{"id":549619,"date":"2022-09-25T04:00:06","date_gmt":"2022-09-25T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549619"},"modified":"2025-12-15T22:42:44","modified_gmt":"2025-12-15T22:42:44","slug":"central-bank-of-egypt-leaves-rates-on-hold-against-expectations","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-of-egypt-leaves-rates-on-hold-against-expectations\/","title":{"rendered":"Central Bank of Egypt leaves rates on hold against expectations"},"content":{"rendered":"<section id=\"549621\" 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=\"549621\">\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\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/\">\r\n                            THIS MORNING: To conference or not to conference? MPs return next week + An Olympic bid?                        <\/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\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/\" 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\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/')\">\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\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/\">\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=THIS MORNING: To conference or not to conference? MPs return next week + An Olympic bid?&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/\">\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\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/&title=THIS MORNING: To conference or not to conference? MPs return next week + An Olympic bid?\">\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=THIS+MORNING%3A+To+conference+or+not+to+conference%3F+MPs+return+next+week+%2B+An+Olympic+bid%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F25%2Fthis-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid%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\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549621\" class=\"content-area-description single-story post-549621 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-climate tag-cop27 tag-enterpriseam tag-house-of-representatives tag-imf tag-sports tag-what-were-tracking-today tag-world-bank 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_27645\"\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\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends. <\/strong>We\u2019re back in Omm El Donia after a week in Dubai \u2014 and reveling in the fact that it is now fall (ie: The Official Favorite Season of Enterprise). The <a href=\"https:\/\/bit.ly\/3xNDZeo\">national weather service<\/a> tells us that Friday was the autumnal equinox, meaning we\u2019re in for about 89 days of the pumpkin spice season.<\/p><p><strong>We have a big issue for you this morning<\/strong>, but before we get started:<\/p><p><strong>Today is also our birthday. <\/strong>Enterprise turns eight this morning. We sent the very first (public facing) version of Enterprise to 50 people (<a href=\"https:\/\/enterprise.press\/issues\/2014\/09\/25\/enterprise-issue-1\/\">you can see it here<\/a> \u2014 feel free to chuckle, but you can see traces of our DNA in there). Our August 2022 readership figures show that there are now 215k of you out there who choose to regularly start your mornings with us, whether on email or the interwebs.<\/p><p><strong>What were we writing about eight years ago this morning? Renewable energy<\/strong> was just becoming a thing in Egypt as we prepared for a <strong>UN climate summit<\/strong> \u2014 and CBS had released a teaser for President Abdel Fattah El Sisi\u2019s first televised interview in America. <strong>The EGP was weakening <\/strong>(oh, for the days of EGP 7.44\u2026) and <strong>we still had daylight saving time.<\/strong><\/p><p><strong>A huge thank you this morning to the folks who keep the A\/Cs and lights on around <\/strong><strong>here. <\/strong>Everything we do is made possible \u2014 and available to our readers without charge \u2014 thanks to the generous support of:<\/p><ul>\n<li><strong>EnterpriseAM:<\/strong> HSBC Egypt | EFG Hermes | SODIC | Infinity | SomaBay | Moharram &amp; Partners<\/li>\n<li><strong>EnterprisePM:<\/strong> Palm Hills Developments | Etisalat Misr<\/li>\n<li><strong>Enterprise Climate:<\/strong> HSBC | Infinity Power<\/li>\n<li><strong>Our industry partners:<\/strong> CIRA | Orascom Construction | Infinity | Industrial Development Group | EFG Hermes<\/li>\n<\/ul><p><strong>Thanks also this morning to everyone who has ever written us<\/strong>, sent in a correction or note of encouragement, recommended us to a friend or colleague, said something nice about us, or otherwise done something to help build this amazing community. Writing to you each morning is the highlight of our professional lives \u2014 thank you, one and all.<\/p><hr class=\"grey-line\"><p><strong>SIGN OF THE TIMES- Overheard at the customs lineup <\/strong>at Cairo International Airport, terminal 3, on Thursday evening:<\/p><p>\u201cUh, sir? What are the chunky metal things in your bag?\u201d asks the Finance Ministry guy running the X-ray machine. He\u2019s only mildly curious and is gesturing with his hands that the offending items are \u201cabout this big.\u201d<\/p><p>\u201cBreak pads.\u201d<\/p><p>\u201cOh, thank you. Go right ahead.\u201d<\/p><hr class=\"grey-line\"><p><strong>HEY, EGYPTAIR \u2014 YOU READING THIS MORNING? <\/strong>The business class cabin crew of MS 913 on Thursday, 22 September? Simply excellent.<\/p><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<\/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    <\/p><\/div>\n<\/div>\n<\/div><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><strong>Is the Madbouly government holding an economic conference this week?<\/strong> After two weeks\u2019 of chatter about a three-day economic conference at the end of the month, we\u2019re still none the wiser about what the plan is \u2014 or whether it\u2019s even taking place. A number of government officials (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b331c789-a572-41f2-b93e-9252c03167a5\">here<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec5ea242-596a-414b-80af-595f1359a583\">here<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45ae6db2-da22-4fb6-9b28-1017310e9890\">here<\/a>) have appeared on the airwaves in recent days to talk about the agenda \u2014 from what we know, the government\u2019s privatization strategy and import substitution industrialization would be two of the main topics of discussion \u2014 but key details such as date and location are TBD.<\/p><p><strong>Our friends at HSBC are hosting an energy transition webinar series this <\/strong><strong>Tuesday through Thursday<\/strong> (27-29 September). The series will look at the \u201clatest climate analysis in relation to the global energy market and transition to net zero\u201d in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. <strong>You can <\/strong><strong><a href=\"https:\/\/www.hsbcscheduling.com\/eventweb.php?pid=PDFjNDU8MGUxPzFsMTU&amp;src=enterpriseam\">register for the series here<\/a><\/strong><strong>. <\/strong><\/p><p><strong>A Spanish business delegation will be in town this Tuesday and Wednesday<\/strong> (27-28 September) for the Egypt-Spain Multilateral Partnership Forum, organized by the Spanish Institute for Export and Investment, according to <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-PRE-EVENTO-en-ingle%CC%81s.pdf\">a press release (pdf)<\/a>. The two-day conference will include seminars and panel discussions on trade and investment in transport, energy, and water with Egyptian ministers and representatives from government bodies, alongside officials from international financing institutions and Spanish Secretary of State for Trade Xiana M\u00e9ndez B\u00e9rtolo. The agenda for the conference is available <a href=\"https:\/\/ent.news\/2022\/9\/Program-Spain-Egypt-Multilateral-Partnership.pdf\">here (pdf)<\/a>.<\/p><p>The <strong><a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum<\/a><\/strong>will take place at the <strong>Cairo Marriott Hotel<\/strong> on <strong>26\u201327 September<\/strong>.<\/p><p><strong>NEXT MONTH-<\/strong><\/p><p><strong>Our elected representatives will return from Sahel to start the new legislative <\/strong><strong>session in the House on Saturday, 1 October<\/strong>, according to a presidential decree in the Official Gazette. Senators will return for the opening session on Tuesday, 4 October next week.<\/p><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><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>It\u2019s a mixed picture in the international front pages this morning:<\/strong><\/p><ul>\n<li><strong>Protests in Iran<\/strong> are getting coverage in the <a href=\"https:\/\/www.nytimes.com\/2022\/09\/24\/world\/middleeast\/iran-protests-raisi-khamenei-hijab.html\">New York Times<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/irans-president-raisi-says-protesters-should-be-confronted-decisively-state-2022-09-24\/\">Reuters<\/a>.<\/li>\n<li><strong>The latest from Ukraine and Russian FM\u2019s Sergei Lavrov\u2019s appearance at the UN General Assembly<\/strong> are getting attention from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-24\/-read-putin-more-often-and-carefully-lavrov-tells-un-reporters?srnd=premium-middle-east\">Bloomberg<\/a>, the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-kyiv-moscow-b211e58190d5d4de36f67fddc6ba0521?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_01\">Associated Press<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/europe\/shelling-hits-southern-ukraine-russia-un-spotlight-over-escalation-2022-09-25\/\">Reuters<\/a>.<\/li>\n<li><strong>The negative market reaction to the UK government\u2019s Reaganite turn<\/strong> earns a place on the front-pages of the <a href=\"https:\/\/www.ft.com\/content\/d8bab1aa-3645-4faa-9616-31c14688b0ab\">Financial Times<\/a> and <a href=\"https:\/\/www.cnbc.com\/2022\/09\/24\/liz-truss-britains-lurch-to-reaganomics-gets-thumbs-down-from-markets.html\">CNBC<\/a>.