{"id":578861,"date":"2023-01-17T04:12:21","date_gmt":"2023-01-17T04:12:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=578861"},"modified":"2025-12-16T11:48:56","modified_gmt":"2025-12-16T11:48:56","slug":"usd-925-mn-inflows-to-local-fx-market-in-three-days-cbe","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/usd-925-mn-inflows-to-local-fx-market-in-three-days-cbe\/","title":{"rendered":"USD 925 mn inflows to local FX market in three days -CBE"},"content":{"rendered":"<section id=\"578863\" 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=\"578863\">\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\/2023\/01\/17\/this-morning-usd-inflows-rise-to-our-local-fx-market\/\">\r\n                            THIS MORNING: USD inflows rise to our local FX market                        <\/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\/2023\/01\/17\/this-morning-usd-inflows-rise-to-our-local-fx-market\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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data-attachment-id=\"578864\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/this-morning-usd-inflows-rise-to-our-local-fx-market\/270-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/270.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"270.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/270.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/270.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578863\" class=\"content-area-description single-story post-578863 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-banque-du-caire tag-banque-misr tag-cds tag-egp tag-enterpriseam tag-hassan-allam-holding tag-what-were-tracking-today 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, wonderful people, and a very happy hump day. <\/strong><\/p><p><strong>THE BIG STORY here at home this morning is the central bank\u2019s announcement of an <\/strong><strong>upswing in foreign inflows to local banks<\/strong> through the local foreign exchange market and other sources in recent days, helping to clear the imports backlog at ports. Read on directly below for the full story.<\/p><p><strong>Elsewhere, rumors are swirling of a potential Gulf purchase of land and assets<\/strong> belonging to the state-owned parent company of Heliopolis Housing. And we bring you several silos worth of commodities news on everything from wheat, to corn, to subsidized bread.<\/p><p><strong>EGP WATCH-<\/strong> <strong>The EGP continued to hold more or less steady against the USD <\/strong><strong>yesterday<\/strong>, falling 0.1% to settle at 29.66, down from <a href=\"https:\/\/enterprise.press\/am-edition\/\">29.63<\/a> at Sunday\u2019s close, according to the official central bank rate. The currency remains down nearly 20% from its 24.79\/ USD level immediately before the central bank allowed it to slip further against the USD on 4 January, as authorities transition to a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f25427b-43e1-4104-9b7a-2aea214242b2\">fully flexible exchange rate<\/a> as agreed with the IMF.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Foreign investors poured some USD 925 mn into our local foreign exchange <\/strong><strong>market<\/strong> in the three days since last Wednesday, 11 January, when the EGP fell more than 16% to an all time low of more than 32.00 to the USD before rebounding, according to a central bank <a href=\"https:\/\/ent.news\/2023\/1\/CBE-statement-16-January-2023.pdf\">press release<\/a>. Interbank trading activity was up more than 20x on its recent daily average in the last three days, while FX inflows to banks were further boosted by local sources, remittances, and tourism, the central bank said, in what it called \u201cpositive indicators\u201d for the local exchange market.<\/p><p><strong>Not only hot money: <\/strong>Foreign investors are coming back to treasury bonds as well as short-term bills in a further sign of rising confidence abroad in our economy, Banque du Caire Chairman and CEO Tarek Fayed told El Hekaya\u2019s Amr Adeeb in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=2GSkJ0Tn5CU\">watch, runtime: 10:20<\/a>), noting that our credit default swaps and Eurobonds are performing better in the secondary market.<\/p><p><strong>The USD inflows allowed local banks to cover more than USD 2 bn of importers\u2019 requests since Wednesday, <\/strong>the CBE statement reads, in addition to requests from other clients. \u201cBanque du Caire provided USD 150 mn to importers in the last three days and there\u2019s currently very little demand for FX by importers,\u201d BdC\u2019s Fayed told El Hekaya. The story also got coverage from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-16\/egypt-hails-925-million-inflows-as-sign-devaluation-is-working?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>, <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2TV0X4\">Reuters<\/a>, and <a href=\"https:\/\/www.arabnews.com\/node\/2233511\/business-economy\">Arab News<\/a><\/p><p><strong>So where does that leave the imports backlog at ports? <\/strong>There are still some USD 5.4 bn worth of imports stuck at our ports, Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce (FEDCOC), was quoted as saying by <a href=\"https:\/\/bit.ly\/3iEAzXf\">Masrawy<\/a> yesterday. Some USD 3..4 bn of that is accounted for by bulk goods \u2014 oils, wheat, corn, and soy \u2014- that have likely remained in port storage silos at the request of importers who don\u2019t have the space to store them elsewhere, he added. Around USD 9.1 bn of goods were cleared from ports between 1 December at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c85389d-7518-4a11-859a-9d60913c0b69\">the end of last week<\/a>.