerly owned by the Interior Ministry in Garden City. The consortium plans to turn the space into a startup incubator, a call center, and a campus for a French university not currently operating in Egypt, Soliman said.<\/li>\n<li><strong>A special logistics zone in the Suez Canal region? <\/strong>The fund plans to launch a special logistics zone in the Suez Canal through a joint investment with another local fund, Soliman added, without disclosing further details.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ayman-soliman\/\">Ayman Soliman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-democratic-party-hq\/\">National Democratic Party HQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545718\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545718\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/egypt-abstains-from-voting-as-un-kicks-russia-out-of-human-rights-council\/\">\r\n                            Egypt abstains from voting as UN kicks Russia out of human rights council                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/egypt-abstains-from-voting-as-un-kicks-russia-out-of-human-rights-council\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The general assembly <a href=\"https:\/\/news.un.org\/en\/story\/2022\/04\/1115782\">suspended Russia<\/a> from the human rights council after the resolution received a two-thirds majority, with 93 nations voting in favor, 24 against, and 58 abstaining. The move came after evidence came to light of atrocities against civilians by Russian troops in western Ukraine, particularly in the city of Bucha.<\/p>\n<p><strong>The resolution threatens to weaken the UN\u2019s credibility<\/strong>, the Egyptian Foreign Ministry said in a strongly worded <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/375779591259134\">statement<\/a> following the vote. The UNGA resolution constitutes a \u201cdangerous turning point\u201d in the UN\u2019s history, the ministry warned, expressing its discomfort with \u201cdouble-standards\u201d in the body\u2019s attitude to human rights violations worldwide. \u201cHow many times were less decisive and more lenient decisions taken regarding clear human rights violations in the not-so-distant past,\u201d the statement read.<\/p>\n<p><strong>We weren\u2019t the only ones in the region to bow out of the vote: <\/strong>Saudi Arabia, the United Arab Emirates, Jordan, Qatar, Kuwait, Iraq, and Tunisia all abstained (see how everyone voted <a href=\"https:\/\/ent.news\/2022\/4\/UN-resolution-to-suspend-Russia-from-UNHRC-1600px.jpg\">here<\/a>).<\/p>\n<p><strong>TOURISM- <\/strong><\/p>\n<p><strong>EgyptAir is resuming flights to Moscow this week. <\/strong>The national flag carrier is resuming daily flights between Cairo and Moscow starting Tuesday, according to its flight timetable. MPs<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c8a045a-b44d-4a26-9ae7-d4663f8e552b\">last week approved<\/a> a draft law allowing the Finance Ministry to ins. EgyptAir against potential losses on flights to and from Russia, which were suspended in March due to the war.<\/p>\n<p><strong>DEFAULT WATCH- <\/strong><\/p>\n<p><strong>It appears that Russia\u2019s first external default in over a century is<\/strong> <strong>approaching <\/strong>after the country breached the terms of its bond payments by paying them in RUB instead of USD, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-09\/russia-s-first-default-in-a-century-looks-all-but-inevitable-now?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> writes. S&P downgraded Russia\u2019s foreign currency rating to selective default after the Russian government breached the terms, it said in a release. \u201cSanctions on Russia are likely to be further increased in the coming weeks, hampering Russia's willingness and technical abilities to honor the terms of its obligations to foreign debtholders,\u201d the ratings agency said.<\/p>\n<p><strong>Plot twist: <\/strong>S&P Global subsequently withdrew the rating \u2014 and all its Russia-related ratings \u2014 in line with EU sanctions forbidding credit agencies to rate Russian instruments after the end of this week. Competitors Moody\u2019s and Fitch had already done the same, Bloomberg notes \u2014 begging the question as to who will let us know if and when Russia does default.<\/p>\n<p><strong>Russia <\/strong><strong><a href=\"https:\/\/www.cbr.ru\/eng\/press\/pr\/?file=08042022_114000key_eng.htm\">says the RUB is strong<\/a><\/strong><strong> enough to start reversing rate hikes, but <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-07\/ruble-nears-two-month-high-sparks-doubt-over-synthetic-rally?sref=mmeFTDW1\">independent strategists say the rally isn\u2019t credible:<\/a><\/strong> \u201cThe exchange rate is no longer free-floating and the currency would be at a very different level if barriers were removed.\u201d<\/p>\n<p><strong>O<\/strong><strong>N THE FRONT LINES- <\/strong><\/p>\n<p><strong>Ukraine officials are calling on civilians to evacuate the<\/strong><strong> eastern region <\/strong>after Russian forces amped up attacks in the area, <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-kyiv-business-europe-ff7461d55cbf135e33b51ccbdc4d3e2b\">AP<\/a> reports. At least 52 civilians were killed and 100 more injured on Friday when Russian missiles struck a train station in the area, where thousands of people were trying to board trains to evacuate.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unga\/\">UNGA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unhcr\/\">UNHCR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545720\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545720\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/\">\r\n                            Edtech startup Sprints closes USD 1.2 mn Series A round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Edtech startup Sprints closes USD 1.2 mn Series A round&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/&title=Edtech startup Sprints closes USD 1.2 mn Series A round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Edtech+startup+Sprints+closes+USD+1.2+mn+Series+A+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F10%2Fedtech-startup-sprints-closes-usd-1-2-mn-series-a-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/181.