{"id":579273,"date":"2023-02-01T04:15:29","date_gmt":"2023-02-01T04:15:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=579273"},"modified":"2025-12-16T11:58:16","modified_gmt":"2025-12-16T11:58:16","slug":"imf-trims-egypt-growth-forecast-to-4-0-in-2023","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/imf-trims-egypt-growth-forecast-to-4-0-in-2023\/","title":{"rendered":"IMF trims Egypt growth forecast to 4.0% in 2023"},"content":{"rendered":"<section id=\"579275\" 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=\"579275\">\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\/02\/01\/this-morning-the-new-month-should-bring-big-privatization-news\/\">\r\n                            THIS MORNING: The new month should bring big privatization news                        <\/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\/02\/01\/this-morning-the-new-month-should-bring-big-privatization-news\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579276\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/this-morning-the-new-month-should-bring-big-privatization-news\/2-jpg-25\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/2.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/2.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/2.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579275\" class=\"content-area-description single-story post-579275 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-climate tag-commodities tag-egp tag-egx tag-enterpriseam tag-gold tag-nfas tag-ramadan tag-state-privatization-program 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 welcome to <\/strong><strong>the first day of February<\/strong><strong>. <\/strong>It\u2019s another macro-heavy kind of news day here at home, with plenty on the state of our economy \u2014 and more speculation about the government\u2019s privatization plans.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>DRIVING THE CONVERSATION here at home this morning: The Madbouly government is <\/strong><strong>teasing a big <\/strong><strong>announcement on its privatization plans.<\/strong> Cabinet will \u201csoon\u201d hold a press conference to announce the details of the state-owned firms it plans to offer to strategic investors and on the EGX, Prime Minister Moustafa Madbouly said at a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid033aP3TMTyjLkMqTVsVarP7rt9QbyhjT2vN7KAA15SueMVugLYRvC6zePC99SXFKYQl\">meeting yesterday<\/a>.<\/p><p><strong>Key words: \u201cStrategic investors.\u201d <\/strong>Madbouly noted that \u201ca part of the offering will be on the EGX, and another part will be to strategic investors.\u201d As Lamees El Hadidi noted on the airwaves last night, these words \u2014 and the makeup of yesterday\u2019s meeting, which included Sovereign Fund of Egypt officials but no EGX reps \u2014 suggest that stake sales to strategic investors could be the first order of the day. We have more in Last Night\u2019s Talk Shows, below.<\/p><p><strong>When will we know more? <\/strong>Madbouly remained tightlipped on when the announcement would be made, but had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6cc4300f-88fa-431a-872b-476a2d9a5659\">earlier this week<\/a> said to expect it in two weeks\u2019 time.<\/p><p><strong>A quick take: <\/strong>The talk in recent days about asset sales is very welcome. With no IPOs now in the market, cabinet should have a bias toward stake sales to strategics, retaining modest stakes that they could monetize in a later IPO after the new strategic partner improves corporate and financial performance at the asset. If the investment bankers get mandates soon, there will be a post-Ramadan window lasting until early June in which to go to market with IPOs before the summer slowdown. The next window would then be in September.<\/p><hr class=\"grey-line\"><p><strong>EGX WRAP- <\/strong>The benchmark EGX30 fell for the second day in a row yesterday, ending the trading session 3.4% in the red. Foreign and institutional investors were net sellers on a high turnover of EGP 2 bn. CIB \u2014 the largest component of the index \u2014 lost 5.7%. The benchmark index has fallen 5.5% since Monday.<\/p><p><strong>Only six companies saw gains yesterday<\/strong>, with Telecom Egypt leading the pack closing 5.4% up. Alexandria Containers was the worst performer, losing 7.9%.<\/p><p><strong>Don\u2019t panic, says EGX board member Rania Yacoub \u2014 this is a natural wave of profit-taking. <\/strong>The EGX30 was up nearly 20% YTD by the close of trading on Monday. \u201cIt\u2019s natural for institutional investors in particular to close out profitable positions\u201d Yacoub told us. She says yesterday\u2019s dip is \u201cnothing to worry about so long as it\u2019s part of an upward trend and doesn\u2019t coincide with negative announcements on macro indicators.\u201d<\/p><hr class=\"grey-line\"><p><strong>EGP WATCH- The EGP slipped <\/strong><strong>0.<\/strong><strong>6% against the greenback yesterday<\/strong> to 30.23.<\/p><p><strong>DATA POINT- Good news on NFAs: <\/strong>Egypt\u2019s net foreign assets (NFAs) position improved for the second consecutive month, standing at a negative EGP 494.3 bn in December. That\u2019s an EGP 47.3 bn narrowing of the gap from EGP 541.5 bn the month before, <a href=\"https:\/\/www.reuters.com\/markets\/currencies\/egypts-net-foreign-assets-climb-by-2-billion-december-2023-01-31\/\">Reuters<\/a> reports citing central bank data. The newswire puts the improvement down to the October devaluation. \u201cChanges in the amount of NFAs represent net transactions of the banking system with the foreign sector, including those of the central bank,\u201d Reuters says, citing the CBE.