<\/li>\n<li><strong>Also:<\/strong> The <a href=\"https:\/\/www.wsj.com\/articles\/pensions-brace-for-private-equity-losses-11663985240?mod=hp_lead_pos1\">Wall Street Journal<\/a> reports that <strong>US pension funds are staring at more heavy losses<\/strong> at the hands of private equity investments, while the <a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/09\/24\/desantis-trump-2024\/?itid=hp-top-table-main\">Washington Post<\/a> looks at the Trump-DeSantis rivalry that will set the tone for the battle for the Republican presidential nomination.<\/li>\n<\/ul><p class=\"web-image\"><a href=\"#\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>COUNTDOWN TO COP27-<\/strong> <strong>Expect a whole lot of green financing agreements at <\/strong><strong>COP: <\/strong>The government will announce a number of green financing allocations in partnership with Japan, China, the European Investment Bank and the European Bank for Reconstruction and Development, on the sidelines of COP27 in November, International Cooperation Minister Rania Al Mashat told Bloomberg Asharq (<a href=\"https:\/\/twitter.com\/AsharqGreen\/status\/1573614818837540864\">watch, runtime: 4:59<\/a>). The financing will target sustainable development and green transportation projects, she said.<\/p><p><strong>\u201cWho pays for the climate crisis\u201d: Developing nations are taking aim at the IMF and the <\/strong><strong>World Bank.<\/strong> The question that is quickly coming to dominate the conversation in the lead-up to COP is now being turned on the Bretton Woods institutions \u2014 the IMF and the World Bank \u2014 by developing nations who are arguing that the post-war global financial system may no longer be fit for purpose, as rich nations fail to meet their climate finance pledges and ignore pleas for debt relief. During her <a href=\"https:\/\/news.un.org\/en\/story\/2022\/09\/1127611\">speech at the UN General Assembly<\/a>, Barbados Prime Minister Mia Mottley said the IMF and the World Bank \u201cno longer serve the purpose in the 21st century that they served in the 20th century,\u201d and called on international lenders to offer sustainable, long-term financing for poorer nations struggling with the effects of climate change, the pandemic and the economic crisis caused by the war in Ukraine.<\/p><hr class=\"grey-line\"><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>WATCH THIS SPACE- Could Egypt host the Olympics?<\/strong> Egypt will bid to host the 2036 Olympics, the Youth and Sports Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ZrC2bYnk31aQg9oqwZ4zfYpmbg5d17rpQSfrcjMUrwPjLB1TzeNu5yn2TEfhd3p8l\">said<\/a> Saturday. President Abdel Fattah El Sisi approved a request to apply to host the competition, Youth and Sports Minister Ashraf Sobhy said yesterday follow[ing a meeting with International Olympic Committee President Thomas Bach in Cairo.<\/p><p><strong>Who could we be up against?<\/strong> It\u2019s still early in the bidding process, but several countries including <a href=\"https:\/\/asia.nikkei.com\/Spotlight\/Sports\/Istanbul-launches-bid-to-host-2036-Summer-Olympics\">Turkey<\/a>, <a href=\"https:\/\/www.sportstravelmagazine.com\/another-country-enters-2036-summer-olympic-bid-race\/\">Mexico<\/a>, <a href=\"https:\/\/www.reuters.com\/lifestyle\/sports\/indonesia-launch-new-bid-host-2036-summer-olympics-2021-07-23\/\">Indonesia<\/a>, <a href=\"https:\/\/indianexpress.com\/article\/sports\/sport-others\/russia-says-happy-to-help-india-bid-for-2036-olympics-7987474\/\">India<\/a>, and <a href=\"https:\/\/www.thetimes.co.uk\/article\/london-to-offer-greenest-olympics-in-bid-for-2036-bjm03rcd8\">the UK<\/a> are reportedly interested in bidding for the games.<\/p><p><strong>We\u2019ve been after all the major sporting events: <\/strong>Egypt, Saudi Arabia and Greece are rumored to be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfcefbce-8918-49f0-a749-9e147c76429b\">in discussions<\/a> to mount a joint bid for the 2030 World Cup.<\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World 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=\"549622\" 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=\"549622\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/549622\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549622\" class=\"content-area-description single-story post-549622 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\/9\/SomabayEnduranceFestival-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>The Somabay Endurance Festival, organized by The TriFactory, returns this month for the fourth time. Featuring four different races that combine swimming, cycling, and running, as well as the 1K Kids Race (ages 5-10) and the 10K Race, the Somabay Endurance Festival has got something for everyone. Taking place from 29 September though 1 October, spots are running out for Egypt\u2019s favorite multi-sport event. To find out more and sign up, head to 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=\"549623\" 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=\"549623\">\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\/09\/25\/cbe-kind-of-bucks-the-global-tightening-trend-by-leaving-rates-unchanged\/\">\r\n                            CBE (kind of) bucks the global tightening trend by leaving rates unchanged                        <\/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\/09\/25\/cbe-kind-of-bucks-the-global-tightening-trend-by-leaving-rates-unchanged\/\" 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 Monetary Policy Committee (MPC) left the deposit rate at 11.25%, the lending rate at 12.25%, and the main operation and disc. rates at 11.75%, it said in a <a href=\"https:\/\/ent.news\/2022\/9\/MPC-Press-Release-22-September-2022.pdf\">statement (pdf)<\/a> following its policy meeting. Almost all analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/298ef0bf-e4ce-4276-a53a-4061d2e7023f\">surveyed by Enterprise<\/a> ahead of the meeting expected the central bank to hike rates in a bid to curb rising inflation and the weakening EGP, with most forecasting a 100-bps increase. This is the third consecutive time that the CBE has held rates steady, and the second meeting with Hassan Abdalla at the helm.<\/p>\n<p><strong>Tightening by other means:<\/strong> The central bank bumped up its reserve requirement for all banks to 18% from 14% currently, which it said would \u201ccomplement the tightening stance that the CBE is maintaining.\u201d The reserve ratio regulates how much capital commercial banks are required to hold in their reserves. By raising the ratio, the central bank is aiming to restrict lending, tighten financial conditions, and support the currency \u2014 all without raising the cost of borrowing for the government or the private sector.<\/p>\n<p><strong>What they said:<\/strong> \u201cThe MPC concurs that the current key CBE rates coupled with the increased required reserve ratio are consistent with achieving price stability over the medium term,\u201d the CBE said. The central bank reiterated that it will \u201ctemporarily tolerate\u201d inflation above its target of 7% (\u00b12%) on average in 4Q 2022 as it continues to assess the impact of the 300 bps worth of hikes made earlier this year, and again stressed that price hikes are the result of external supply-side pressures resulting from the war in Ukraine. Inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87690684-aec3-44e4-94d0-51c47f28e208\">increased to 14.6% in August<\/a>, its highest level in more than 3.5 years on rising food prices.<\/p>\n<p><strong>Why not raise rates?<\/strong> Hiking interest rates is unlikely to bring foreign investors back into the carry trade amid rising US rates and uncertainty about the EGP, nor would it do much against the impact of imported inflation. Another rate hike would have also raised the government\u2019s borrowing costs and put more pressure on the budget, said Pharos' Esraa Ahmed, who was the only analyst in our poll to forecast a hold. \u201cThe central bank chose the most appropriate solution to contain inflation during this stage and manage liquidity instead of directly raising the cost of borrowing, which would have raised the cost to the state budget significantly,\u201d she said.<\/p>\n<p><strong>But pressure for action could be greater in the next meeting<\/strong>, according to economist Mona Bedeir, who before the meeting predicted a 100-bps hike. Leaving rates on hold \u201cwill translate to more pressure on exchange rates and higher monetary tightening expectations in the coming meetings,\u201d she told Bloomberg Asharq (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1573005023944085504\">watch, runtime: 00:40<\/a>).<\/p>\n<p><strong>A win for Team Deval in November?<\/strong> BNP Paribas expects the central bank to hike rates by 100 bps at its next meeting in November alongside a devaluation of the currency ahead of an agreement with the IMF. \u201cWe think the next rate hike is likely to be deployed in tandem with a surprise devaluation of at least 10%, which would help achieve convergence with the parallel market rate,\u201d BNP Paribas MENA economist Mohamed Abdelmeguid wrote in a note last week.<\/p>\n<p>The bank expects the EGP to fall to 22-23 against the greenback by the end of the year and the central bank to raise rates by another 200 bps by its December meeting.<\/p>\n<p><strong>So far, so gradual:<\/strong> The EGP has been on a slow decline in recent weeks, falling almost 2% since Hassan Abdalla was appointed to head up the central bank in mid-August. The currency has fallen nearly 24% since the devaluation in March to stand at around EGP 19.52 as of this morning.<\/p>\n<p><strong>New inflation targets ahead? <\/strong>The central bank will announce new inflation targets soon, a CBE source told<a href=\"https:\/\/bit.ly\/3r2ZuUU\">CNBC Arabia<\/a>. The central bank is currently targeting a 7% (\u00b12%) rate of inflation, far below the 14.6% urban rate in August.