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545721\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edtech-startup-sprints-closes-usd-1-2-mn-series-a-round\/181-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/181.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"181.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/181.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/181.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545720\" class=\"content-area-description single-story post-545720 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-edtech tag-enterpriseam tag-sprints tag-startup-watch tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Cairo-based edtech startup <\/strong><strong><a href=\"https:\/\/sprints.ai\/\">Sprints<\/a><\/strong><strong> has closed a USD 1.2 mn Series A round<\/strong> led by the <a href=\"https:\/\/www.alexandriaangels.com\/\">Alexandria Business Angels Network<\/a> and with the participation of <a href=\"https:\/\/med-angels.com\/\">MED Angels<\/a> members, <a href=\"https:\/\/business.aucegypt.edu\/centers\/vlab\/auc-angels\">AUC Angels<\/a>, <a href=\"https:\/\/www.cubit.vc\/\">Cubit Ventures<\/a>, \u201cChallenge Fund,\u201d <a href=\"http:\/\/edventures\">EdVentures<\/a>, and <a href=\"https:\/\/falakstartups.com\/\">Falak Startups<\/a>, <a href=\"https:\/\/bit.ly\/3778Pom\">local media<\/a> reported, citing a company press release.<\/p>\n<p><strong>About Sprints: <\/strong>Founded in 2019 by Ayman Bazaraa (<a href=\"https:\/\/eg.linkedin.com\/in\/ayman-bazaraa-5a750517\">LinkedIn<\/a>) and Bassam Sharkawy (<a href=\"https:\/\/www.linkedin.com\/in\/bassam-sharkawy-60b5774b\/\">LinkedIn<\/a>), Sprints aims to bridge the tech talent gap in MEA. The company offers online training programs to software developers, as well as crash courses in cybersecurity, artificial intelligence, project management and more. Sprints bills itself as the MEA region\u2019s only edtech startup that offers guaranteed hiring programs.<\/p>\n<p><strong>Looking ahead: <\/strong>\u201cOver the next three years, we aim to revolutionize the technology sector by raising skills and securing employment for 1 mn young people,\u201d Bazaraa said.<\/p>\n<p>\u00a0<\/p>\n<p><em>EDITOR'S NOTE- This story was amended on 10 April, 2022 to remove Cairo Angels from the list of participating investors.\u00a0<\/em><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edtech\/\">edtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sprints\/\">Sprints<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545722\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"545722\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/545722\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545722\" class=\"content-area-description single-story post-545722 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/the-estate-sodic-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545723\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545723\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/last-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets\/\">\r\n                            Last Night\u2019s Talk Shows: Gov\u2019t moves to up supply at state-owned produce outlets                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/last-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/last-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/last-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Gov\u2019t moves to up supply at state-owned produce outlets&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/last-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/last-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets\/&title=Last Night\u2019s Talk Shows: Gov\u2019t moves to up supply at state-owned produce outlets\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Gov%E2%80%99t+moves+to+up+supply+at+state-owned+produce+outlets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F10%2Flast-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/last-nights-talk-shows-govt-moves-to-up-supply-at-state-owned-produce-outlets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545723\" class=\"content-area-description single-story post-545723 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-agriculture-ministry tag-art-and-culture tag-enterpriseam tag-inflation tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Gov\u2019t moves to offer more cheap fruit + veg: <\/strong>The state is working to increase supply at state produce outlets as private sellers raise the price of their fruits and vegetables, Deputy Agriculture Minister Mohamed El Kersh said last night in a phone-in with Al Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=5iUemMatbjQ\">watch, runtime: 3:36<\/a>). High demand on the back of the Ramadan and Coptic Easter holidays, along with the global inflationary crisis, could impact market prices, El Kersh said.<\/p>\n<p><strong>From Ramadan mosalsalat to Marvel mosalsalat: <\/strong>Adib also virtually hosted <a href=\"https:\/\/www.imdb.com\/title\/tt10234724\/\">Moon Knight<\/a> director Mohamed Diab, who explained how he went about integrating Egyptian music into the Marvel universe (<a href=\"https:\/\/www.youtube.com\/watch?v=JcBMIQSX88U\">watch, runtime: 8:44<\/a>)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture-ministry\/\">Agriculture Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/art-and-culture\/\">Art and culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545724\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 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33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545725\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545725\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/egypt-in-the-news-eu-drops-sanctions-against-mubarak-family-for-good\/\">\r\n                            Egypt in the News: EU drops