<\/p><p><strong>DATA POINT- Good as gold: <\/strong>Gold purchases in Egypt surged 83% y-o-y in 2022 as Egyptians flocked to the metal amid the FX crunch, according to the World Gold Council\u2019s full-year report. Egyptian investors bought 4.4 tons of gold during the year as the precious metal became the go-to asset to hedge against the falling EGP.<\/p><p><strong>The Central Bank of Egypt is MENA\u2019s biggest goldbug:<\/strong> The CBE bought 47 tons of gold during the year, above second-placed Qatar which purchased 37 tons. Both are dwarfed by Turkey\u2019s central bank, which was the world\u2019s biggest gold buyer among central banks at 148 tons, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-31\/gold-as-inflationary-hedge-makes-turkey-world-s-biggest-buyer?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> notes.<\/p><hr class=\"grey-line\"><p><strong>It\u2019s the start of a new month:<\/strong> Here are the key news triggers over the coming weeks.<\/p><ul>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt will hold its policy meeting this Thursday. Most of the analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89a865a7-f6fa-4818-8b55-f5e0fd8bb1e5\">we talked to last week<\/a> expect the central bank to raise interest rates by 100-200 bps.<\/li>\n<li><strong>PMI:<\/strong> S&amp;P Global will publish January\u2019s PMI on Sunday, 5 February.<\/li>\n<li><strong>Foreign reserves:<\/strong> The central bank will release January\u2019s foreign reserves figures next week.<\/li>\n<li><strong>Inflation:<\/strong> The CBE and Capmas will publish inflation data for January the week after next.<\/li>\n<\/ul><div class=\"stand-out\">\n<p><strong>** <\/strong><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/FMGPJ3G\">TAKE OUR JANUARY ENTERPRISE READER SURVEY<\/a><\/strong><strong> and get a chance to have l<\/strong><strong>unch <\/strong><strong>with us:<\/strong> Give us your thoughts on how 2022 panned out for your business and industry, and what you\u2019re expecting in the year ahead in our Enterprise Reader Survey.<\/p>\n<p><strong>We\u2019re asking you to share your expectations<\/strong> on the EGP \/ USD rate in 2023, how you\u2019re managing expenses amid the rising cost of living, where you see your industry as a whole heading, and whether you expect to make fresh investments \u2014 among a few other questions we ask our community on a regular basis. As is our custom, we\u2019ll be sharing the results with all of you in a few weeks\u2019 time to help you shape your view of the year.<\/p>\n<p><strong>You can <\/strong><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/FMGPJ3G\">take the Reader Survey here<\/a><\/strong> \u2014 it won\u2019t take more than a few minutes to complete.<\/p>\n<p><strong>Want to have lunch with us?<\/strong> Leave your name, email, mobile number, and where you work in the box for \u201cIs there anything else you want to tell us.\u201d We\u2019ll be inviting eight participating readers to breakfast at one of our favorite restaurants.<\/p>\n<\/div><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>MORNING MUST READ- <\/strong><\/p><p><strong>Companies recognize the benefits of reaching net zero:<\/strong> More than 90% of 300 global companies surveyed by HSBC believe reaching net-zero emissions will play a significant role in growing their businesses. The bank\u2019s <a href=\"https:\/\/ent.news\/2023\/1\/hsbc-transition-pathways-energy-key-findings-infographi-jan-2023.pdf\">survey (pdf)<\/a> shows that more than half see it as \u201cfundamentally important\u201d while only 2% don\u2019t consider it important at all.<\/p><p><strong>More companies are deploying a chunk of their capex into going green: <\/strong>Some 31% of energy companies surveyed are already investing more than 10% of their capex into transitioning to net zero and almost half plan to do so in the coming 2-3 years.<\/p><p><strong>SIGN OF THE TIMES<\/strong><strong>- Uber Egypt has<\/strong><strong> hiked its fares <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff7982c7-4ab3-4841-bbb8-400e551485ef\">again<\/a><\/strong>. In Cairo, the UberX base rate is now up to EGP 12.00 from EGP 9.00, while the minimum fare has risen to EGP 20 from EGP 15. In Alexandria, the base rate has risen to EGP 10.00 from EGP 8.70, while the minimum fare is up to EGP 18.00 from EGP 13.00. The price increases come to \u201cease the pressures that drivers are facing,\u201d the company said in an email to customers.<\/p><p><strong>PSA #1- Fancy a stopover in Saudi? <\/strong>Travelers transiting through Saudi Arabia can now apply online through Saudia Airlines and Flynas for a stopover visa that allows them to stay in the country for up to four days, according to a <a href=\"https:\/\/twitter.com\/KSAmofaEN\/status\/1620045391315234818\">tweet<\/a> by the Saudi Foreign Affairs Ministry. The stopover visa permits travelers to make the Umrah pilgrimage and is valid for three months from the date of issuance.<\/p><p><strong>PSA #2- Covid-era Ramadan measures dropped:<\/strong> Taraweeh prayers will no longer be limited to 30 minutes, and the practice of I\u2019tikaf \u2014 seclusion inside mosques \u2014 will be allowed for the first time in three years this Ramadan, Religious Endowments Minister Mohamed Mokhtar Gomaa said (<a href=\"https:\/\/www.youtube.com\/watch?v=uB0XgbIzJsc\">watch, runtime: 29:31<\/a>.) The taraweeh prayer limit and I\u2019tikaf ban were part of measures <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50cd1944-c39a-4919-92fc-a65d8c133002\">introduced to curb the spread<\/a> of covid-19.<\/p><p><strong>We have 49 days left until the first day of Ramadan<\/strong>, which will likely start on Thursday, 23 March.