<\/p>\n<p><strong>While the CBE held steady, central bankers everywhere pushed forward with tightening: <\/strong>Analysts were expecting the CBE to follow through with a rate hike in response to <strong>t<\/strong>he Federal Reserve\u2019s third successive jumbo-sized <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20220921a.htm\">75 bps<\/a> rate hike last Wednesday, which the Fed signalled was a bid to tame inflation and external growth risks. A number of major central banks hiked rates last week following the Fed decision, including those of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfd6a637-fdcf-4e9b-99f7-b05cd7f32821\">Switzerland and the UK<\/a>.<\/p>\n<p><strong>The story got attention in the foreign press: <\/strong><a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypt-central-bank-keeps-interest-rates-unchanged-2022-09-22\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-22\/egypt-surprises-by-holding-rates-as-imf-and-pound-take-spotlight?sref=mmeFTDW1\">Bloomberg<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/reserve-ratio\/\">reserve ratio<\/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=\"549625\" 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=\"549625\">\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\/09\/25\/it-could-take-another-month-or-two-to-finalize-imf-support-maait\/\">\r\n                            It could take another month or two to finalize IMF support -Maait                        <\/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\/09\/25\/it-could-take-another-month-or-two-to-finalize-imf-support-maait\/\" 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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Maait has previously signaled that the sum will be significantly lower than the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec7aa48-f76a-4437-9a79-f8670efc25d6\">USD 15 bn<\/a> that some analysts have forecast, while <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ba92ff9-939d-486b-8f3b-4f98615e71f1\">some in the market<\/a> are now expecting a package in the USD 3-5 bn range. Egypt has been in talks with the IMF <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">since March<\/a> in a bid to secure financial assistance following the economic shocks brought on by Russia\u2019s war in Ukraine, rising interest rates in advanced economies, and a global risk-off hitting emerging markets.<\/p>\n<p><strong>ON THE DEVAL-<\/strong><\/p>\n<p><strong>Maait declined to say whether a further depreciation of the EGP is expected. <\/strong>\u201cI cannot say how the markets will move,\u201d he said, when pushed on whether the currency would weaken further should the USD continue to rise. The economy is facing a \u201cdifficult\u201d time because of the combination of pressures including inflation, rising interest rates, commodity prices, and portfolio outflows.<\/p>\n<p><strong>Debt levels are rising thanks to the deval:<\/strong> Some 4.0% of our debt-to-GDP ratio \u2014 which stood at 87.2% as of June \u2014 is due to the change in the USD-EGP exchange rate, Maait said.<\/p>\n<p><strong>Remember- Planning Minister Hala El Said has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaa81cae-e4e2-4c66-963d-b806c4ed812b\">made it clear<\/a><\/strong><strong> that the government is on board with a flexible exchange rate policy.<\/strong> The EGP has been inching down against the greenback in recent weeks as the central bank appears to pursue a gradual devaluation policy. The EGP currently stands at around 19.52 to the USD \u2014 down nearly 24% since the initial devaluation in March. Most market watchers are forecasting a double-digit depreciation by the end of the year.<\/p>\n<p><strong>THE SEARCH FOR FX-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>\u201cAffordable\u201d loans from China + Japan? <\/strong>Egypt is in talks with Japan for a USD 500 mn loan, part of which will go towards environmentally friendly projects, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-22\/egypt-explores-china-japan-loans-imf-deal-needs-month-or-two\">Bloomberg<\/a> quotes Maait as saying. Maait also reportedly said the country is in talks with China on securing loans at a reasonable cost as part of a \u201cpackage of alternatives.\u201d The government is looking to China and Japan for new avenues to raise foreign currency following a major hit to portfolio inflows amid the global economic turbulence.<\/p>\n<p><strong>Remember- China <\/strong><strong>has emerged as a competitor for the IMF in recent years <\/strong>by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad044fbd-9688-4967-8775-ecafa4e39e1b\">shelling out<\/a> discreet emergency loans to \u201ccrisis-hit\u201d countries with no strings attached. Egypt has reportedly been getting a slice of the pie, though it\u2019s not clear how much we\u2019ve received from the country.<\/p>\n<p><strong>The gov\u2019t is scouting out several less-expensive alternatives for FX: <\/strong>Maait also reiterated plans to issue <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88126f66-190a-4cdd-a26b-d5ce65a7e762\">sukuk<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a84e409a-3a6c-4241-8906-8c6a0b2c0ee3\">CNY-denominated panda bonds<\/a> worth more than USD 500 mn, and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6423a792-1a96-4047-9b89-f930c8b91587\">\u201cgreen\u201d JPY-denominated bond<\/a>, following the ministry\u2019s maiden samurai bond issuance in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">late March<\/a>. \u201cWith the conditions of capital markets, we have to rely on nontraditional, cheaper sources of foreign currencies,\u201d Maait said, adding that debt diversification has helped us manage a \u201chuge outflow\u201d of 22 bn USD in hot money. <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c4bc259-7d58-436e-b5c6-614c15b0e534\">Maait told us<\/a><\/strong><strong> in August that Egypt is in talks with Chinese officials to issue panda bonds<\/strong> and is still on the hunt for bookrunners for the issuance.<\/p>\n<p><strong>Another green bond in the works?<\/strong> The government is also looking at the possibility of issuing a green eurobond \u201cif market conditions allow,\u201d Maait added. The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11eb3081-75f6-433f-b7b0-62d2c029fe7a\">in January signaled<\/a> that it is looking to take to the green bond market for a second time with another USD 750 mn issuance, matching the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1b54d5-5efa-41c9-ac8b-728b105b2ef0\">2020 issuance<\/a> that saw Egypt debut sovereign green bonds in the MENA region.<\/p>\n<p><strong>NO HEDGING FOR NOW- <\/strong><\/p>\n<p><strong>The government is still looking to hedge against commodities like wheat but will wait for the markets to cool further<\/strong>, Maait said<strong>. <\/strong>\u201cWhen wheat prices come back under USD 300 per ton, I think we may say that\u2019s a reasonable cost for hedging which can support us to go for such a decision,\u201d he said. International wheat prices have fallen back from record highs in recent weeks as supply problems ease, but remain elevated due to the impact of the war in Ukraine. Hedging could allow the state to purchase commodities at a fixed price during times of market volatility.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/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\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eurobonds\/\">eurobonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hedging\/\">hedging<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/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=\"549627\" 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=\"549627\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/549627\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549627\" class=\"content-area-description single-story post-549627 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:\/\/b2gcop27.moharrampartners.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/MP-COP27-Meeting-Enterprise-Web-Size.png?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=\"549628\" 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=\"549628\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/egypt-aims-to-double-natgas-revenues-to-usd-1-bn-in-coming-period-says-maait\/\">\r\n                            Egypt aims to double natgas revenues to USD 1 bn in \u201ccoming period,\u201d says Maait                        <\/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\/09\/25\/egypt-aims-to-double-natgas-revenues-to-usd-1-bn-in-coming-period-says-maait\/\" target=\"_blank\">\n         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     <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549628\" class=\"content-area-description single-story post-549628 post type-post status-publish format-standard hentry category-energy tag-energy tag-enterpriseam tag-mohamed-maait tag-oil-and-gas 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>Egypt wants to double natgas receipts:<\/strong> Egypt wants to increase revenues from natural gas exports to USD 1 bn per month from USD 500 mn currently \u201cin the coming period,\u201d Finance Minister Mohamed Maait said at a Bloomberg forum on Thursday. His statements come days after Oil Minister Tarek El Molla said that Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9beee4fa-d275-44b8-8750-e17c35e76228\">eyes generating USD 8.5-10 bn<\/a> in natural gas revenues in FY 2022-2023, up from USD 6.5 bn last year.<\/p>\n<p><strong>Electricity rationing is partly to thank:<\/strong> The government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8825220-3a11-4b4f-85d0-10a069902e3a\">electricity rationing strategy<\/a> as being a key driver for the higher expected revenues, El Molla said last week, with Egypt able to make <a href=\"https:\/\/bit.ly\/3R66wml\">additional shipments<\/a> in August due to lower domestic consumption.