sanctions against Mubarak family for good                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/egypt-in-the-news-eu-drops-sanctions-against-mubarak-family-for-good\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n     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sanctions against Mubarak family for good&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/egypt-in-the-news-eu-drops-sanctions-against-mubarak-family-for-good\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/egypt-in-the-news-eu-drops-sanctions-against-mubarak-family-for-good\/&title=Egypt in the News: EU drops sanctions against Mubarak family for good\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+EU+drops+sanctions+against+Mubarak+family+for+good+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F10%2Fegypt-in-the-news-eu-drops-sanctions-against-mubarak-family-for-good%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/egypt-in-the-news-eu-drops-sanctions-against-mubarak-family-for-good\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545725\" class=\"content-area-description single-story post-545725 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-art-and-culture tag-enterpriseam tag-eu tag-hosni-mubarak tag-human-rights tag-red-sea tag-terror tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EU confirms end to Mubarak sanctions:<\/strong> A decade-long legal battle between the family of late president Hosni Mubarak and the EU has come to an end after the bloc\u2019s top court confirmed a decision taken last year to unfreeze their assets, <a href=\"https:\/\/www.barrons.com\/news\/eu-court-rules-in-favour-of-mubarak-family-on-assets-freeze-01649277007?refsec=afp-news\">AFP<\/a> reports. The EU decided in March last year to end its sanctions on the Mubarak family, which were imposed in the wake of the 2011 revolution. In <a href=\"https:\/\/curia.europa.eu\/juris\/document\/document.jsf?text=&docid=257421&pageIndex=0&doclang=en&mode=req&dir=&occ=first&part=1\">a judgment<\/a> last week, the European Court of Justice ruled in favor of the decision, arguing that the \u201cunnecessary prolongation of the measure\u201d was not legally justified.<\/p>\n<p><strong>Sectarian attack in Alex:<\/strong> A Coptic priest was stabbed to death on the Alexandria Corniche on Thursday. The Interior Ministry said a suspect had been arrested. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-religion-egypt-alexandria-b572ba40979205cebc3d20db87749640\">Associated Press<\/a>)<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Calls to release prominent activist Alaa Abdel Fattah continue<\/strong>: The editorial board of the Washington Post joins calls to let the activist go after he began a hunger strike last week. (<a href=\"https:\/\/www.washingtonpost.com\/opinions\/2022\/04\/08\/dreams-prison-haunt-voice-arab-spring-let-him-go-free\/\">Washington Post<\/a>)<\/li>\n<li><strong>Tourists killed in Red Sea bus crash:<\/strong> A bus crash killed at least three people \u2014 including two Polish tourists and an Egyptian driver \u2014 on the Red Sea highway between Safaga and Al Quseir. The bus was carrying 21 people, sixteen of whom were hospitalized for treatment. (<a href=\"https:\/\/apnews.com\/article\/business-africa-middle-east-accidents-transportation-997525619caf93d24d1c6cc61473c933\">AP<\/a>)<\/li>\n<li><strong>Comedy <\/strong><strong>Sett<\/strong><strong>:<\/strong> Egypt\u2019s first all-female stand-up comedy act are hoping to empower more women comedians to take to the stage. (<a href=\"https:\/\/www.france24.com\/en\/video\/20220407-in-egypt-first-all-female-stand-up-show-challenges-stereotypes\">France24<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/art-and-culture\/\">Art and culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hosni-mubarak\/\">Hosni Mubarak<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/terror\/\">terror<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545726\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545727\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545727\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edita-to-invest-egp-1-bn-by-2025\/\">\r\n                            Edita to invest EGP 1 bn by 2025                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edita-to-invest-egp-1-bn-by-2025\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edita-to-invest-egp-1-bn-by-2025\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edita-to-invest-egp-1-bn-by-2025\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Edita to invest EGP 1 bn by 2025&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edita-to-invest-egp-1-bn-by-2025\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edita-to-invest-egp-1-bn-by-2025\/&title=Edita to invest EGP 1 bn by 2025\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Edita+to+invest+EGP+1+bn+by+2025+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F10%2Fedita-to-invest-egp-1-bn-by-2025%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/edita-to-invest-egp-1-bn-by-2025\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545727\" class=\"content-area-description single-story post-545727 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-commodities tag-covid-19 tag-digitization tag-edita tag-egypt-sudan-railway tag-electricity tag-energy tag-enterpriseam tag-general-electric tag-green-economy tag-green-hydrogen tag-kuwait tag-renewable-energy tag-tourism tag-transport tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> EGX-listed snackmaker Edita plans to invest EGP 1 bn over the coming three years <\/strong>to expand operations, company chairman Hani Berzi said, according to a company <a href=\"https:\/\/ent.news\/2022\/4\/Edita-PR-Prime-Minister-Visit-E.pdf\">statement (pdf)<\/a>. Berzi made the announcement on the sidelines of a visit by Prime Minister Mostafa Madbouly and Trade Minister Nevine Gamea to the company\u2019s Sixth of October factory. The snackfoods maker had previously said it plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5021b9f-77d7-4bec-b370-92a0cd7e0f83\">invest around EGP 400 mn<\/a> to add new production lines for its baked goods and wafers segments in Egypt this year, as well as to expand to at least one new market in 2022 and another in the next five years.