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>Italian lawmakers in town: <\/strong>An Italian parliamentary delegation kicks off a two-day visit to Cairo today for a \u201cconstructive dialogue\u201d with Egyptian officials, including meetings with counterparts at the Senate and House, and with Foreign Minister Sameh Shoukry. The delegation is led by Stefania Craxi, who heads the Italian senate\u2019s defense and foreign affairs committee. \u201cOur visit to Cairo aims to conduct a new constructive dialogue with Egyptian MPs and senators amid many political and economic challenges facing the Mediterranean region,\u201d Craxi told Italy\u2019s NOVA news agency, according to <a href=\"https:\/\/english.ahram.org.eg\/News\/487278.aspx\">Ahram Online<\/a>. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e2873dc-c4be-459d-8ae9-ba6ac1a2b74e\">case<\/a> of Italian student Guilio Regeni, who was killed in Egypt in 2016, is also set to be addressed during the talks, she said.<\/p><p><strong>OPEC+ is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22a51488-3a91-4ec0-898c-37b6e5f0784e\">meeting remotely<\/a><\/strong><strong> today<\/strong> and delegates are expecting the committee to keep oil output unchanged as global demand picks up.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The House of Representatives will reconvene on Sunday, 12 February,<\/strong> having adjourned yesterday after three days of debate. We have all the details on yesterday\u2019s votes in our Legislation Watch section, below.<\/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\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s iss<\/strong><strong>ue: <\/strong>What is the state doing to support the real estate sector through economic turbulence?<\/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\/commodities\/\">commodities<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nfas\/\">NFAs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramadan\/\">Ramadan<\/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                            <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=\"579277\" 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=\"579277\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/579277\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579277\" class=\"content-area-description single-story post-579277 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\/2023\/1\/1-Somabay-Escape-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Experience a time of serenity and breathtaking views of the Red Sea where you get to enjoy life as it should be, only at Somabay. A gateway for the perfect winter vacation where you can combine all your vacation elements from one place. For more information, kindly contact us at 16390 or <a href=\"http:\/\/www.somabay.com\">www.somabay.com<\/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=\"579278\" 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=\"579278\">\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\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\">\r\n                            IMF trims Egypt growth forecast                        <\/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\/02\/01\/imf-trims-egypt-growth-forecast\/\" 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\/02\/01\/imf-trims-egypt-growth-forecast\/')\">\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\/02\/01\/imf-trims-egypt-growth-forecast\/\">\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=IMF trims Egypt growth forecast&url=https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/\">\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\/02\/01\/imf-trims-egypt-growth-forecast\/&title=IMF trims Egypt growth forecast\">\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=IMF+trims+Egypt+growth+forecast+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F02%2F01%2Fimf-trims-egypt-growth-forecast%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\/02\/01\/imf-trims-egypt-growth-forecast\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/3.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579279\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/3-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/3.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"3.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/3.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/3.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579278\" class=\"content-area-description single-story post-579278 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-growth-projections tag-imf 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-01\"><\/a> <strong>The IMF has cut its economic growth forecast for Egypt<\/strong>, saying it sees GDP growing 4.0% this year, a 0.4 percentage point trim from its previous <a href=\"https:\/\/ent.news\/2022\/10\/IMF-WEO-October2022.pdf\">forecast<\/a> in October, according to its updated World Economic Outlook released yesterday (<a href=\"https:\/\/ent.news\/2023\/1\/IMF-World-Economic-Outlook-Jan-2023.pdf\">here<\/a> and <a href=\"https:\/\/ent.news\/2023\/1\/WEOJanuary2023update.pdf\">here, pdf<\/a>). That\u2019s in line with forecasts from the Madbouly government, which in November predicted 4.0% growth in a <a href=\"https:\/\/ent.news\/2023\/1\/IMF-Staff-report.pdf\">letter of intent (pdf)<\/a> sent to the IMF to secure its USD 3 bn loan.<\/p>\n<p><strong>Other analysts are a bit more optimistic: <\/strong>A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c07707c9-cb74-42d5-9e9c-3207f3a64a2d\">Reuters poll<\/a> last week predicted growth of 4.8% in the current fiscal year, while the World Bank expects <a href=\"https:\/\/documents1.worldbank.org\/curated\/en\/099621012192231309\/pdf\/IDU0c5d5a70a0938f043180b4d900cb9cfae8278.pdf\">4.5%<\/a>, and Fitch has penciled in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/965b83fa-dcfb-40d5-adaf-2980518f0c75\">4.4%<\/a>.<\/p>\n<p><strong>We may put the worst behind us at the end of the year: <\/strong>The IMF expects the economy to expand at a 5.3% clip in 2024. The Madbouly government, meanwhile, sees growth clocking in at 5.5-6.0% in the medium term.