<\/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\/energy\/\">energy<\/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\/oil-and-gas\/\">oil and gas<\/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=\"549629\" 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=\"549629\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/govt-finalizes-state-ownership-policy-document\/\">\r\n                            Gov\u2019t finalizes state ownership policy document                        <\/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\/09\/25\/govt-finalizes-state-ownership-policy-document\/\" 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\/09\/25\/govt-finalizes-state-ownership-policy-document\/')\">\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\/09\/25\/govt-finalizes-state-ownership-policy-document\/\">\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=Gov\u2019t finalizes state ownership policy document&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/govt-finalizes-state-ownership-policy-document\/\">\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\/09\/25\/govt-finalizes-state-ownership-policy-document\/&title=Gov\u2019t finalizes state ownership policy document\">\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=Gov%E2%80%99t+finalizes+state+ownership+policy+document+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F25%2Fgovt-finalizes-state-ownership-policy-document%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\/09\/25\/govt-finalizes-state-ownership-policy-document\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/366.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549630\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/govt-finalizes-state-ownership-policy-document\/366-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/366.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"366.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/366.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/366.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549629\" class=\"content-area-description single-story post-549629 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-egyptian-competition-authority tag-enterpriseam tag-moustafa-madbouly tag-privatization-watch tag-state-ownership-policy tag-state-privatization-program 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-05\"><\/a> <strong>The gov\u2019t has dotted the i\u2019s and crossed the t\u2019s on its state ownership <\/strong><strong>policy: <\/strong>The Madbouly government has finalized its state ownership policy ahead of the economic conference that\u2019s being planned for the end of this month, Prime Minister Moustafa Madbouly said Thursday. The document is the product of three months of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c93d104-5bed-4dc9-8ab6-b3ac446a49df\">consultations<\/a> with the both state and private-sector stakeholders and is expected to lay out a roadmap for large-scale privatization of the economy.<\/p>\n<p><strong>Refresher:<\/strong> The policy document was first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">launched by Madbouly<\/a> in May as part of a wider plan to restructure the economy in favor of the private sector. The strategy envisions more than doubling the private sector\u2019s role in the economy to 65% over the next three years, and attracting USD 40 bn in investment by 2026. The new privatization drive came following the economic crisis triggered by the war in Ukraine and during talks with the IMF for a new loan program.<\/p>\n<p><strong>A focus on competitive neutrality:<\/strong> The government\u2019s privatization strategy will look to put in place a legal framework to safeguard market competition and prevent monopolistic practices by state-owned enterprises, Mahmoud Momtaz, head of the Egyptian Competition Authority, said. A competitive neutrality authority chaired by the PM has been set up to review legislation and draft competition rules. \u201cYou can't open the market for the private sector without first instituting clear-cut rules necessary for fair and transparent competition on the market,\u201d Momtaz said.<\/p>\n<p><strong>What\u2019s next? <\/strong>The draft document will head to the cabinet to be reviewed for approval, before it is brought to the National Dialogue for debate.<\/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\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-ownership-policy\/\">state ownership policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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=\"549631\" 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=\"549631\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/kashat-lands-funding-from-us-pan-african-vc\/\">\r\n                            Kashat lands funding from US + pan-African VC                        <\/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\/09\/25\/kashat-lands-funding-from-us-pan-african-vc\/\" 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\/09\/25\/kashat-lands-funding-from-us-pan-african-vc\/')\">\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\/09\/25\/kashat-lands-funding-from-us-pan-african-vc\/\">\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=Kashat lands funding from US + pan-African VC&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/kashat-lands-funding-from-us-pan-african-vc\/\">\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\/09\/25\/kashat-lands-funding-from-us-pan-african-vc\/&title=Kashat lands funding from US + pan-African VC\">\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=Kashat+lands+funding+from+US+%2B+pan-African+VC+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F25%2Fkashat-lands-funding-from-us-pan-african-vc%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\/09\/25\/kashat-lands-funding-from-us-pan-african-vc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549631\" class=\"content-area-description single-story post-549631 post type-post status-publish format-standard hentry category-startup-watch tag-enterpriseam tag-kashat tag-plug-play tag-startup-watch tag-vc-launch-africa tag-venture-capital 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-10\"><\/a> <strong>Not all doom and gloom on Planet Startup: <\/strong><a href=\"https:\/\/kashat.com.eg\/\">Kashat<\/a>, the region\u2019s first provider of nano-loans, has landed funding from both <a href=\"https:\/\/www.plugandplaytechcenter.com\/ventures\/\">Plug & Play<\/a> and <a href=\"https:\/\/www.launchafrica.vc\/\">Launch Africa<\/a> as part of its ongoing fundraising drive. Kashat uses machine learning to underwrite credit, providing fast turnaround on productive, short-term loans.<\/p>\n<p><strong>The news comes amid increasing reports of a slowdown in venture funding for startups<\/strong> (see this morning\u2019s What\u2019s Next, below) and as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/899989a6-5cfd-4d45-8b01-8a0bdeb5cbb1\">high-profile failure of Capiter<\/a>, the non-bank financial services outfit, has sent chills through the community.<\/p>\n<p><strong>What they said: <\/strong>\u201cWe are happy to continue to back Kashat in their mission to provide easy lending to everyday Egyptians,\u201d said Launch Africa Managing Partner Zachariah George. \u201cWe are proud to back team Kashat as they cross the 100k transaction mark. Egyptians need productive liquidity intervention \u2014 and I trust Kashat will be a relief for those in need,\u201d Plug and Play\u2019s Diego Arias Garc\u00eda said. Plug and Play bills itself as one of the most active venture capitalists in Silicon Valley.<\/p>\n<p><strong>BACKGROUND- <\/strong>Launch Africa last <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4339aedd-c277-4cc5-b264-520b203aec4f\">backed Kashat<\/a> in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/270c3c56-9a52-48b3-87c5-98315ccf62f4\">private round<\/a> a year ago, a couple of months before senior NCR exec <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a407c359-153e-4825-b0fc-335393971ff8\">Marija Zivanovic-Smith joined Kashat<\/a> as an independent board member. The company operates in 24 of the nation\u2019s 26 governorates, having expanded this past August to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/933259c5-1ef8-407a-af25-9601a6ce71de\">nine more<\/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\/kashat\/\">Kashat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/plug-play\/\">Plug &amp; PLay<\/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\/vc-launch-africa\/\">VC Launch Africa<\/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=\"549632\" 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=\"549632\">\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\">INFRASTRUCTURE WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/\">\r\n                            Egypt\u2019s plans to become a global yacht tourism destination remain on track                        <\/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\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/\" 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\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/')\">\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\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/\">\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=Egypt\u2019s plans to become a global yacht tourism destination remain on track&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/\">\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\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/&title=Egypt\u2019s plans to become a global yacht tourism destination remain on track\">\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%E2%80%99s+plans+to+become+a+global+yacht+tourism+destination+remain+on+track+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F25%2Fegypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track%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\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/367.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549633\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/egypts-plans-to-become-a-global-yacht-tourism-destination-remain-on-track\/367-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/367.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"367.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/367.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/367.