<\/p>\n<p><strong>Everyone seems to want in on our <\/strong><strong><a href=\"https:\/\/pemedianetwork.com\/hydrogen-economist\/articles\/strategies-trends\/2022\/european-backing-spurs-egypt-s-hydrogen-ambitions\/?utm_source=pocket_mylist\">budding green hydrogen industry<\/a><\/strong><strong>: <\/strong>Electricity Minister<strong> Mohamed Shaker <\/strong>met with a delegation from <strong>General Electric <\/strong>to discuss boosting<strong> cooperation <\/strong>in <strong>renewable energy, electricity <\/strong>and <strong>green hydrogen <\/strong>ahead of COP27 in November. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/375645744605852\">Statement<\/a>)<\/p>\n<p><strong>Ten of the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c04d6ac-05ff-45f6-b794-0194678c8093\">14 firms<\/a><\/strong> bidding for the right to <strong>manage the state\u2019s planned EV charging firm <\/strong>have been selected to move forward in the tender process. (<a href=\"https:\/\/hapijournal.com\/?p=182965\">Hapi Journal<\/a>)<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Egypt has received <strong>1.5 mn doses<\/strong> of the <strong>Pfizer vaccine<\/strong> from the US through the Gavi \/ Covax program. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/375581361278957\">Statement<\/a>)<\/li>\n<li>We\u2019re getting USD 2.5 mn from the <strong>Kuwait Fund for Arab Economic Development<\/strong> to fund feasibility studies for the planned <strong>Egypt-Sudan railway<\/strong>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/376225771214516\">Statement<\/a>)<\/li>\n<li>French tech consulting company <strong><a href=\"https:\/\/atos.net\/en\/\">Atos<\/a><\/strong> will finish digitizing operations at <strong>Ghazl El Mahalla<\/strong> and <strong>Misr Cotton Ginning<\/strong><strong> Co<\/strong> factories in 1H2022. (<a href=\"https:\/\/bit.ly\/3Jrcsml\">Al Mal<\/a>)<\/li>\n<li><strong>Misr Hotels is looking to inaugurate its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3bcf0a76-a671-41c1-8cbc-740ec862c407\">delayed Safir Dahab Hotel<\/a><\/strong> during Eid El Fitr. (<a href=\"https:\/\/alborsaanews.com\/2022\/04\/10\/1528773\">Al Borsa<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-sudan-railway\/\">Egypt-Sudan railway<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/general-electric\/\">General Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545728\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545728\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/\">\r\n                            Food is more expensive than ever + EM funds brace for a tough year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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          <a href=\"https:\/\/api.whatsapp.com\/send?text=Food+is+more+expensive+than+ever+%2B+EM+funds+brace+for+a+tough+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F10%2Ffood-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/food-is-more-expensive-than-ever-em-funds-brace-for-a-tough-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545728\" class=\"content-area-description single-story post-545728 post type-post status-publish format-standard hentry category-planet-finance tag-bonds tag-commodities tag-emerging-markets tag-energy tag-enterpriseam tag-fao tag-financial-markets tag-food tag-inflation tag-jpmorgan tag-oil-and-gas tag-planet-finance tag-russia tag-russia-ukraine-conflict tag-shell tag-turkey tag-un tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Global food prices surged to a new all-time high in March<\/strong> as the Russia-Ukraine war battered already inflated commodities and grains markets, according to <a href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\">new UN data<\/a> released Friday. The FAO Food Price Index rose to 159.3 points in March, up 34% y-o-y and eclipsing its record in February by almost 13%.<\/p><p><strong>This is the second record high in as many months.<\/strong> Food prices are now more than 15% higher than the previous all-time high, recorded in February 2011.<\/p><p><strong>Wheat prices soared almost 20% during the month<\/strong>, as the war disrupted exports from major exporters Russia and Ukraine \u2014 and exacerbated by crop conditions in the US.<\/p><p><strong>Emerging-market fund managers are bracing for greater outflows and weaker earnings <\/strong><strong>this year<\/strong> as the Russia-Ukraine war and battered Chinese markets weigh on investors, the <a href=\"https:\/\/www.ft.com\/content\/f157c74e-5979-4133-ae1a-4d5c3f2c2683\">Financial Times<\/a> reports, citing a survey by Bank of America (BofA). The bank slashed its earnings forecast for one EM fund manager, Ashmore, by 6-9% in 1Q2022. \u201cEmerging market debt saw outflows, not only for Ashmore but across the industry this quarter, which shouldn\u2019t be a big surprise given higher US interest rates, higher rate expectations, strong USD and the Russia-Ukraine conflict,\u201d said one BofA analyst.<\/p><p><strong>Russia\u2019s removal from EM indexes could be good news for Turkey:<\/strong> Turkey is poised for a pick up in passive bond inflows after seeing its weighting in major emerging-market bond indexes increase following the removal of Russian debt. US and EU sanctions have led to the removal of Russian debt from key indexes such as JPMorgan\u2019s benchmark, which has boosted Turkey\u2019s weighting to 4%. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-07\/turkey-set-for-boost-after-russia-removed-from-bond-indexes?