<\/p><p><strong>Goodbye to 25% CDs from Banque Misr and the NBE? <\/strong>The two state-owned banks will withdraw within days the one-year, 25% certificates of deposit they <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">introduced to the market<\/a> on 4 January to helo curb inflation and dollarization, local media cites both banks as saying yesterday.<\/p><p><strong>And hello to 25% CDs from Banque du Caire: <\/strong>The state-owned bank will soon introduce its own one-year, 25% CDs akin to those offered by the NBE and Banque Misr, BdC\u2019s Tarek Fayed told El Hekaya.<\/p><p><strong>Investors have so far poured more than EGP 300 bn into the record-high yield CDs<\/strong>: That includes some EGP 200 bn at the National Bank of Egypt, and EGP 104 bn at Banque Misr, <a href=\"https:\/\/www.alborsaanews.com\/2023\/01\/16\/1621516\">Al Borsa<\/a> reports, citing the heads of the two banks.<\/p><hr class=\"grey-line\"><p><strong>WATCH THIS SPACE- Hassan Allam is working<\/strong><strong> with the UK\u2019s export credit agency: <\/strong>Hassan Allam Holding and the UK\u2019s export credit agency, UK Export Finance, have signed an MoU to \u201cincrease cooperation in a number of projects across Africa,\u201d according to <a href=\"https:\/\/ent.news\/2023\/1\/UK-Export-Finance-and-Hassan-Allam-Holding-sign-agreement-to-enhance-cooperation-across-Africa.pdf\">a joint statement (pdf)<\/a> yesterday. The agreement aims to \u201csecure inward investment into the UK and promote cooperation on financing projects and encourage trade between the UK and Africa as a whole,\u201d the statement said. The company declined to provide further information about the arrangement when we reached out yesterday.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD- It\u2019s all about China<\/strong> on the front pages of the international press this morning, as new data shows the country\u2019s<a href=\"https:\/\/www.ft.com\/content\/00b48183-0854-4513-a388-f5ef1cb86cb6\">population fell for the first time in decades<\/a> last year, while its <a href=\"https:\/\/www.wsj.com\/articles\/chinas-economic-growth-fell-to-near-historic-lows-as-covid-took-a-bite-11673921199?mod=hp_lead_pos1\">GDP grew only 3%<\/a> \u2014 its slowest pace since 1976, excluding the pandemic year of 2020.<\/p><hr class=\"grey-line\"><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>Cairo is hosting an Egyptian-Jordanian-Palestinian summit today: <\/strong>Palestinian President Mahmoud Abbas arrived <a href=\"https:\/\/www.wafa.ps\/Pages\/Details\/63011\">in Cairo<\/a> yesterday ahead of talks today with President Abdel Fattah El Sisi and Jordan\u2019s King Abdullah II.<\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/www.expolink.org\/\">Egyptian Exporters Association<\/a><\/strong><strong> is celebrating its 25th anniversary<\/strong> today in an event at the St. Regis Cairo Hotel from 6 pm, according to an invite sent to Enterprise.<\/p><p><strong>IN THE HOUSE-<\/strong><\/p><p><strong>The House Economic Affairs Committee <\/strong>will today continue its discussion of the <strong>Unified Ins. <\/strong><strong>Act<\/strong>, and <strong>Water and Irrigation Minister Hani Sewilam <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0af7f92b-7e1d-42a5-961b-8898d238ce99\">will face questions<\/a> from MPs.<\/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>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>It\u2019s that time of year again:<\/strong> The Cairo International Book Fair will open its doors to the public at the International Exhibition Center in New Cairo on 26 January, according to <a href=\"https:\/\/bit.ly\/3kkL3eK\">Youm7<\/a>. The event, which runs until 6 February, is expected to draw mns of visitors during the two weeks.<\/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 class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>The world is hotting up \u2014 and Egypt is no exception.<\/p>\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\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cds\/\">CDs<\/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\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578865\" 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=\"578865\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/578865\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578865\" class=\"content-area-description single-story post-578865 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 data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Simply-Somabay-5-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit <a href=\"http:\/\/www.somabay.com\">www.somabay.com<\/a>.<\/p>\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=\"578866\" 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=\"578866\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/\">\r\n                            HCCD reportedly in talks to sell land to Gulf investors                        <\/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\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/\" 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\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/')\">\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\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/\">\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=HCCD reportedly in talks to sell land to Gulf investors&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/\">\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\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/&title=HCCD reportedly in talks to sell land to Gulf investors\">\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=HCCD+reportedly+in+talks+to+sell+land+to+Gulf+investors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F17%2Fhccd-reportedly-in-talks-to-sell-land-to-gulf-investors%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\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/271.