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549632\" class=\"content-area-description single-story post-549632 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure-watch tag-enterpriseam tag-infrastructure tag-infrastructure-watch tag-tourism tag-yachts wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Some 11 new marinas for tourist yachts could be set up on the Red Sea and <\/strong><strong>Mediterranean coasts<\/strong>, under an agreement between the Transport MInistry\u2019s Maritime Transport Sector and several government agencies, <a href=\"https:\/\/bit.ly\/3R4rAJO\">Al Mal<\/a> reported on Thursday, citing an unpublished document said it has seen.<\/p>\n<p><strong>Refresher: <\/strong>In an effort to capitalize on and standardize the country's burgeoning yacht tourism industry, the Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8f68f98-9425-479a-aa62-d014669c4683\">recently approved regulations<\/a> to control yacht activity in domestic ports. All aspects of yacht travel to and from Egypt are spelled out in these rules, including the paperwork that must be completed, the services that will be offered by various government agencies, the responsibilities of yacht owners, and the docking fees that will be assessed once they arrive. Sources have told us that yacht tourism could prosper with these rules in place and with the help of our advantageous geographical position.<\/p>\n<p><strong>The proposed new marina locations are set to be spaced around 100 km apart to cover the length of Egypt\u2019s coasts<\/strong>, according to Al Mal. The suggested spots include East Port Said; west of Gamasa; Alexandria\u2019s Montazah area; a tourist resort in Rashid; the Galala Resort in Ain Sokhna; Port Ghalib; and a marina at the port of Berenice.<\/p>\n<p><strong>Yacht tourism can be a solid source of FX inflows<\/strong>, considering that it\u2019s wealthy individuals who own or have access to yachts. The daily spend of those visiting Egypt via yachts is 94% more than the average tourist, former tourism minister Khaled El Anany <a href=\"https:\/\/gate.ahram.org.eg\/News\/2885748.aspx\">previously said<\/a>. Globally, the size of the yacht tourism economy, excluding onshore spending, hovers around the <a href=\"https:\/\/sybass.org\/the-industry\/\">EUR 12 bn<\/a> mark.<\/p>\n<p><strong>OTHER INFRASTRUCTURE NEWS-<\/strong><\/p>\n<p><strong>A new berth at West Port Said port could be up and running in <\/strong><strong>October 202<\/strong><strong>2:<\/strong> The General Authority for the Suez Canal Economic Zone expects the first phase of the EGP 1.4 bn Abbas berth to open in West Port Said port in October, <a href=\"https:\/\/bit.ly\/3UsKNbg\">Al Mal<\/a> reported, citing sources it claims have knowledge of the matter.<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure-watch\/\">infrastructure watch<\/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\/yachts\/\">Yachts<\/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=\"549634\" 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=\"549634\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/549634\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549634\" class=\"content-area-description single-story post-549634 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\/7\/Sodic-25_VIEWS_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=\"549635\" 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=\"549635\">\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\/09\/25\/last-nights-talk-shows-all-about-the-cbe\/\">\r\n                            Last Night\u2019s Talk Shows: All about the CBE                        <\/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\/09\/25\/last-nights-talk-shows-all-about-the-cbe\/\" 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\/09\/25\/last-nights-talk-shows-all-about-the-cbe\/')\">\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\/09\/25\/last-nights-talk-shows-all-about-the-cbe\/\">\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: All about the CBE&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/last-nights-talk-shows-all-about-the-cbe\/\">\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\/09\/25\/last-nights-talk-shows-all-about-the-cbe\/&title=Last Night\u2019s Talk Shows: All about the CBE\">\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+All+about+the+CBE+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F25%2Flast-nights-talk-shows-all-about-the-cbe%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\/09\/25\/last-nights-talk-shows-all-about-the-cbe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549635\" class=\"content-area-description single-story post-549635 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-banking tag-central-bank-of-egypt tag-enterpriseam tag-interest-rates 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>The Central Bank of Egypt\u2019s decision to leave interest rates unchanged dominated <\/strong><strong>the airwaves over the weekend.<\/strong> We have the full story in this morning\u2019s news well, above.<\/p>\n<p><strong>Who\u2019s celebrating? <\/strong>Unchanged rates is good news for the state budget, seeing as every rate hike comes bearing massive costs \u2014 a 100 bps increase in rates could cost the state some EGP 30 bn, banking expert Sahar El Damaty told Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=O9L4AST2Ing\">watch, runtime: 5:12<\/a>).<\/p>\n<p><strong>Who\u2019s not? Banks. <\/strong>Faced with stricter reserve requirements, commercial lenders could raise their lending rates in efforts to make up some of the lost cash, economist Hany Genena told El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=OP1vZUetOw0\">watch, runtime: 4:00<\/a>). This means higher borrowing costs for the businesses, public sector bodies and individuals that have taken out loans. Banks could start issuing certificates of deposit (CDs) at competitive rates in efforts to pull EGP liquidity into the banking system, El Damaty told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=IUB_TqH6qCI\">watch, runtime: 7:15<\/a>). Banks could also start revising downward their forecasted income or increasing their fees for certain services, as they work to find methods to make up for this lost income.<\/p>\n<p><strong>There\u2019s no end in sight to the import crisis<\/strong>, Elsewedy Electric CEO Ahmed El Sewedy told Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=m7SAiKQR4vo\">watch, runtime: 6:14<\/a>).The CBE\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2f88e93-0622-464e-ba6b-ea6289616074\">new rules for facilitating FX<\/a> for imports have little to no impact on the import restrictions, he said, adding as long as there is no USD in the country, it will remain difficult to import materials and components essential for production. \u201cIt\u2019s all about the availability of the USD in the country.\u201d If the situation continues as is, factories will start to shut operations and people will lose their jobs. Mohamed Al Bahi, board member at the Federation of Egyptian Industries, also weighed in on the matter (<a href=\"https:\/\/www.youtube.com\/watch?v=Ca4Au1ZWNYs\">watch, runtime: 6:15<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-1peg6rr\" data-v=\"4\" data-block-id=\"1peg6rr\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-1peg6rr-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-1peg6rr-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" 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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=\"549637\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/egbank-feeling-acquisitive\/\">\r\n                            EGBank feeling acquisitive                        <\/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 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          <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EGBank+feeling+acquisitive+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F25%2Fegbank-feeling-acquisitive%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\/09\/25\/egbank-feeling-acquisitive\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549637\" class=\"content-area-description single-story post-549637 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-covid-19 tag-egbank tag-enterpriseam tag-nbfi tag-sinovac tag-vaccines tag-vacsera wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egyptian Gulf Bank (EGBank) will invest EGP 2 bn in non\u2013banking financial <\/strong><strong>companies over the coming three years<\/strong>, CEO and Managing Director Nidel Assar told <a href=\"https:\/\/www.asharqbusiness.com\/article\/42036\">Bloomberg Asharq<\/a>. The bank will acquire direct and indirect stakes in a number of companies in the sector, he said, without disclosing which markets the bank is targeting.<\/p>\n<p><strong>The Health Ministry has inaugurated a vaccine storage and distribution complex <\/strong>at state-owned vaccine maker Vacsera\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba538c22-ee5c-4492-a658-fe6f2301cfec\">Sixth of October facility<\/a> with the capacity to hold between 100-150 mn vaccines, according to <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/pfbid02WK6Pex8vy2NEvrdH8K2yeBHe9v3qWCvFmXbbQmc3AFRDmAsLpQdC9JcBkQCbBHtel\">a statement<\/a>. The automated cooling complex was implemented in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/558928b3-39f3-41f4-81db-f21af151cd3c\">cooperation with China\u2019s Sinovac<\/a> and built by China State Construction Engineering.