<\/p>\n<p><strong>Global growth will also bottom out this year: <\/strong>The Fund\u2019s updated 2023 forecast for the global economy is a little less somber than in October thanks to slowing inflation, China\u2019s re-opening, and demand resilience in Europe and the US. The IMF now expects global economic growth to slow to 2.9% this year from 3.4% in 2022, a slight upgrade of 0.2 percentage points.<\/p>\n<p><strong>MENA growth downgraded:<\/strong> MENA GDP will slow to 3.2% in 2023 from 5.4% last year, according to the Fund\u2019s latest forecasts. That\u2019s a downgrade from the 3.6% it was projecting in October.<\/p>\n<p><strong>Half of EMs are already out of the slump: <\/strong>Only around 50% of emerging markets (EMs) and developing economies will see higher growth this year than they did last year. However, overall growth in EMs and developing economies already bottomed out at 3.9% in 2022, the IMF says, and is projected to rise to 3.9% this year and 4.2% in 2024. The downslide that\u2019s expected in global growth this year is driven by a lag in advanced economies.<\/p>\n<p><strong>UH, ENTERPRISE? What\u2019s GDP, anyway? <\/strong>Think of it as an attempt to sum up the total value of everything made inside a country\u2019s borders \u2014 all the finished goods and services cranked out in a 12-month period. The good folks at Planet Money (our favorite econ podcast) had a deep dive into GDP, where the concept came from, and how it\u2019s used in their 2022 \u201cSummer School\u201d series. You can <a href=\"https:\/\/www.npr.org\/2022\/07\/20\/1112482124\/planet-money-summer-school-2-gdp-what-counts\">listen here on the web<\/a> or <a href=\"https:\/\/podcasts.apple.com\/in\/podcast\/summer-school-2-gdp-what-counts\/id290783428?i=1000570647385\">here on Apple Podcasts<\/a> (runtime: 25:00).<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/growth-projections\/\">growth projections<\/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=\"579280\" 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=\"579280\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/adib-nbk-give-thumbs-up-to-econ-reforms\/\">\r\n                            ADIB + NBK give thumbs-up to econ reforms                        <\/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\/02\/01\/adib-nbk-give-thumbs-up-to-econ-reforms\/\" 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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ADIB\u2019s Egypt unit is a \u201clong-term strategic\u201d priority for the bank, which is \u201cvery much supporting its presence\u201d in the country, he said. While volatility places Egypt as the bank\u2019s greatest international exposure concern, Abdelbary said that ADIB\u2019s position was \u201cfully consolidated by the end of December 2022.\u201d<\/p>\n<p><strong>Predicting a positive long-term outlook, NBK wants to expand its presence here:<\/strong> Egypt is the bank\u2019s second priority market after Saudi \u2014 and the recent devaluation here was a \u201cmove in the right direction\u201d despite the short-term economic impact, NBK Deputy Group CEO Shaikha Al Bahar said in a sitdown with the business information service (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-01-31\/shaikha-al-bahar-deputy-group-ceo-video?sref=mmeFTDW1\">watch, runtime: 5:59<\/a>). She added that a weaker currency will increase foreign inflows, including in the form of FDI.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-kuwait\/\">National Bank of Kuwait<\/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=\"579282\" 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=\"579282\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\">\r\n                            IDH ends its pursuit of Pakistani diagnostics firm IDC                        <\/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\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\" 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\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/')\">\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\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\">\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=IDH ends its pursuit of Pakistani diagnostics firm IDC&url=https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\">\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\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/&title=IDH ends its pursuit of Pakistani diagnostics firm IDC\">\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=IDH+ends+its+pursuit+of+Pakistani+diagnostics+firm+IDC+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F02%2F01%2Fidh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc%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\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/5.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579283\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/idh-ends-its-pursuit-of-pakistani-diagnostics-firm-idc\/5-jpg-30\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/5.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"5.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/5.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/5.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579282\" class=\"content-area-description single-story post-579282 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-healthcare tag-integrated-diagnostics-holding tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.4544b90e-314b-4009-870f-f711abbf0ff8.mp3\"><\/audio><\/figure>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>IDH pulls the plug on acquisition of a major stake in IDC: <\/strong>Integrated Diagnostics Holdings (IDH) has walked away from its bid to acquire a major stake in one of Pakistan\u2019s largest diagnostics providers due to regulatory issues and challenging economic conditions, the multinational consumer healthcare outfit said in disclosures to the <a href=\"https:\/\/investors.idhcorp.com\/rns\/view\/859\">London Stock Exchange<\/a> and <a href=\"https:\/\/ent.news\/2023\/1\/IDH-IDC-Jan2023.pdf\">EGX (pdf)<\/a> yesterday. IDH <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd562dbe-d647-49dc-95b7-9a5e94966c90\">said in December 2021<\/a> it would acquire 50% of the owner of <a href=\"https:\/\/idc.net.pk\/\">Islamabad Diagnostic Center<\/a> (IDC) for USD 72.35 mn, a move that would have given it a presence in South Asia for the first time.