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/p><p><strong>ALSO- <\/strong><strong>Shell faces up to USD 5 bn loss for Russia exit:<\/strong> Shell expects to lose USD 4-5 bn in 1Q 2022 as a result of its exit from Russia. The figure is higher than previously thought, with Shell initially estimating it would take a USD 3.4 bn hit. (<a href=\"https:\/\/www.shell.com\/media\/news-and-media-releases\/2022\/shell-first-quarter-2022-update-note.html\">Statement<\/a>)<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,102<\/p>\n<\/td>\n<td>\n<p>-2.2% (YTD: -7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.29<\/p>\n<\/td>\n<td>\n<p>Sell 18.39<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.29<\/p>\n<\/td>\n<td>\n<p>Sell 18.39<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,314<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,094<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +18.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,542<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +10.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,488<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,670<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,858<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: -10.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 102.78<\/p>\n<\/td>\n<td>\n<p>+2.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.28<\/p>\n<\/td>\n<td>\n<p>-1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,945.60<\/p>\n<\/td>\n<td>\n<p>+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 42,623<\/p>\n<\/td>\n<td>\n<p>+0.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 2.2% at Thursday\u2019s close<\/strong> on turnover of EGP 992.89 mn (2.5% above the 90-day average). Foreign investors were net sellers. The index is down 7.1% YTD.<\/p><p><strong>In the green: <\/strong>Rameda (+3.1%), CIRA (+1.2%) and Orascom Development Egypt (+0.7%).<\/p><p><strong>In the red: <\/strong>Mopco (-10.3%), Fawry (-6.0%) and MM Group (-5.4%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fao\/\">FAO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan\/\">JPMorgan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545729\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"545729\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/yemens-exiled-president-hands-power-to-new-council-following-ceasefire\/\">\r\n                            Yemen\u2019s exiled president hands power to new council following ceasefire                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/yemens-exiled-president-hands-power-to-new-council-following-ceasefire\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545729\" class=\"content-area-description single-story post-545729 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-jamal-khashoggi tag-pakistan tag-saudi-arabia tag-turkey tag-uae tag-war tag-yemen wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Yemeni president stands down as Saudi, UAE signal they want an end to war:<\/strong> Yemen\u2019s president-in-exile Abed Rabbo Mansour Hadi resigned and handed power to a presidential council on Thursday, a week after warring parties agreed to a two-month ceasefire, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/yemen-president-relieves-deputy-his-post-2022-04-07\/\">Reuters<\/a> reports. Saudi Arabia and the UAE \u2014 which have led the campaign against the Iran-backed Houthis \u2014 pledged USD 3 bn in aid to the government following Hadi\u2019s announcement and urged fresh talks to bring an end to the war. GCC ministers also came out in support of the council and called for UN-sponsored negotiations to \u201creach a final and comprehensive political solution.\u201d The Egyptian Foreign Ministry also welcomed the council\u2019s establishment in a <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/292719879704532\">statement<\/a>.<\/p>\n<p><strong>Also worth knowing this morning:<\/strong><\/p>\n<ul>\n<li><strong>Turkey has stopped the Jamal Khashoggi murder trial and transferred it to <\/strong><strong>Saudi Arabia<\/strong>, as President Recep Tayyip Erdogan tries to improve relations with Riyadh. Saudi Arabia had refused to extradite the 26 Saudi nationals on trial in Turkey and will now take on responsibility for the proceedings, which rights groups say ends prospects for a fair and transparent trial. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkish-court-halts-khashoggi-trial-transfers-it-saudi-arabia-2022-04-07\/\">Reuters<\/a>)<\/li>\n<li><strong>Pakistani Prime Minister Imran Khan was ousted<\/strong> in a parliamentary no-confidence vote on Sunday. (<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/pakistan-parliament-try-again-vote-oust-pm-khan-2022-04-09\/\">Reuters<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jamal-khashoggi\/\">Jamal Khashoggi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pakistan\/\">Pakistan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yemen\/\">Yemen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"545730\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/whats-next-for-fintech-agriculture-healthcare-a-raft-of-industry-specific-regulations-and-legislation\/\">         \r\n                            What\u2019s Next for fintech? Agriculture, healthcare + a raft of industry-specific regulations and legislation<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/whats-next-for-fintech-agriculture-healthcare-a-raft-of-industry-specific-regulations-and-legislation\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/whatsnext\/whats-next-for-fintech-agriculture-healthcare-a-raft-of-industry-specific-regulations-and-legislation\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/whatsnext\/whats-next-for-fintech-agriculture-healthcare-a-raft-of-industry-specific-regulations-and-legislation\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=What\u2019s Next for fintech? Agriculture, healthcare + a raft of industry-specific regulations and legislation&url=https:\/\/enterpriseam.com\/egypt\/whatsnext\/whats-next-for-fintech-agriculture-healthcare-a-raft-of-industry-specific-regulations-and-legislation\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/whatsnext\/whats-next-for-fintech-agriculture-healthcare-a-raft-of-industry-specific-regulations-and-legislation\/&title=What\u2019s Next for fintech? 