<\/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\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egbank\/\">Egbank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nbfi\/\">NBFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sinovac\/\">Sinovac<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vacsera\/\">Vacsera<\/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=\"549638\" 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=\"549638\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/emerging-markets-will-take-the-worst-of-the-hit-as-more-doom-and-gloom-swept-global-markets-last-week\/\">\r\n                            Emerging markets will take the worst of the hit as more doom and gloom swept global markets last week                        <\/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\/09\/25\/emerging-markets-will-take-the-worst-of-the-hit-as-more-doom-and-gloom-swept-global-markets-last-week\/\" 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 FTSE All-World index of global stocks lost 5.0% for its worst week since June, Europe\u2019s Stoxx 600 officially entered bear market territory, and MSCI\u2019s gauge of emerging-market stocks hit its lowest level in more than two years. In the US, the S&amp;P 500 ended the week down 4.6%, the tech-dominated Nasdaq Composite shed 4.2%, and the Dow Jones dropped 4.0% to its lowest levels this year. Meanwhile, both US and UK government-bond yields hit their highest level in more than a decade, while <a href=\"https:\/\/ihsmarkit.com\/research-analysis\/eurozone-downturn-deepens-in-september-as-price-pressures-intensify-Sep22.html\">data<\/a> showing declining economic activity in Europe also raised fears of recession. (<a href=\"https:\/\/www.wsj.com\/articles\/war-inflation-knock-world-economy-off-balance-11663927566?mod=hp_lead_pos2\">WSJ<\/a> | <a href=\"https:\/\/www.ft.com\/content\/90c72b0f-708f-4f9a-9953-a2dbd0b8f6a4\">FT<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/idUSL4N30U13Y\">Reuters<\/a>)<\/p><p><strong>The USD hit an all-time high: <\/strong>The Bloomberg USD Spot Index \u2014 which tracks the performance of 10 leading global currencies vs. the USD \u2014 surged to a record high on Friday, the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-23\/oil-set-for-fourth-weekly-loss-with-rate-hikes-darkening-outlook?srnd=premium-middle-east&amp;sref=mmeFTDW1\">business newswire<\/a> reported.<\/p><p><strong>All is not well in the island kingdom:<\/strong> The GBP tumbled to its lowest level against the greenback since the mid-80s as a surprise round of tax cuts sent markets into a panic.<\/p><p><strong>Oil did not escape the global risk-off sentiment<\/strong><strong>:<\/strong> Brent futures fell 4.2% to close at USD 86.65 a barrel, its lowest close since late January. WTI futures fell below USD 80 per barrel for the first time since January \u2014 putting US crude on track for its first quarterly loss in more than two years, according to Bloomberg.<\/p><p><strong>The recession talk is reaching fever pitch: <\/strong>Economists are warning of increased volatility and a \u201charsh landing\u201d from the Fed\u2019s aggressive tightening cycle. \u201cThis is going to be a very, very volatile last quarter,\u201d Amrita Sen, chief oil analyst at Energy Aspects, said in a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-23\/oil-set-for-fourth-weekly-loss-with-rate-hikes-darkening-outlook?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> interview.<\/p><p><strong>EMs will bear the brunt:<\/strong> Emerging and developing markets are now facing a \u201cperfect storm with weak growth, very high interest rates and an extremely challenging external environment when it comes to trade and foreign direct investment,\u201d Ayhan Kose, acting vice-president for equitable growth, finance and institutions at the World Bank, told the <a href=\"https:\/\/www.ft.com\/content\/90c72b0f-708f-4f9a-9953-a2dbd0b8f6a4?curator=upstract.com\">Financial Times<\/a>. \u201cThat is why we are worried.\u201d<\/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>9,933<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -16.9%)<\/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 19.44<\/p>\n<\/td>\n<td>\n<p>Sell 19.52<\/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>USD<\/strong> <strong>at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.46<\/p>\n<\/td>\n<td>\n<p>Sell 19.52<\/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>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,461<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +1.6%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,026<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +18.1%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,409<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +6.7%)<\/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>3,693<\/p>\n<\/td>\n<td>\n<p>-1.7% (YTD: -22.5%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,019<\/p>\n<\/td>\n<td>\n<p>-2.0% (YTD: -5.0%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,349<\/p>\n<\/td>\n<td>\n<p>-2.3% (YTD: -22.1%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 86.15<\/p>\n<\/td>\n<td>\n<p>-4.8%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.83<\/p>\n<\/td>\n<td>\n<p>-3.7%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,655.60<\/p>\n<\/td>\n<td>\n<p>-1.5%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 18,926<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: -58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.2% at Thursday\u2019s close<\/strong> on turnover of EGP 821.18 mn (14% below the 90-day average). Foreign investors were net sellers. The index is down 16.9% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Construction (+5.8%), Eastern Company (+2.6%) and Talaat Moustafa Holding (+1.9%).<\/p><p><strong>In the red: <\/strong>Madinet Nasr Holding (-4.6%), GB Auto (-4.2%) and e-Finance (-2.2%).<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/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\/rothschild\/\">Rothschild<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/salik\/\">Salik<\/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=\"549639\" 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=\"549639\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/food-security-and-gerd-get-top-bill-as-shoukry-addresses-un\/\">\r\n                            Food security and GERD get top bill as Shoukry addresses UN                        <\/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\/09\/25\/food-security-and-gerd-get-top-bill-as-shoukry-addresses-un\/\" 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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Highlights from the 20-minute speech (<a href=\"https:\/\/www.youtube.com\/watch?v=lfWqNRKBh8c\">watch, runtime: 18:20<\/a>) in New York include:<\/p>\n<p><strong>#1 Food security- <\/strong>The food crisis reflects the international community\u2019s failure to achieve its sustainable development goals, Shoukry said, calling for a strategy that tackles the root causes of food insecurity. \u201cWe need to develop sustainable farming and food systems and meet the urgent needs of food importing developing countries,\u201d he said, adding that Egypt is ready to cooperate with the international community to build a <strong>global hub to store, supply and trade grains<\/strong>.<\/p>\n<p><strong>#2 Climate change- <\/strong>Shoukry called on advanced economies to provide more aid to developing nations to help them fight climate change.<\/p>\n<p><strong>#3 Debt relief- <\/strong>Shoukry urged creditor nations to get serious on providing debt relief to developing economies, many of which are threatened with debt crises on the back of the pandemic and the spillover effects from the war in Ukraine.<\/p>\n<p><strong>#4 GERD-<\/strong> The minister again spoke of the need for Egypt, Ethiopia and Sudan to find a way out of the GERD crisis, and called on the UN and UN Security Council to put pressure on Ethiopia for unilaterally filling the dam\u2019s reservoir, which he said contravened international law.<\/p>\n<p><strong>Also from the UN General Assembly:<\/strong><\/p>\n<ul>\n<li><strong>\u201cSo world, show me the beef\u201d<\/strong> was Shoukry\u2019s message in New York on climate finance, as he called for wealthy countries to step up and allocate both loans and so-called \u201closs and damage\u201d funds for developing nations, who contribute the least to climate change but are facing the worst of its effects, according to the <a href=\"https:\/\/www.nytimes.com\/2022\/09\/23\/climate\/unga-climate-week.html?searchResultPosition=1\">New York Times<\/a>.<\/li>\n<li><strong>Talks with Lavrov: <\/strong>Shoukry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02T7DWP527XFKSvWwiMRvKyi9Kv9FgMXY5EKacjg64dHk5U4PsLT9skG9d3CQw4VUHl\">called for a diplomatic resolution<\/a> to the Ukraine crisis in a meeting with Russian Foreign Minister Sergei Lavrov. Reaching a political settlement with Ukraine is especially important<strong> \u201c<\/strong>in light of the negative repercussions on the global economy,\u201d Shoukry told Lavrov, stressing the impact of concurrent food and energy crises on developing countries including Egypt.<\/li>\n<li><strong>A renewed push on the Israeli-Palestinian conflict? <\/strong>Shoukry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02cNRNPzZWAwUs8X9AjrAjADCp7YvyWtmMgByCUg1mieJqpBBtToifY3CpEPETygfPl\">attended a meeting<\/a> to discuss reviving the two-state solution with counterparts from Jordan, the UK and France, as well as UN and EU representatives. The meetings came as Israel\u2019s new PM Yair Lapid <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-22\/from-un-podium--new-israeli-prime-minister-resurrects-two-state-solution?sref=mmeFTDW1\">declared support<\/a> for a two-state solution during his address, becoming the first Israeli leader to do so in recent years.<\/li>\n<li><strong>Talks with UK, Irish FMs:<\/strong> Shoukry also discussed upping investment to Egypt with the <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid08qfHt1UquxYXaWGpiPJnJQYokuuBXNXRUd5eGa3PKpadorg4Bkb7XoR7zeDDieocl\">British<\/a> and <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0hSJizbTBr67Nff2sRgdC7S2rP2mdQTxbGtrrtuNaxwe7nKXqk1UPwSL1Fi8xxSR6l\">Irish<\/a> foreign ministers.<\/li>\n<li><strong>Shoukry holds talks with US, regional allies:<\/strong> US Secretary of State Anthony Blinken stressed the US\u2019 commitment to regional security and economic prosperity during talks with officials from Egypt, the GCC, Iraq, Jordan and Yemen on Friday, the State Department <a href=\"https:\/\/www.state.gov\/joint-statement-following-the-gcc-egypt-iraq-jordan-and-yemen-ministerial\/?utm_source=miragenews&utm_medium=miragenews&utm_campaign=news\">said<\/a>.