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578867\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors\/271-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/271.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"271.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/271.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/271.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578866\" class=\"content-area-description single-story post-578866 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-hccd tag-heliopolis-housing-and-development tag-ma-watch tag-privatization-watch tag-real-estate 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-02\"><\/a> <strong>Gulf investors are reportedly interested in HCCD\u2019s land bank, assets:<\/strong> The state-owned parent of Heliopolis Housing is in talks with Gulf investors to sell off land and other assets, <a href=\"https:\/\/www.asharqbusiness.com\/amp\/article\/45943\">Bloomberg Asharq<\/a> reported Sunday, citing two sources familiar with the matter. The investors are negotiating with the Holding Company for Construction and Development (HCCD) to acquire land in several regions of the country and are interested in investing in Heliopolis Housing\u2019s Heliopark project, one of the people said. A source at the company we spoke to yesterday denied that HCCD was considering selling land and characterized the arrangement as a partnership. The identities of the Gulf investors remain unknown.<\/p>\n<p><strong>Mountain View was supposed to be on board for Heliopark:<\/strong> Heliopolis Housing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce153b7f-dcae-4f50-bffe-9f9297d2ea25\">said<\/a> in December 2021 that it had accepted an offer from Mountain View to co-develop the New Cairo project, which it anticipates to generate EGP 397 bn in revenues over a 23-25-year time period.<\/p>\n<p><strong>The state is fielding foreign offers to buy<\/strong><strong> land for FX:<\/strong> The New Urban Communities Authority (NUCA) has received \u201cmany requests by Arab and foreign investors\u201d to pay for state-owned land in USD, Walid Abbas, assistant housing minister and supervisor of planning and projects at NUCA, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ee2a975-49a7-446e-9c85-830ea99ce02f\">said<\/a> last month. Abbas\u2019s statements came days after the cabinet approved the sale of a state-owned plot in Sadat City to an unnamed Gulf investor to set up a housing project, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6877e9b-11cc-4db7-bd39-53bfb157854a\">setting a precedent<\/a> to approve similar cases where foreign investors agree to pay for land in FX.<\/p>\n<p><strong>REMEMBER-<\/strong> The government has recently revamped its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">privatization strategy<\/a> amid a foreign-currency shortage and the finalization of our loan agreement with the IMF, which saw policymakers pledge to reduce state involvement in the economy and move to a fully flexible exchange rate. Our Gulf neighbors last year pledged over USD 22 bn in total to support the economy amid the fallout from the crisis in Ukraine, with Gulf wealth funds investing a combined USD 3.1 bn in government-owned shares in EGX-listed companies. The Sovereign Fund of Egypt is now <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39b38d90-ccca-4a8f-8625-6aa2e0185967\">leading efforts to attract strategic investors<\/a> into other state- and military-owned firms, with plans to raise as much as USD 6 bn.<\/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\/hccd\/\">HCCD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/heliopolis-housing-and-development\/\">Heliopolis Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"578868\" 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=\"578868\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/\">\r\n                            Five consortiums bid to build three cooking oil complexes                        <\/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\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/\" 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\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/')\">\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\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/\">\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=Five consortiums bid to build three cooking oil complexes&url=https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/\">\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\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/&title=Five consortiums bid to build three cooking oil complexes\">\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=Five+consortiums+bid+to+build+three+cooking+oil+complexes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F17%2Ffive-consortiums-bid-to-build-three-cooking-oil-complexes%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\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/272.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578869\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/five-consortiums-bid-to-build-three-cooking-oil-complexes\/272-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/272.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"272.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/272.