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Last year, 32 fintech startups raised over USD 159 mn in investments, up from around USD 37.1 mn in 2020, according to the Central Bank of Egypt\u2019s (CBE\u2019s) Fintech Landscape Report, which we cover in greater detail <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2b6ff2b-c7c4-465e-9b53-7acff07e97b3\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df5d2bcf-6d83-4f75-b926-475a94407ca7\">here<\/a>.<\/p>\n<p><strong>Enterprise hosted a roundtable discussion with major players in the sector to discuss what\u2019s next for fintech. <\/strong>In the first part of our discussion, the entrepreneurs and investors take us through the untapped potential of fintech and which industries in Egypt are most primed for change through fintech.<\/p>\n<p><strong>We highly recommend you listen to Part 1 of our discussion on our website (<\/strong><strong><a href=\"https:\/\/enterprise.press\/podcast\/\">listen, runtime: 44:59<\/a><\/strong><strong>) <\/strong>or on: <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/whats-next-for-egypts-fintech-sector\/id1617987136?i=1000556814211\">Apple Podcasts<\/a> | <a href=\"https:\/\/omny.fm\/shows\/the-enterprise-podcast\/whats-next-for-egypts-fintech-sector\">Omny<\/a> | <a href=\"https:\/\/play.anghami.com\/episode\/1048610056?adj_t=dgl0aa8_64v1dnl&adj_campaign=ios&adj_adgroup=song&adj_creative=76952495\">Anghami<\/a> (and later in the day on <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9vbW55LmZtL3Nob3dzL3RoZS1lbnRlcnByaXNlLXBvZGNhc3QvcGxheWxpc3RzL3doYXQtaXMtbmV4dC5yc3M?sa=X&ved=0CB0Q27cFahcKEwj4z_O4qoj3AhUAAAAAHQAAAAAQLA\">Google Podcasts<\/a> and <a href=\"https:\/\/open.spotify.com\/show\/1hzX6KVJGkuj4udK2DvD5Y\">Spotify<\/a>). Or you can read edited excerpts of our conversation below:<\/p>\n<p><strong>A new fintech law in the offing? <\/strong>We also get rare insights from the central bank on what regulators are working on to help expand and propel Egypt\u2019s fintech sector to the next stage of its development,<strong> including a new law to regulate crowdfunding and peer-to-peer lending<\/strong>. Our guests are:<\/p>\n<ul>\n<li><strong>Karim Nour<\/strong>, the co-founder of <a href=\"https:\/\/kashat.com.eg\/en\/\">Kashat<\/a> \u2014 the first nano-finance company in MENA providing financial services to the un- and under-banked. Karim is also the non-executive chairman of Tarek Nour Communications Group<\/li>\n<li><strong>Omar Saleh<\/strong>, the CEO and co-founder of <a href=\"https:\/\/khazna.app\/\">Khazna<\/a>. Omar joined us the same day his company announced a blockbuster <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53b52ec5-1a0b-49c0-be83-a299f554c1da\">USD 38 mn Series A round<\/a>.<\/li>\n<li><strong>Aly El Shalakany<\/strong>, a corporate lawyer and longtime angel investor turned venture capitalist who is now the CEO of the <a href=\"https:\/\/casyndicate.com\/\">Cairo Angels Syndicate Fund<\/a>.<\/li>\n<li><strong>Ashley Lewis<\/strong> is a partner focused on Africa with <a href=\"https:\/\/www.accion.org\/how-we-work\/invest\/accion-venture-lab\">Accion Venture Lab<\/a> and has been investing in financial services and social ventures across sub-Saharan Africa and Southeast Asia for over a decade. El Shalakany is an investor in Kashat while Lewis was one of the first investors at Khazna.<\/li>\n<li><strong>Dr. Rasha Negm<\/strong>. Rasha is an assistant sub-governor of the <a href=\"https:\/\/www.cbe.org.eg\/en\/Pages\/default.aspx\">CBE<\/a> where she heads fintech and innovation. Rasha is not a newcomer to fintech. A veteran of the banking industry, she led product strategy for Vodafone Cash before joining the CBE.<\/li>\n<\/ul>\n<p><strong>How far along is fintech in Egypt? <\/strong>Fintech is slowly becoming part of life around us, but as for how long will it take us to fully embrace fintech? It\u2019s going to take less than a decade, Negm believes. In the last year, Egypt has seen an increase of 20 startups , a 300% increase in funding, and more than double the average ticket size when it comes to fintech and fintech-enabled startups, she explained. The potential is there, but it\u2019s important to establish the foundations of the landscape and a pipeline of early-stage startups to see the sector grow in the coming years, she added.<\/p>\n<p><strong>What\u2019s the next frontier for fintech? Agriculture + healthcare, says Lewis: <\/strong>The concept of embedded finance allows for more intersectionality between different sectors, Lewis told us. Fintech could potentially expand into sectors such as agriculture and healthcare in the coming period, she believes.<\/p>\n<p><strong>For Nour, it\u2019s <\/strong><strong>ins<\/strong><strong>.:<\/strong> It could make ins. products more accessible to average Egyptians by offering them bite-sized products instead of them being \u201cunswallowable packages,\u201d he explained.<\/p>\n<p><strong>Negm sees digitized ROSCA, supply chain and B2B as next: <\/strong>Digitizing anything that is embedded into Egyptian culture will also have a big impact, believes Negm, pointing to the ROSCA (or gam\u2019iya). An important subset to expand into during the current macro environment is supply chain finance and B2B financing, she added.<\/p>\n<p><strong>Ditto El Shalakany: <\/strong>B2B financing \u201cis going to be extremely important to keep pushing the economy forward,<strong>\u201d<\/strong> believes El Shalakany, especially under the CBE\u2019s policy to promote lending to SMEs.<\/p>\n<p><strong>What is needed to get there? More data:<\/strong> To successfully venture into these sectors, fintech firms will need to incorporate credit scoring based on alternative data, which is what Kashat is focused on at the moment, Nour says.<\/p>\n<p><strong>The CBE is working to build a behavioral credit scoring hub with I-Score<\/strong>, Negm told us. The infrastructure is being set up and will allow the credit bureau to use behavioral scoring to provide financial services such as digital lending to customers, she said.