<\/p>\n<p><strong>Why the pullback? <\/strong>IDH said it was backing out of the acquisition because of \u201cextensive delays in the regulatory review process, the challenging global economic environment and the condition precedent related to repatriating funds.\u201d<\/p>\n<p><strong>This had been in the cards:<\/strong> IDH <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d129189c-e55f-43c8-82fe-e03489d4f375\">said last September<\/a> that it was looking to renegotiate terms of the acquisition after the two sides failed to finalize terms by the deadline set out in the sale and purchase agreement. IDH <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd562dbe-d647-49dc-95b7-9a5e94966c90\">signed the initial agreement<\/a> with UAE-based Evercare, which owns 100% of IDC via a special purpose vehicle, in late 2021. IDC is a major diagnostics firm in Pakistan and has more than 80 branches across the country.<\/p>\n<p><strong>Pakistan\u2019s economy is in crisis: <\/strong>Mass floods last year and political turmoil have exacerbated economic woes in the heavily indebted country, where foreign reserves are running dangerously low, leading <a href=\"https:\/\/www.ft.com\/content\/53397013-7a94-470e-ab46-ffe0ed73c1d9\">some to warn<\/a> a Sri-Lanka style default is in the cards. The local currency has lost some 14% since last Thursday to reach a record low against the USD, as authorities move to <a href=\"https:\/\/www.ft.com\/content\/560319d3-df5c-476c-9005-8f4bea09eac9\">liberalize the exchange rate<\/a> in hopes of restarting a stalled USD 7 bn assistance package from the IMF.<\/p>\n<p><strong>IDH\u2019s share price held up here, but dipped in London on the news:<\/strong> IDH\u2019s EGX-listed shares remained unchanged at EGP 25.20. LSE-listed shares, on the other hand, dropped 6.6% to close at USD 0.54.<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/integrated-diagnostics-holding\/\">Integrated Diagnostics Holding<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579284\" 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=\"579284\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/ebrd-and-partners-fund-more-green-finance-for-smes-ebrd-bii-lend-usd-100-mn-to-bdc\/\">\r\n                            EBRD and partners fund more green finance for SMEs + EBRD, BII lend USD 100 mn to BdC                        <\/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\/02\/01\/ebrd-and-partners-fund-more-green-finance-for-smes-ebrd-bii-lend-usd-100-mn-to-bdc\/\" 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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Meanwhile, EBRD and British International Investment said they would provide a USD 100 mn facility to support Banque du Caire\u2019s growth.<\/p>\n<p><strong>LOCAL FIRMS ARE IN FOR MORE GREEN FINANCE-<\/strong><\/p>\n<p><strong>The EBRD, the EU, and the Green Climate Fund (GCF) will provide USD 175.5 mn to local<\/strong><strong> banks<\/strong> to on-lend to green projects and SMEs in Egypt, the <a href=\"https:\/\/www.ebrd.com\/news\/2023\/ebrd-eu-and-gcf-support-egypts-transition-to-a-greener-and-more-inclusive-economy.html\">E<\/a><a href=\"https:\/\/www.ebrd.com\/news\/2023\/ebrd-eu-and-gcf-support-egypts-transition-to-a-greener-and-more-inclusive-economy.html\">BRD said in a press release<\/a> yesterday. The funding comes under the EBRD\u2019s <a href=\"https:\/\/ebrdgeff.com\/egypt\/\">Green Economy Financing Facility<\/a> (GEFF), which channels finance to small, private-sector businesses to help them invest in energy-efficiency projects and green technologies.<\/p>\n<p><strong>This isn\u2019t GEFF\u2019s first gig in Egypt:<\/strong> Egypt has received <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31efbeee-c85c-4a2d-8072-e6c2b7b4fe19\">u<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31efbeee-c85c-4a2d-8072-e6c2b7b4fe19\">p to<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31efbeee-c85c-4a2d-8072-e6c2b7b4fe19\">EUR 290 m<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31efbeee-c85c-4a2d-8072-e6c2b7b4fe19\">n<\/a> from GEFF under a first round of funding. The facility has partnered with the National Bank of Egypt, QNB Alahli, Alexbank and Arab African International Bank for on-lending to SMEs.<\/p>\n<p><strong>2022 was a big year:<\/strong> The EBRD provided EUR 1.3 bn to Egypt in 2022, 70% of which was directed towards the private sector to promote social inclusion and green transformation, the International Cooperation Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029v6LGCCQpr11ZPPD3mWEgveVbEfa2NVTio9rAiEDnsjwVKKgs8stc2AjzHZ5NEJnl\">said<\/a> yesterday.<\/p>\n<p><strong>BANQUE DU CAIRE TO GET EBRD MONEY-<\/strong><\/p>\n<p><strong>EBRD, BII to finance Banque du Caire growth:<\/strong> The European Bank of Reconstruction and Development (EBRD) and British International Investment (BII), the UK government\u2019s development finance arm, are providing a USD 100 mn loan to state-owned Banque du Caire, they said in <a href=\"https:\/\/ent.news\/2023\/1\/BDC-PR_EBRD_BII_-FINAL-1.pdf\">a<\/a><a href=\"https:\/\/ent.news\/2023\/1\/BDC-PR_EBRD_BII_-FINAL-1.pdf\">joint statement (p<\/a><a href=\"https:\/\/ent.news\/2023\/1\/BDC-PR_EBRD_BII_-FINAL-1.pdf\">df)<\/a> yesterday. The loan will strengthen the bank\u2019s Tier II capital, helping to support its growth plans. The two lenders will also provide technical support and guidance to improve BdC\u2019s climate governance practices and ESG risk management.