<\/li>\n<\/ul>\n<p><strong>MEANWHILE- El Sisi meets Al Burhan: <\/strong>President Abdel Fattah El Sisi held talks with Sudan\u2019s military leader, Gen. Abdel Fattah Al Burhan, in Cairo yesterday, Ittihadiya said in <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02v3MnKjfgSTGu1oq6yEyt5FKSi3QyzMSCSeGd2zg4vBrkmgTGnMGi89zjkf4GEfnNl\">a statement<\/a>. The two discussed trade as well as military and economic cooperation, the statement.<\/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\/abdel-fattah-al-burhan\/\">Abdel Fattah Al Burhan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/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\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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\/us\/\">US<\/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=\"549641\">\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\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/vc-funding-for-egyptian-startups-is-drying-up\/\">         \r\n                            VC funding for Egyptian startups is drying up<\/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\/vc-funding-for-egyptian-startups-is-drying-up\/\" 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\/vc-funding-for-egyptian-startups-is-drying-up\/')\">\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\/vc-funding-for-egyptian-startups-is-drying-up\/\">\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=VC funding for Egyptian startups is drying up&url=https:\/\/enterpriseam.com\/egypt\/whatsnext\/vc-funding-for-egyptian-startups-is-drying-up\/\">\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\/vc-funding-for-egyptian-startups-is-drying-up\/&title=VC funding for Egyptian startups is drying up\">\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=VC+funding+for+Egyptian+startups+is+drying+up+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fwhatsnext%2Fvc-funding-for-egyptian-startups-is-drying-up%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>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/vc-funding-for-egyptian-startups-is-drying-up\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/369.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"549642\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/vc-funding-for-egyptian-startups-is-drying-up\/369-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/369.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"369.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/369.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/369.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-549641\" class=\"content-area-description post-549641 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-algebra-ventures tag-capiter tag-enterprise-whats-next tag-enterpriseam tag-sequence-ventures tag-startups tag-swvl 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-08\"><\/a> <strong>VC funding for startups dipped over the summer<\/strong> from the steady stream that has been typical of Planet Startup in recent years. The four-month period between June and August 2022 saw 12 rounds raise at least a combined USD 68.7 mn, according to our internal tracker \u2014 that\u2019s down 30% in value terms from the 11 arounds that raised more than USD 98.4 mn in the same period of 2021.<\/p>\n<p><strong>The dip in value raised came after a torrid winter: <\/strong>March 2022 alone saw Egyptian startups land funding worth at least USD 87.2 mn in 15 transactions.<\/p>\n<p><strong>The community started the year expecting to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5349b517-c7ca-40f0-bc0c-7a4bed7c7031\">see Egyptian startups raise USD 1 bn<\/a><\/strong><strong> in <\/strong><strong>funding this year <\/strong>\u2014 the first time we would cross that barrier. But companies here have raised just USD 346 mn in funding since 1 January, according to our tracker, suggesting they are unlikely to hit that lofty goal.<\/p>\n<p>(<strong>Editor\u2019s note: <\/strong> In seeking coverage of their rounds, many startups will say only that they raised a \u201csix figure USD\u201d round \u2014 or other, similarly vague approximation. We include the lowest figure possible in the funding total, so the risk to the totals in our internal tracker is to the upside. That upside risk is sharpened by announcements that specify a fundraising figure that includes both equity and debt components without breaking it down into each.)<\/p>\n<p><strong>This is a global slowdown in which Egypt is now being caught up: <\/strong>Risk assets across the board have been hit this year by tightening financial conditions and fears of recession. With borrowing costs on the rise and a downturn in the financial markets, VC-backed companies in the US and other developed markets have begun tightening their belts and are cutting back on staff. Meanwhile, Limited partners in VCs are no longer writing tickets for new funds, while funds are scaling back the size and frequency with which they make new investments.<\/p>\n<p><strong>And Egypt isn\u2019t immune:<\/strong> In recent years Egyptian startups have attracted mns of USD of VC funding from the US and other parts of the world \u2014 funding that is now starting to dry up. And funding dries up here quicker than in other parts of the world: Unlike most developed markets, investing in Egypt brings with it a greater degree of currency risk, and with current uncertainty hanging over the EGP, VCs are less likely to invest until there is clarity on where the EGP will settle. Signs of trouble here on Planet Startup have been growing for months, with rising inflation, currency pressure, import restrictions and other supply chain issues giving some international VCs pause for thought before stepping up involvement in Egypt.<\/p>\n<p><strong>F<\/strong><strong>undraising has been substantially slower than what had hoped<\/strong>, Sequence Ventures Chairman Karim Helal told Enterprise. Sequence Ventures aims to reach its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b1108c6e-2527-4d6f-8bcb-0f02d9c9f68b\">first close of EGP 150 mn<\/a> before year-end, after which it will start deploying in a number of companies. The VC has already deployed undisclosed amounts in deep tech companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a628282f-471a-4070-939c-1b7b297be55d\">AIM Technologies<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98213b72-1251-4ad0-b823-92e9c069783b\">Rology<\/a>.<\/p>\n<p><strong>V<\/strong><strong>aluations have been unrealistic: <\/strong>\u201cWe have looked at a number of potential investments but decided not to go through with them, despite liking the model and the business, because they gave ridiculously unrealistic valuations,\u201d Helal says. \u201cPeople thought VCs were under pressure to deploy. So I think the bar was a bit low \u2026 Silly valuations were being accepted on face value and suspect models were being approved.\u201d Companies should not be clinging to unrealistically high valuations \u2014 a trend that hurts both companies and investors, Algebra Ventures Managing Partner Tarek Assaad said.<\/p>\n<p><strong>In a time of stress, VCs have been more focused on shoring up existing companies than <\/strong><strong>they have on making fresh investments: <\/strong>This year\u2019s lull was coupled with many investors \u2014 mainly international VCs \u2014 focusing on their existing portfolio companies rather than deploying funds in new transactions. In 2021 and into 2022, many global VCs were flush with liquidity and things were really looking up in foreign markets. But when that changed, they went back to focusing on their local markets, Assaad said.<\/p>\n<p><strong>D<\/strong><strong>own-rounds are now the norm<\/strong>, Avanz Capital Management Co-Founder and Chief Portfolio Risk Officer Hany Assaad told us. A down round is when a company sells shares at a lower price than its previous funding round. The fall in valuation could occur for a plethora of reasons \u2014 failing to hit targets, falling investor confidence and new competitors. We dive deeper into down rounds in our local startup scene <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea5eb9c7-6b0c-428f-a102-78b147e5f7c9\">here<\/a>.<\/p>\n<p><strong>The downturn isn\u2019t going anywhere fast (though that\u2019s not the consensus view):<\/strong> Helal anticipates the investment drought will stretch through the end of the year and that we should expect things to go from \u201cslow to slower\u201d as investors become more stringent in terms of what companies they will put money into. Hany is a little more optimistic about what\u2019s to come. \u201cI think there will be more activity in the second half of the year,\u201d he told us. There will still be investments to be made, but expect ticket sizes to fall.<\/p>\n<p><strong>A reality check:<\/strong> What\u2019s going on now \u201cwill help companies and investors come back to planet earth in terms of valuations and dissecting the business model,\u201d Helal said. \u201cWe are going to see fewer but definitely better and more credible candidates for investments.\u201d<\/p>\n<p><strong>Survival of the fittest:<\/strong> \u201cI think the prospect is very promising but it will be more selective \u2026 Giving us much stronger companies with a much higher probability of success,\u201d Helal said.<\/p>\n<p><strong>Some VCs remain unmoved: <\/strong>Algebra Ventures is proceeding with its objective to invest in companies with significant value, creating valuable solutions. \u201cOur approach has always been looking at fundamentals, maybe more so these days than before,\u201d Assaad said.<\/p>\n<p><strong>So, <\/strong><strong><a href=\"https:\/\/enterprise.press\/whatsnexts\/startups-globally-urged-cut-spending-egyptian-startups-need-start-tightening-belts\/\">what\u2019s an Egyptian startup to do<\/a><\/strong><strong>? <\/strong>If a startup\u2019s continuity depends on the second and third round of funding then that\u2019s cause for worry, because if either of those rounds don't come through they will have no cash flow and will start laying off people, Helal added. \u201cMake sure you grow based on the amount of cash you have on hand. Don't plan based on future funding rounds,\u201d Hany said, adding that downturns have to be planned in the financing.