<\/p>\n<p><strong>The CBE is expecting to roll out e-KYC next year<\/strong>, Negm told us. This will make it easier for platforms to verify a customer\u2019s identity and relevant information electronically, instead of having to appear physically at a bank branch and fill out paperwork, Negm explained. The implementation takes a bit of time as it needs a lot of backend integrations to verify citizens\u2019 data, but it\u2019s expected to be out next year, she said. The central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20146143-119c-4605-af05-60b47d84a431\">introduced streamlined light KYC regulations<\/a> that paved the way for banks to use an agent to onboard customers using only each individual\u2019s national ID.<\/p>\n<p><strong>Crowd-funding, peer-to-peer lending will be regulated under new legislation: <\/strong>The CBE is working on a new bill alongside the Financial Regulatory Authority (FRA) that will cover crowd-funding, peer-to-peer lending, and more in one piece of legislation, Negm revealed.<\/p>\n<p><strong>Negm expects the final stage of discussions with the FRA to be completed by the upcoming quarter<\/strong>, but the law will still need to be approved by the House of Representatives. Look for more on this in the coming months and for the bill to become a law in 2023.<\/p>\n<p><strong>Meanwhile, the digital banking license is set to be introduced in 2Q2022<\/strong>, Negm said. \u00a0Digital banking will further increase the financial inclusion in the country as more and more people adopt digital financial services, Negm indicated. As Enterprise noted last year, the prospect of digital banks already has interest from major players such as<span style=\"font-size: 1.6rem;\">\u00a0<\/span><a style=\"font-size: 1.6rem;\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8688dd34-1172-476a-879c-52cb7420d2ad\">e-Finance<\/a><span style=\"font-size: 1.6rem;\">\u00a0<\/span><span style=\"font-size: 1.6rem;\">and<\/span><span style=\"font-size: 1.6rem;\">\u00a0<\/span><a style=\"font-size: 1.6rem;\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9adf670d-e5c4-4643-bd84-25d361e0c445\">Banque Misr<\/a><span style=\"font-size: 1.6rem;\">.<\/span><\/p>\n<p><strong>And the instant payment network (IPN) is already here:<\/strong> The IPN is a network that links different banks and financial services providers, allowing payments sent between accounts at different banks to be credited and debited instantly.<\/p>\n<p><strong>Background:<\/strong> As Enterprise previously noted, the CBE issued regulations for the IPN <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca22340a-9129-4a74-9eb8-0be6ae5bab3a\">back in November<\/a>, setting transfer limits and procedures for accessing the network, before introducing it to the market <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16f68b1b-62fc-4d71-a4bd-a75a9f1648fb\">in March<\/a>.<\/p>\n<p><strong>More than just an app: <\/strong>The IPN will create an open banking architecture that banks, payment service providers (PSPs), and fintech companies can integrate with, paving the path for customer-centric apps, Negm explains.<\/p>\n<p><strong>The IPN could be a \u201cgame changer\u201d for the fintech sector<\/strong>, believes Saleh. \u201cThe IPN provides basic functionality that we\u2019ve been waiting for to reduce reliance on cash,\u201d he said. There are so many use cases across the board, but the underlying infrastructure could completely transform the way we use money, he added.<\/p>\n<p><strong>What more do the fintech players want to see from the CBE?<\/strong> Furthering lines of communication and widening the scope of engagement between regulators and market players, Nour and El Shalany said. That would include more transactions that come by fostering cooperation within the banking sector, Nour believes, pointing to the new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51710abc-abe2-41fc-a5bf-465d12117001\">USD 85 mn fintech fund<\/a> which has three state-owned banks involved. Lewis, who noted that the CBE was the regulator that engaged with her the most across the markets she operates in, simply asked that the CBE continue to be open to international investment. Meanwhile, as the global macro climate gets tougher, Saleh believes the CBE needs to keep fintech as a priority for public policy.<\/p>\n<p><strong>NEXT WEEK- <\/strong>Karim, Ashley, Aly, and Omar continue our discussion on what\u2019s next in fintech, this time focusing on the future outlook of investments and growth in the local sector. We discuss expectations for fintech ticket sizes in 2022, the potential for consolidation, and challenges the sector still faces such as finding talent.<\/p>\n<p>\u00a0<\/p>\n<p>CORRECTED ON 12 April 2022-<\/p>\n<p>The CBE's fintech report noted that Egyptian fintech startups brought in USD 159 mn in VC funding in 2021 and not USD 157 mn as an earlier version of this tory stated. The story was edited to denote background information and context.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Swvl makes Nasdaq debut:<\/strong> Shares in Cairo-born mass transit app Swvl <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">rose on their Nasdaq debut<\/a> earlier this month as the company concluded its SPAC merger with Queen\u2019s Gambit Growth Capital.<\/li>\n<li><strong>Khazna closes bumper series A round:<\/strong> Egyptian fintech startup Khazna <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53b52ec5-1a0b-49c0-be83-a299f554c1da\">raised USD 38 mn<\/a> in equity and debt in a series A funding round.<\/li>\n<li><strong>Mental health startup O7 Therapy closes seed round:<\/strong> Egyptian online mental health startup O7 Therapy has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ce122fe-bd81-4716-9491-62ce030afd5a\">raised a USD 2.1 mn seed round<\/a> in what the startup says is the largest seed round for a mental health startup in the Middle East.<\/li>\n<li><strong>Shift EV raises USD 9 mn:<\/strong> Electric mobility startup Shift EV has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ebabfac3-5776-44ff-a69d-0351d5e169ba\">raised USD 9 mn<\/a> in funding, putting it on the road to transform the EV landscape not just in Egypt, but across emerging markets with home-grown battery technology.