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/272.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578868\" class=\"content-area-description single-story post-578868 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure tag-ali-el-moselhy tag-commodities tag-enterpriseam tag-infrastructure tag-supply-ministry 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>Five local and international consortiums have submitted offers to establish three <\/strong><strong>cooking oil complexes<\/strong> with investments of up to USD 321 mn, a Supply Ministry source told Enterprise, confirming comments attributed to Supply Minister Ali El Moselhy by local media. Our source declined to disclose the names of the bidding companies. The offers come amid state efforts to localize the industry in response to the war in Ukraine, which disrupted global food supply chains.<\/p>\n<p><strong>REMEMBER-<\/strong> News on the planned tenders first came <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9b43f0c-9bb4-414c-880b-3430277612d2\">in October<\/a> with the state planning three cooking oil complexes in Alexandria, Sohag and Sadat City. The three complexes would be specialized in the extraction, pressing and packaging of vegetable oils, Holding Company for Food Industries board member Ahmed Abu El Yazid told us in <a href=\"https:\/\/enterprise.press\/industries\/the-latest-beneficiary-of-our-localization-push-vegetable-oils\/\">November<\/a>.<\/p>\n<p><strong>The current state of production:<\/strong> Egypt has four companies \u2014 all affiliated with the state-owned Holding Company for Food Industries \u2014 working in the production of edible oils with a refining capacity of about 40k tons per month. Egypt currently imports some 1.7 mn tons of raw vegetable oil annually, with palm oil accounting for two-thirds of that figure, while sunflower and corn oil make up the rest. We cover our domestic consumption needs for sunflower oil primarily through imports, with Ukraine typically accounting for 55% of Egypt\u2019s sunflower imports, while Russia covers another 19%.<\/p>\n<p><strong>The push for localization:<\/strong> The government is looking to localize the vegetable oil industry as part of a push to boost food security and become less reliant on all types of imports amid uncertainty in global markets. It also wants to become a regional hub for producing and exporting Malaysian palm oil by signing trade agreements with Arab, African and European countries.<\/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\/ali-el-moselhy\/\">Ali El Moselhy<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/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=\"578870\" 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=\"578870\">\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\/2023\/01\/17\/elsewedy-electric-to-build-300-mw-solar-station-in-saudi-arabia-enis-descalzi-sits-down-with-el-sisi\/\">\r\n                            Elsewedy Electric to build 300 MW solar station in Saudi Arabia + Eni\u2019s Descalzi sits down with El Sisi                        <\/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\/2023\/01\/17\/elsewedy-electric-to-build-300-mw-solar-station-in-saudi-arabia-enis-descalzi-sits-down-with-el-sisi\/\" 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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Elsewedy \u201cwill mainly focus on the design, supply and installation of the entire project,\u201d which will be implemented within 16.5 months, the statement said. Elsewedy will operate and maintain the facility for 29 months after its completion.<\/p>\n<p><strong>Elsewedy has been stepping up its involvement in Saudi lately:<\/strong> Yesterday\u2019s announcement comes a few months after the company approved in November setting up one or more new companies in Saudi Arabia. The companies\u2019 potential activities include the management of holding companies\u2019 subsidiaries, investments, real estate ownership, lending, and leasing.<\/p>\n<p><strong>ENI BOSS MEETS EL SISI-<\/strong><\/p>\n<p><strong>Eni CEO Claudio Descalzi was in Cairo for talks with President Abdel Fattah El <\/strong><strong>Sisi <\/strong><strong>yesterday<\/strong>, a day after the company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a961e0b1-0f40-4d21-b34c-c7821e996d47\">announced a major gas discovery<\/a> in the Eastern Mediterranean, according to separate statements by <a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2023\/01\/president-egypt-abdel-fattah-el-sisi-meets-eni-ceo-claudio-descalzi.html\">Eni<\/a> and <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0ipe8vY3wem1i3afacwQnYfFWyaEW9zXKwkpYLi4P3qhgtmimMcb62gkvd3PuRfvJl\">Ittihadiya<\/a>. The two discussed the company\u2019s current activities and future plans to drill for gas in Egypt, including its role in the country\u2019s energy transition. Eni described its recent exploration efforts as \u201cpositive\u201d and said that there is potential for it to increase exports \u201cquickly.\u201d<\/p>\n<p><strong>ICYMI-<\/strong> Chevron and Eni announced a \u201csignificant\u201d gas discovery in the Mediterranean offshore Nargis block earlier this week. Neither party provided an estimate for how much gas is in place though <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a961e0b1-0f40-4d21-b34c-c7821e996d47\">unconfirmed reports last month<\/a> suggested that it could hold 3.5 tn cubic feet of gas.