<\/p>\n<p><strong>REMINDER- BdC is one of the names being floated for an EGX debut some time soon.<\/strong> The state-owned bank is a perennial IPO prospect and was among four companies that the EGX recently said are ready to list on the bourse. It is also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39b38d90-ccca-4a8f-8625-6aa2e0185967\">reportedly<\/a> among the companies included in the Sovereign Fund of Egypt\u2019s pre-IPO fund.<\/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\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/british-international-investment\/\">British International Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/climate-change\/\">climate change<\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/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=\"579286\" 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=\"579286\">\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\">Telecoms<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/te-to-buy-usd-125-mn-of-new-bandwidth-to-bolster-its-network\/\">\r\n                            TE to buy USD 125 mn of new bandwidth to bolster its network                        <\/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\/02\/01\/te-to-buy-usd-125-mn-of-new-bandwidth-to-bolster-its-network\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The new bandwidth will help the state-owned operator provide faster service and support heavier traffic, it said.<\/p>\n<p><strong>TE\u2019s last band acquisition was almost three years ago<\/strong>, when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60c7d655-d5e0-4f32-953a-d5b1b103499e\">acquired two 10-MHz bands<\/a> for USD 305 mn in 2020.<\/p>\n<p><strong>EIB is helping the company scale its network: <\/strong>TE last year<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a6b8955-818e-44ec-9043-9d9089f74f4f\">secured an EUR 150 mn loan<\/a> from the European Investment Bank (EIB) to expand its 4G broadband network \u2014 deploying around 2k new mobile sites and upping its cellular tower capacity.<\/p>\n<p><strong>E<\/strong><strong>TISALAT EGYPT <\/strong><strong>TO SHORE UP ITS NETWORK? <\/strong><\/p>\n<p><strong>CIB is lending Etisalat Egypt EGP 4 bn to invest in its tech infrastructure<\/strong>, according to a <a href=\"https:\/\/ent.news\/2023\/1\/EtisalatxCIB-EN-.pdf\">press release (pdf)<\/a> from the telecom operator. The CEO of the network operator did not say in the statement how the company plans to deploy the funds.<\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/etisalat\/\">Etisalat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-telecom-regulatory-authority\/\">National Telecom Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecoms\/\">TELECOMS<\/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=\"579288\" 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=\"579288\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/\">\r\n                            House approves USD 47 mn grant from the US for small-scale farmers                        <\/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\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/\" 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\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/')\">\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\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/\">\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=House approves USD 47 mn grant from the US for small-scale farmers&url=https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/\">\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\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/&title=House approves USD 47 mn grant from the US for small-scale farmers\">\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=House+approves+USD+47+mn+grant+from+the+US+for+small-scale+farmers+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F02%2F01%2Fhouse-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers%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\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/8.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579289\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/house-approves-usd-47-mn-grant-from-the-us-for-small-scale-farmers\/8-jpg-21\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/8.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"8.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/8.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/8.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579288\" class=\"content-area-description single-story post-579288 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-agriculture tag-development-finance tag-egypt-south-korea-relations tag-egypt-us-relations tag-enterpriseam tag-infrastructure tag-legislation-watch tag-tourism 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 yesterday approved three foreign financing <\/strong><strong>agreements to fund rural development, irrigation, and rail infrastructure. <\/strong>It also gave its final nod to some articles of a draft tourism bill it passed in principle <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b870d239-c420-4807-b537-67426b4d6982\">earlier this week<\/a>. The House has now adjourned and will reconvene on Sunday, 12 February.