<\/li>\n<li><strong>New measures to attract VCs:<\/strong> A cooperation agreement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99c5139f-eaad-4941-b2ca-265c6dd8fc2c\">signed last week<\/a> could be a first step toward making it more attractive for VC firms to directly invest in Egypt.<\/li>\n<li><strong>Flat6Labs launches new Saudi seed fund:<\/strong> Flat6Labs and the Saudi Venture Capital Company have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ce122fe-bd81-4716-9491-62ce030afd5a\">launched a new seed fund in Saudi Arabia<\/a> that is expected to back more than 60 early-stage startups over the next three years.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alternative-finance-law\/\">alternative finance law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aly-el-shalakany\/\">Aly El Shalakany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-angels\/\">Cairo Angels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digital-banking-license\/\">digital banking license<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karim-nour\/\">Karim Nour<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kashat\/\">Kashat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khazna\/\">Khazna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/omar-saleh\/\">Omar Saleh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rasha-negm\/\">Rasha Negm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"545732\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/545732\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545732\" class=\"content-area-description single-story post-545732 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>OUR CALENDAR NOW APPEARS into two sections: <\/strong><\/p>\n<ul>\n<li><strong>Events with specific dates or months <\/strong>are right here up top<\/li>\n<li><strong>Events happening in a quarter or other range of time <\/strong>with no specific date \/ month appear at the bottom of the calendar.<\/li>\n<\/ul>\n<p><strong>APRIL<\/strong><\/p>\n<p>April: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>April: Ghazl El Mahalla shares will begin trading on the EGX.<\/p>\n<p>April: A delegation from a major Belgian shipping company will arrive for talks on building an international shipping supply center in Egypt.<\/p>\n<p>14 April (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18-24 April (Monday-Sunday): <a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\">World Bank-IMF Spring Meetings<\/a>, Washington D.C.<\/p>\n<p>20 April (Wednesday): Deadline for listed companies and NBFIs to <a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\">submit quarterly ESG reports<\/a>.<\/p>\n<p>Mid-April: Trading on the Egyptian Commodity Exchange to start.<\/p>\n<p>21 April (Thursday): EGX-listed Taaleem <a href=\"https:\/\/ent.news\/2022\/3\/Taaleem-general-meeting-April.pdf\">will hold<\/a> an extraordinary general assembly to discuss the mechanism to build and own nonprofit and private universities.<\/p>\n<p>24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April (Monday): Sham El Nessim.<\/p>\n<p>25 April (Monday): Sinai Liberation Day.<\/p>\n<p>28 April (Thursday): National Holiday in observance of Sham El Nessim.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>30 April (Saturday): <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">Fixed customs exchange rate<\/a> lifted.<\/p>\n<p>Late April through 15 May: 1Q2022 earnings season<\/p>\n<p><strong>MAY<\/strong><\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>1 May (Sunday): Labor Day.<\/p>\n<p>1 May (Sunday): Suez Canal Authority raises tolls for different vessels.<\/p>\n<p>3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/p>\n<p>5 May (Thursday): National Holiday in observance of Labor Day.<\/p>\n<p>2 May (Monday): Eid El Fitr (TBC).<\/p>\n<p>15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JUNE<\/strong><\/p>\n<p>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.<\/p>\n<p><strong>JULY<\/strong><\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>Early July: Polish President to visit Egypt.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p><strong>AUGUST<\/strong><\/p>\n<p>August: Work to extend the capacity of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 600 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER<\/strong><\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>4-6 November: The <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition kicks off at the Cairo International Exhibition and Convention Center.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>14 March-30 June: The \u201cEscape to Egypt\u201d exhibition at the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02TyfzyKQdaqZmXvT1e3FuyPe3vSpn55zshBzfPbVExM3BR7KTZ3Geb6QVSsHa2S5Nl\">Coptic Museum<\/a>, in celebration of its 112th anniversary.<\/p>\n<p>2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release first financing product.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":545708,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-545707","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"313c7470-c0bc-4e4e-89bc-2473ddf3a991","teaser":"","photo_url":"https:\/\/ent.news\/2022\/4\/12.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinMin narrows budget deficit target as the dust settles from war\u2019s outbreak - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-narrows-budget-deficit-target-as-the-dust-settles-from-wars-outbreak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin narrows budget deficit target as the dust settles from war\u2019s outbreak\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-narrows-budget-deficit-target-as-the-dust-settles-from-wars-outbreak\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:10:23+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/12.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-narrows-budget-deficit-target-as-the-dust-settles-from-wars-outbreak\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-narrows-budget-deficit-target-as-the-dust-settles-from-wars-outbreak\/\",\"name\":\"FinMin narrows budget deficit target as the dust settles from war\u2019s outbreak - 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