<\/p>\n<p><strong>AND- Eni + EGAS sign gas flaring MoI: <\/strong>The Italian company will work with state gas company EGAS to identify areas to reduce CO2 emissions in the oil and gas sector under a memorandum of intent signed yesterday. The two sides will \u201ccollaborate on emission reduction technologies, including gas flaring reduction and gas valorization,\u201d Eni said in the statement. The Oil Ministry was also out with <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid036zUp2m3Lgbji3mkBwN9eHosRaN4E4VgYCQR68pNuRTnvmd3k2mPWtyLtHFAwNFmHl\">a statement<\/a> following the signing.<\/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\/al-ghazala-energy\/\">Al Ghazala Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egas\/\">EGAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"578872\" 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=\"578872\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/578872\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578872\" class=\"content-area-description single-story post-578872 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.57357.org\/en\/donation\/donation-ways\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/Moharram-Partners-57357-Web-ENG.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\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=\"578873\" 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=\"578873\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/the-house-greenlights-a-batch-of-development-loans-grants-a-bill-allowing-fresh-oil-exploration-in-north-sinai\/\">\r\n                            The House greenlights a batch of development loans, grants + a bill allowing fresh oil exploration in North Sinai                        <\/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\/2023\/01\/17\/the-house-greenlights-a-batch-of-development-loans-grants-a-bill-allowing-fresh-oil-exploration-in-north-sinai\/\" 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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<li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+House+greenlights+a+batch+of+development+loans%2C+grants+%2B+a+bill+allowing+fresh+oil+exploration+in+North+Sinai+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F01%2F17%2Fthe-house-greenlights-a-batch-of-development-loans-grants-a-bill-allowing-fresh-oil-exploration-in-north-sinai%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\/2023\/01\/17\/the-house-greenlights-a-batch-of-development-loans-grants-a-bill-allowing-fresh-oil-exploration-in-north-sinai\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/275.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578874\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/the-house-greenlights-a-batch-of-development-loans-grants-a-bill-allowing-fresh-oil-exploration-in-north-sinai\/275-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/275.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"275.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/275.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/275.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578873\" class=\"content-area-description single-story post-578873 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-african-development-bank tag-development-finance tag-enterpriseam tag-food-security tag-french-development-agency tag-house-of-representatives tag-legislation-watch tag-oil-and-gas tag-usaid 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-06\"><\/a> <strong>The House of Representatives approved a set of development loans and grants <\/strong><strong>yesterday<\/strong> in food security, infrastructure, education, and healthcare.<\/p>\n<ul>\n<li><strong>A <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a7e93c-19dd-4e9d-84ed-e663de1c9ef5\">USD 271 mn loan<\/a><\/strong><strong> from the African Development Bank to boost food security and resilience this fiscal year<\/strong> in the wake of supply shocks brought on by the Russia-Ukraine conflict.<\/li>\n<li><strong>A USD 13 mn grant from USAID <\/strong>to support family planning, birth control, and reproductive health services across the country, and a separate <strong>USD 5.7 mn USAID grant<\/strong> for primary education.<\/li>\n<li><strong>An EUR 3 mn grant from the French Development Agency (AFD) <\/strong>to develop the infrastructure of four informal settlements in Cairo and Giza, and <strong>an EUR 2 mn grant from the AFD <\/strong>to finance the teaching of French in public schools.<\/li>\n<\/ul>\n<p><strong>Brenco, EGPC get the go-ahead for North Sinai oil exploration: <\/strong>The House also passed a law that allows Oil Minister Tarek El Molla to contract the Egyptian General Petroleum Corporation and Brenco to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0af7f92b-7e1d-42a5-961b-8898d238ce99\">explore for oil offshore North Sinai<\/a>.<\/p>\n<p><strong>AND- The House Economic Affairs Committee continued the discussion of the Unified Ins. Act <\/strong>it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9fd317e8-a68c-44df-9ccd-65ca4c285bc7\">began on Sunday<\/a>. Approved by the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cea77833-386b-467f-8909-3d305087d7d6\">Senate last April<\/a>, the bill has been more than four years in the making and would give the Financial Regulatory Authority (FRA) broad new powers to regulate the sector, make ins. compulsory for SMEs and freelancers, and set up new economic courts to mediate disputes.