<\/p>\n<p><strong>The financing agreements approved by the House:<\/strong><\/p>\n<ul>\n<li><strong>A USD 47 mn grant from the US to help smallholder farmers up productivity<\/strong> using new agricultural techniques. US Secretary of State Antony Blinken <a href=\"https:\/\/www.state.gov\/secretary-antony-j-blinken-and-egyptian-foreign-minister-sameh-shoukry-at-a-joint-press-availability\/\">mentioned<\/a> the extra <a href=\"https:\/\/eg.usembassy.gov\/u-s-government-pledges-50-million-to-support-egypts-food-security\/\">USD 50 mn<\/a> the US is sending us for food security in the wake of the Russia-Ukraine war when he visited Cairo earlier this week.<\/li>\n<li><strong>An EUR 51.5 mn loan from the Export-Import Bank of South Korea (KEXIM)<\/strong> that will fund part of the project to upgrade the 224-km railway line linking Luxor and Aswan. The loan will be repaid over 40 years at a 1.7% interest rate with a five-year grace period.<\/li>\n<li><strong>An EUR 2.2 mn grant from Italy to train Irrigation Ministry technicians <\/strong>in water-saving techniques and provide them with modern irrigation tech.<\/li>\n<\/ul>\n<p><strong>AND- The House gave its final nod to around one-third of the articles in a draft tourism bill <\/strong>that it approved in principle <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b870d239-c420-4807-b537-67426b4d6982\">earlier this week<\/a>. The bill would strip the power to form and regulate tourism chambers from the Tourism Minister and place it instead in the hands of the Egyptian Tourism Federation (ETF). It also aims to make tourism chambers more democratic and independent and reinforce their role in promoting the industry.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/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\/egypt-south-korea-relations\/\">Egypt-South Korea relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/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\/legislation-watch\/\">Legislation 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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"579290\" 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=\"579290\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/579290\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579290\" class=\"content-area-description single-story post-579290 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\/2023\/1\/3-SODIC-Eastown-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=\"579291\" 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=\"579291\">\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\/2023\/02\/01\/privatization-plans-interest-rates-and-cds-make-for-another-econ-heavy-night\/\">\r\n                            Privatization plans, interest rates, and CDs make for another econ-heavy night                        <\/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\/02\/01\/privatization-plans-interest-rates-and-cds-make-for-another-econ-heavy-night\/\" 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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El Hadidi also said the government\u2019s listing program would benefit from a \u201cspecific timetable\u201d and not a rough timeline as indicated by Planning Minister Hala El Said during the meeting. Yesterday\u2019s meeting also got a mention from Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=_MIJ61eYGCw\">watch, runtime: 8:42<\/a>).<\/p>\n<p><strong>This could take time: <\/strong>While the government will most likely accelerate its IPO plans to \u201cmeet commitments and give positive indicators to markets,\u201d we shouldn\u2019t expect to see any fresh listings this quarter, former EGX chairman Sameh El Torgoman told Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=ODN9gRjRbac\">watch, runtime: 10:03<\/a>). Strategic investors could buy stakes in existing listed firms sooner, he said, but given lengthy IPO timelines and the Ramadan slowdown, we\u2019re more likely to see movement on listings in 2Q, he said.<\/p>\n<p><strong>We agree: <\/strong>With no IPOs in the market right now, sales to strategics on non-listed companies (or accelerated book builds on already-listed, state-controlled companies) are the way to go. We\u2019ll have a narrow window in which IPOs are possible in May and early June and then that\u2019s it until September.<\/p>\n<p><strong>REFRESHER- <\/strong>The government yesterday said it would soon reveal details of the state-owned companies it plans to offer to investors \u2014 both through private stake sales and on the EGX \u2014 under its revamped privatization strategy. Indications thus far have been that strategic stake sales \u2014 including through the Sovereign Fund of Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39b38d90-ccca-4a8f-8625-6aa2e0185967\">pre-IPO fund<\/a> \u2014 could likely precede IPOs of state-owned companies on the bourse.<\/p>\n<p><strong>Three analysts took to the airwaves last night to predict that the central bank will keep rates unchanged<\/strong> when it meets tomorrow \u2014 at odds with most of those <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89a865a7-f6fa-4818-8b55-f5e0fd8bb1e5\">we polled<\/a> at the start of the week. Banking expert Sahar El Damaty and former Blom Bank Egypt deputy managing director Tarek Metwally both told Kelma Akhira they expect policymakers to hold rates steady (<a href=\"https:\/\/www.youtube.com\/watch?v=qtxM4Mz6BNE\">watch, runtime: 5:40<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=G50nJ2g-Q3c\">watch, runtime: 8:23<\/a>), while economist Mostafa Badra said the same to Yahduth Fe Masr (<a href=\"https:\/\/www.facebook.com\/watch\/?v=1354909762011701\">watch, runtime: 3:52<\/a>.)<\/p>\n<p><strong>We\u2019re not so sure: <\/strong>Four of the seven analysts and economists we surveyed in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89a865a7-f6fa-4818-8b55-f5e0fd8bb1e5\">our rate poll<\/a> see the Monetary Policy Committee raising rates by 100-200 bps later this week, while the median estimate in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de12600e-5c52-4b3b-9f2e-856da5919035\">Reuters poll<\/a> is also for a 150-bps hike.