<\/p>\n<p><strong>But the ones that weather the storm will be strongest:<\/strong> Some companies will struggle but the ones who make it will become in a much stronger position, Assaad said.<\/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>Trouble on Planet Startup:<\/strong> Social commerce startup Brimore announced it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82225d2b-b8ae-4b2a-94fb-f2ad9f777646\">restructure and cut costs<\/a> in a bid to reach profitability.<\/li>\n<li><strong>Nclude reaches second close:<\/strong> Some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/184d5e88-9b34-4a2c-90de-d7a24265656c\">USD 20 mn have been committed<\/a>by local and foriegn investors to Global Ventures\u2019 Nclude\u2019s second funding round, bringing the fintech-focused VC fund\u2019s total capital to some USD 105 mn.<\/li>\n<li><strong>Does crisis-hit Capiter have a buyer?<\/strong> US-based Quona Capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/500bf78b-80c1-472c-b625-c63bcabdb445\">wants to acquire<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/500bf78b-80c1-472c-b625-c63bcabdb445\">70-80%<\/a>of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/899989a6-5cfd-4d45-8b01-8a0bdeb5cbb1\">crisis-stricken<\/a> B2B e-commerce startup Capiter in efforts to reform and restructure the company, sources told Al Mal.<\/li>\n<li><strong>CASF to hit third close this quarter:<\/strong> Angel investment group Cairo Angels is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99271727-82d0-424a-be41-67d82d8eb254\">set to<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99271727-82d0-424a-be41-67d82d8eb254\">reach a third and final close<\/a> of USD 5 mn on its micro-VC fund this quarter, its CEO Aly El Shalakany said.<\/li>\n<li><strong>ECC invests USD 5 mn for majority stake in Source Beauty:<\/strong> The <a href=\"https:\/\/ecc-hub.com\/\">Egyptian Company<\/a><a href=\"https:\/\/ecc-hub.com\/\">for Cosmetics<\/a> (ECC) has invested USD 5 mn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f5b8eea-d1f5-4f16-a190-912c6c082023\">to acquire a majority stake<\/a> through capital increase in local online beauty store <a href=\"https:\/\/www.sourcebeauty.com\/\">Source Beauty<\/a>.<\/li>\n<li><strong>Exits raises USD 1 mn in pre-seed finance:<\/strong> Local fintech investment platform Exits <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0836b85-c8b1-49a5-81aa-e21a85793c75\">has raised USD 1 mn<\/a>in a pre-seed round from its UK-based investment arm of the same name and others.<\/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\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capiter\/\">Capiter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sequence-ventures\/\">Sequence Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/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=\"549643\" 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\/09\/25\/549643\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549643\" class=\"content-area-description single-story post-549643 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 APPEARS in 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>SEPTEMBER<\/strong><\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 50 fintech startups.<\/p>\n<p>September: Meeting of the <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/pfbid034CjQppGScajHW83ktsmyHavSTQRys9Ezbp9KXCNfPg61XwgzSvHVYi7RfHWxsTESl\">Egyptian-German Joint Economic Committee<\/a>.<\/p>\n<p>September: A delegation from Germany\u2019s Aldi will visit Egypt to look at potential investments.<\/p>\n<p>September: Government to launch an <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0QKmVCxurac4PGgrxGiVR7LN5BgQi5aCPpHahEzKda36Q1obcfw1w2P3M7eVm4Tujl\">international promotional campaign<\/a> for Egyptian tourism.<\/p>\n<p>13-27 September (Tuesday-Tuesday): UN General Assembly, New York.<\/p>\n<p>25-27 September (Sunday-Tuesday) A delegation of executives at Egyptian real estate companies visit Saudi Arabia to present developers with potential investments in Egypt\u2019s real estate sector.<\/p>\n<p>25-29 September (Sunday-Thursday) FRANEGYPT will hold its <a href=\"https:\/\/bit.ly\/3eVy8NC\">first virtual expo<\/a> on franchises in the country.<\/p>\n<p>26&ndash;27 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p>27-28 September (Tuesday-Wednesday): Egypt-Spain Multilateral Partnership Forum, Sofitel Gezira, Cairo, Egypt.<\/p>\n<p>27-29 September (Tuesday-Thursday): <a href=\"https:\/\/invest-renewables.africa\/\">Africa Renewables Investment Summit<\/a> (ARIS), Cape Town, South Africa.<\/p>\n<p>27-29 September (Tuesday-Thursday): <a href=\"https:\/\/www.hsbcscheduling.com\/eventweb.php?pid=PDFjNDU8MGUxPzFsMTU&src=enterpriseam\">HSBC Energy Transition Webinar<\/a> series.<\/p>\n<p>28-29 September (Wednesday-Thursday): The sixth edition of <a href=\"https:\/\/www.events.fintechrobos.com\/\">Arab Pensions and Social Ins. Conference<\/a> in Sharm El Sheikh.<\/p>\n<p>30 September (Friday): <a href=\"https:\/\/www.youm7.com\/5906819\">Winter opening hours for shops and restaurants begin<\/a>.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Start of 2022-2023 public school year.<\/p>\n<p>1 October: House of Representatives reconvenes after summer recess.<\/p>\n<p>1 October (Saturday): 2022- 2023 academic year begins for public universities.<\/p>\n<p>4-8 October (Tuesday-Saturday): The Chemical and Fertilizers Export Council of the Trade and Industry Ministry is organizing <a href=\"https:\/\/bit.ly\/3Q6Gkr7\">a trade mission to Kenya<\/a>.<\/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>10 October (Monday): The <a href=\"https:\/\/ceo-women.com\/\">CEO Women<\/a> Conference.<\/p>\n<p>10-14 October (Monday-Friday): Gitex Global, Dubai International Convention and Exhibition Centre, Dubai, UAE.<\/p>\n<p>10-16 October (Monday-Sunday): <a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Annual-Spring-Meetings\">World Bank and IMF annual meetings<\/a>, Washington, DC.<\/p>\n<p>15 October (Saturday): Cairo Metro will launch a global tender for maintenance work on the power stations and overhead catenary system of Line 1.<\/p>\n<p>16-19 October (Sunday-Wednesday): <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week 2022<\/a>, Nile Ritz Carlton, Cairo.<\/p>\n<p>17 October (Monday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.<\/p>\n<p>18 October (Tuesday): The <a href=\"https:\/\/www.almasdar.com\/120322\">Egyptian-Swedish business forum<\/a>, Stockholm, Sweden.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>27-30 October (Thursday-Sunday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a>, Egypt International Exhibition Center, New Cairo.<\/p>\n<p>Late October-14 November: 3Q2022 earnings season.<\/p>\n<p>Late October: First Abu Dhabi Bank to <a href=\"https:\/\/bit.ly\/3eEUoeA\">complete<\/a> full integration with Bank Audi\u2019s Egyptian operations after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db0f456-9e63-420a-b309-a9a455fb3667\">merger<\/a>.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Arab League annual summit, Algiers, Algeria.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>3-5 November (Thursday-Saturday): Egypt Fashion Week.<\/p>\n<p>4-6 November (Friday-Sunday): <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition, Cairo International Exhibition and Convention Center.<\/p>\n<p>6-18 November (Sunday-Friday): Egypt will host <a href=\"https:\/\/cop27.eg\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>7 November (Monday): The inauguration of the first line of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\">high-speed rail<\/a>.<\/p>\n<p>7-13 November (Mon-Sun): The International University Sports Federation (FISU) <a href=\"https:\/\/www.worldsquash.org\/2022-fisu-world-university-championship-squash-to-take-place-in-egypt\/\">World University<\/a> Squash Championships, New Giza.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>3 December (Saturday): Dior Men\u2019s pre-fall collection show in Giza.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>December: The Sixth of October dry port <a href=\"https:\/\/bit.ly\/3u3uB4u\">will begin operations<\/a>.<\/p>\n<p>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/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>1 January (Sunday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday) \u2014 First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April &ndash; 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <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>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/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>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/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":549620,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549619","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ef91305c-5971-4609-ba17-8a685b7d688d","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/36.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>Central Bank of Egypt leaves rates on hold against expectations - 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\/central-bank-of-egypt-leaves-rates-on-hold-against-expectations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank of Egypt leaves rates on hold against expectations\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-of-egypt-leaves-rates-on-hold-against-expectations\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:42:44+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/36.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\/central-bank-of-egypt-leaves-rates-on-hold-against-expectations\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-of-egypt-leaves-rates-on-hold-against-expectations\/\",\"name\":\"Central Bank of Egypt leaves rates on hold against expectations - 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