<\/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\/african-development-bank\/\">African Development Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/french-development-agency\/\">French Development Agency<\/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\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/usaid\/\">USAID<\/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=\"578875\" 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=\"578875\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/578875\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578875\" class=\"content-area-description single-story post-578875 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 data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/1-SODIC-Allegria-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\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=\"578876\" 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=\"578876\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/subsidized-bread-for-all\/\">\r\n                            Subsidized bread for all                        <\/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\/2023\/01\/17\/subsidized-bread-for-all\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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<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\/2023\/01\/17\/subsidized-bread-for-all\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/276.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"578877\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/subsidized-bread-for-all\/276-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/276.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"276.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/276.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/276.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578876\" class=\"content-area-description single-story post-578876 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-ali-el-moselhy tag-commodities tag-enterpriseam tag-ibrahim-ashmawy tag-last-nights-talk-shows tag-subsidies 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-03\"><\/a><strong> A new scheme offering subsidized bread to all is set to launch tomorrow:<\/strong> People not covered by the ration card system will be able to buy bread from bakeries at cost in a trial of the new scheme that will kick off on Wednesday, Supply Minister Ali El Moselhy was quoted as saying by <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-sell-discounted-bread-fight-inflation-2023-01-16\/\">Reuters<\/a> yesterday. Under the program, citizens will be able to buy subsidized 90-gram loaves using prepaid cards, with the move expected to increase the amount of bread sold by the government by up to 10%, Moselhy reportedly said. The prepaid cards will be sold at post offices for around EGP 100, Moselhy said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c0cc760-17d1-4124-992d-9143920b5336\">earlier this week<\/a>.<\/p>\n<p><strong>The subsidized loaves will be sold for EGP 0.90 or slightly higher, <\/strong>Assistant Supply Minister Ibrahim Ashmawy told Kelma Akhira\u2019s Lamees El Hadidi in a phone call (<a href=\"https:\/\/www.youtube.com\/watch?v=-O5ZUxFx0AI\">watch, runtime: 6:20<\/a>.) The prepaid cards can be charged with any amount of money, Ashmawy said, adding that there is no limit on how much a person can buy per day.<\/p>\n<p><strong>AND- Authorities will soon release another 31 pretrial detainees <\/strong>who received pardons from the presidential pardon committee, Lobna Assal reports on Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=g_10mJRfI5w\">watch, runtime: 1:08<\/a>.)<\/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\/ali-el-moselhy\/\">Ali El Moselhy<\/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  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0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578879\" 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=\"578879\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/all-eyes-on-the-action-in-our-fx-market\/\">\r\n                            All eyes on the action in our FX market                        <\/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\/2023\/01\/17\/all-eyes-on-the-action-in-our-fx-market\/\" 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 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data-image-title=\"277.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/277.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/277.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578879\" class=\"content-area-description single-story post-578879 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-egp tag-enterpriseam tag-religion wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The international press is focusing on the return of foreign inflows to our FX market <\/strong>following the latest devaluation of the EGP (get the full story in What We\u2019re Tracking Today, above.) <a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2023-01-16\/egypt-pound-s-egp-usd-plunge-dubai-s-housing-boom-erdogan-s-nato-moves\">Bloomberg<\/a> is also out with a recap on the recent movements in the EGP \/ USD rate as policymakers transition to a fully flexible exchange rate regime, part of our USD 3 bn loan agreement with the IMF.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Is Sufism growing in Egypt? <\/strong>New generations are reportedly showing interest in mysticism and its rituals. (<a href=\"https:\/\/en.qantara.de\/content\/sufism-in-egypt-cairos-mystic-revival\">Qantara<\/a>)<\/li>\n<li><strong><a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/12\/child-marriage-raises-controversy-once-again-egypt\">Al-Monitor<\/a><\/strong><strong> reports on the issue of child marriage <\/strong>as a draft law prohibiting the marriage of minors <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46365d61-2678-435c-a7e7-c4e0c31454f6\">waits for a vote<\/a> by the House of Representatives.<\/li>\n<\/ul>\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\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/religion\/\">Religion<\/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=\"578881\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578882\" 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=\"578882\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/state-grain-buyer-gasc-is-getting-into-corn-with-first-intl-tender\/\">\r\n                            State grain buyer GASC is getting into corn with first int\u2019l tender                        <\/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\/2023\/01\/17\/state-grain-buyer-gasc-is-getting-into-corn-with-first-intl-tender\/\" 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 tender will be financed by the International Islamic Trade Finance Corporation and the corn will be used for feed, the statement reads. How the grain will be distributed is unclear.<\/p>\n<p><strong>REMEMBER- <\/strong>While GASC assumes responsibility for wheat imports, feed grain stocks have typically been left to private firms. However, import restrictions amid the FX crunch have made it difficult for private players to bring feed into the country \u2014 with the supply constraints causing a rise in poultry prices in the local market. Egypt usually imports more than 1 mn metric tons of corn per month but bought just 924k tons in 4Q 2022, according to <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/agriculture\/011623-egypts-grain-board-holds-surprise-corn-tender-as-privates-struggle\">S&P Global<\/a>. The requirement for importers to obtain letters of credit, which was partly to blame for the logjam at ports, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">was scrapped by the CBE<\/a> at the beginning of January and the state has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90099264-19df-4d9a-aab8-66f756e905fe\">been working<\/a> to get livestock feed released from ports.<\/p>\n<hr class=\"grey-line\">\n<p><strong>GASC has sold some 300k tons of wheat through the <\/strong><strong><a href=\"http:\/\/www.emx.com.eg\/Default.aspx\">Egyptian<\/a><\/strong><strong><a href=\"http:\/\/www.emx.com.eg\/Default.aspx\"><\/a><\/strong><strong><a href=\"http:\/\/www.emx.com.eg\/Default.aspx\">Mercantile Exchange (EMX)<\/a><\/strong> since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3c8bf0f-0f62-45ff-9ba1-9a3edd9b892e\">it launched<\/a> at the end of November, Reuters <a href=\"https:\/\/www.reuters.com\/article\/idUSC6N31X01N\">reports<\/a>, citing EMX chairman Ibrahim Ashmawy. The wheat was sourced mainly from Russia and partially from Germany, he said.<\/p>\n<p><strong>A lot of wheat has been coming in from Russia: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da88cb80-7995-4db1-a579-0549797d7764\">majority of our wheat imports (57%)<\/a> reportedly came from Russia in 2022, up from 50% in 2021. That trend looks set to continue this year, after GASC reportedly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8da00a9-5748-44bf-be2f-e5b2e5469fe0\">booked<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8da00a9-5748-44bf-be2f-e5b2e5469fe0\">at least 60k tons<\/a> of Russian wheat last Tuesday, with another 60k tons set to follow.<\/p>\n<p><strong>The EMX:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eadfc091-174c-41db-bf19-a1e4cf62e7b7\">Launched in November<\/a>, the exchange aims to protect local farmers and producers against price distortions and to regulate trading. Suppliers to GASC are obliged to register with the exchange.<\/p>\n<hr class=\"grey-line\">\n<p><strong>GASC plans to purchase less wheat from local farmers this year:<\/strong> The state will look to buy 4 mn tons of wheat this harvest season, which runs from April to August, <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/2\/484333\/Egypt\/Society\/--mln-tons-of-local-wheat-targeted-from-upcoming-h.aspx\">Ahram Online<\/a> reports Supply Minister Ali El Moselhy as saying. The government procured around <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fef0998d-6737-4708-a4ed-777c791ea946\">4.2 mn tons of wheat<\/a> from local farmers during last year\u2019s harvest, missing the ambitious 6 mn-ton target set after spiking food prices forced the state to increase its reliance on local production.<\/p>\n<p><strong>REMEMBER- The cabinet is tomorrow set to revise the state\u2019s local wheat purchase price<\/strong> for this year in a bid to incentivize production, with Ala Masouleety\u2019s Ahmed Moussa recently speculating that the price could rise to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a48281c-00e1-41fa-8ab4-33588a043835\">EGP 1.25K-1.35K<\/a> per ardeb from the EGP 1k set previously for the 2023 season.<\/p>\n<p><strong>DEBT-<\/strong><\/p>\n<p><strong>A syndicated loan for Qena industrial complex:<\/strong> An alliance comprising Emirati fertilizer company CFC Group\u2019s Egyptian subsidiary CFC Feed and Chemicals and local fertilizer firm Evergrow is mulling three syndicated loan offers for its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4a71383-920c-4343-b424-81c95ba095f0\">USD 400 mn industrial complex<\/a> in Qena, Group CEO Ahmed Khalifa told Enterprise. A fourth offer is underway, Khalifa said, with the four bids set to be presented to the company\u2019s board of directors meeting on 8 March.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Real estate developer <\/strong><strong><a href=\"https:\/\/www.inertiaegypt.com\/\">Inertia<\/a><\/strong><strong> has signed an EGP 850 mn loan agreement <\/strong>with Banque Misr and Banque du Caire (BdC) to fund its flagship <a href=\"https:\/\/www.inertiaegypt.com\/developments\/residential\/jefaira\/\">North Coast project Jefaira<\/a>, Managing Director Ahmed El Adawy reportedly told <a href=\"https:\/\/bit.ly\/3QKxa5z\">Hapi Journal<\/a> yesterday. Inertia has previously inked an <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/21\/inertia-bdc-sign-egp-575-loan-agreement-for-construction-work\/\">EGP 575 mn loan agreement<\/a> with BdC and an EGP 1.1 bn eight-year Islamic financing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4797115-2730-42ce-84e5-aab1757d0254\">agreement with Banque Misr<\/a> to fund the project.<\/p>\n<p><strong>NBFS- <\/strong><\/p>\n<p><strong>The Sovereign Fund of Egypt (SFE) and Etisalat Egypt have established Erada <\/strong><strong>Microfinance<\/strong>, in a move designed to improve access to finance for micro and small businesses, according to <a href=\"https:\/\/tsfe.com\/pressDetails21.html\">a joint statement<\/a> yesterday. Erada Microfinance is a non-banking financial services (NFBS) company that aims to provide \u201cinnovative financial products\u201d for the expansion of small businesses. The statement did not disclose the shareholder structure of the company.<\/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\/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\/cfc-group\/\">CFC Group<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emx\/\">EMX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evergrow\/\">Evergrow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"578888\" 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\/2023\/01\/17\/578888\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-578888\" class=\"content-area-description single-story post-578888 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>JANUARY<\/strong><\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>January: Global Auto to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/feba3115-5fdb-4cdf-bf31-aa0284dd48b0\">restart BMW assembly<\/a> in Egypt.<\/p>\n<p>16-20 January (Monday-Friday): <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/\">Davos 2023<\/a>.<\/p>\n<p>26 January-6 February (Thursday-Monday): 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): President El Sisi will visit India as <a href=\"https:\/\/www.mea.gov.in\/press-releases.htm?dtl\/35927\/Chief_Guest_at_Indias_Republic_Day_Celebrations_2023\">\u201cchief guest\u201d at celebrations<\/a>to mark the 74th anniversary of Indian independence.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day (TBC).<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p>31 January (Tuesday): The IMF will release its World Economic Outlook Update.<\/p>\n<p><strong>FEBRUARY<\/strong><\/p>\n<p>1 February (Wednesday): Capricorn Energy will hold a vote on its merger with Israel\u2019s NewMed.<\/p>\n<p>2 February (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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>23-27 February (Thursday-Monday): Annual Business Women of Egypt\u2019s Women for Success conference.<\/p>\n<p><strong>MARCH <\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p>30 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>APRIL <\/strong><\/p>\n<p>1 April (Saturday): Deadline for banks to establish sustainability units.<\/p>\n<p>10-16 April (Monday-Sunday): IMF \/ World Bank Spring Meetings, Marrakesh, Morocco.<\/p>\n<p>16 April (Sunday): Coptic Easter<\/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>30 April (Sunday): Deadline for self-employed to register for e-invoicing.<\/p>\n<p>30 April (Sunday): End of Mediterranean, Nile Delta oil + gas exploration tender.<\/p>\n<p>Late April \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY <\/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>4 May (Thursday): <a href=\"https:\/\/www.ief.org\/events\/8th-ief-igu-ministerial-gas-forum\">IEF-IGU Ministerial Gas Forum<\/a>, Cairo.<\/p>\n<p>18 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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 new Board of Governors,from 22-26 May 2023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE <\/strong><\/p>\n<p>10 June (Saturday): Thanaweya Amma examinations <a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/dates-for-the-exams\/\">begin<\/a>.<\/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>22 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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 <\/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>AUGUST <\/strong><\/p>\n<p>3 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER <\/strong><\/p>\n<p>21 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/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 <\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>NOVEMBER <\/strong><\/p>\n<p>2 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>DECEMBER <\/strong><\/p>\n<p>21 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2023: The inauguration of the Grand Egyptian Museum.<\/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>1Q 2023: Egypt + Qatar to launch joint business forum.<\/p>\n<p>1Q 2023: FRA to introduce <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/677d7076-0142-4ba8-9bee-b1d82926f380\">new rules<\/a> for short selling.<\/p>\n<p>1Q 2023: Internal trade database to <a href=\"https:\/\/hapijournal.com\/?p=212185\">launch<\/a>.<\/p>\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":578862,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-578861","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"221f8d0d-8191-4909-ab2d-6abbc99b6b3c","teaser":"","photo_url":"https:\/\/ent.news\/2023\/1\/268.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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