<\/p>\n<p><strong>The final tally on high-interest CDs at NBE, Banque Misr: Savers poured some EGP 500 bn into the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/166ff670-3d1c-405e-a030-6f2af41953c4\">now-scrapped<\/a><\/strong><strong>record high-yield 25% CDs<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925e4b4b-5b42-4247-9c68-4a8084d7f8a1\">introduced in January<\/a> at the National Bank of Egypt (NBE) and Banque Misr, NBE Deputy Chairman Yehia Aboul Fotouh told Yahduth Fe Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=COvn_HwbcNI\">watch, runtime: 5:20<\/a>.) Banque du Caire joined the other two state-owned banks in pulling the high-yield CDs at the end of the working day yesterday.<\/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\/cds\/\">CDs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/yet-more-intl-coverage-on-the-state-of-our-economy\/\">\r\n                            Yet more int\u2019l coverage on the state of our economy                        <\/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\/02\/01\/yet-more-intl-coverage-on-the-state-of-our-economy\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"579295\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/yet-more-intl-coverage-on-the-state-of-our-economy\/10-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/10.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"10.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/10.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/10.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579294\" class=\"content-area-description single-story post-579294 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-ahlan-ramadan tag-economy tag-enterpriseam tag-human-rights tag-inflation tag-security wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The economic crisis is still getting ink:<\/strong>The government\u2019s Ahlan Ramadan discount supermarket expo is seeing high turnout amid soaring inflation, <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-rolls-out-early-ramadan-discounts-inflation-soars-2023-01-31\/\">Reuters<\/a> reports, while <a href=\"https:\/\/en.qantara.de\/content\/egypts-economic-crisis-egyptians-in-dire-straits\">Qantara<\/a> covers the economic impact of the EGP devaluation and <a href=\"https:\/\/www.theafricareport.com\/280225\/egypt-digital-generation-back-online-to-protest-cost-of-living-crisis\/\">Africa Report<\/a> looks at Egyptians\u2019 use of social media to voice disquiet about the country\u2019s predicament.<\/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\/ahlan-ramadan\/\">Ahlan Ramadan<\/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\/human-rights\/\">human rights<\/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\/security\/\">security<\/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=\"579296\" 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=\"579296\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/gasc-launches-its-second-intl-wheat-tender-this-month\/\">\r\n                            GASC launches its second int\u2019l wheat tender this month                        <\/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 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   <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/gasc-launches-its-second-intl-wheat-tender-this-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/11.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"579297\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/gasc-launches-its-second-intl-wheat-tender-this-month\/11-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/11.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"11.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/11.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/11.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579296\" class=\"content-area-description single-story post-579296 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-bakeland-egypt tag-commodities tag-construction tag-enterpriseam tag-gasc tag-manufacturing tag-mogamma-el-tahrir tag-supreme-council-for-planning-and-urban-development tag-transmashholding tag-transport tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>COMMODITIES-<\/strong><\/p>\n<p><strong>A second World-Bank backed wheat buy: <\/strong>State grain buyer GASC has launched an international tender for 30-60k tons of wheat for delivery in late February or March, according to <a href=\"http:\/\/www.gasc.gov.eg\/wheat_bids_er.htm\">its website<\/a>. Traders need to submit their bids directly to GASC by midday tomorrow. This is GASC\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9633b334-fab1-4079-8cce-a635747d7a09\">second grain tender this month<\/a>, breaking a hiatus after high prices and a lack of offers on the back of the war in Ukraine largely forced the authority to switch to direct purchases last year. It\u2019s also the second tender to be financed by the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/641511ec-c42a-4cf5-a975-49161d01b1f4\">USD 500 mn food security loan<\/a> the World Bank agreed to extend the country last summer.<\/p>\n<p><strong>CONSTRUCTION-<\/strong><\/p>\n<p><strong>More makeovers in central Cairo?<\/strong> Parts of the Nile Corniche, the area surrounding Ramses Square, and the area between Giza\u2019s new Bashteel train station, the July 26 axis, and west Cairo\u2019s monorail have been signed off for \u201creplanning\u201d by the Supreme Council for Planning and Urban Development, according to a <a href=\"https:\/\/tinyurl.com\/3u7zpudv\">cabinet statement<\/a>. The decision comes to bring \u201coptimal utilization for state-owned land in the areas,\u201d the statement said. The Supreme Council is headed by Prime Minister Moustafa Madbouly and includes a number of cabinet ministers and planning authority heads.<\/p>\n<p><strong>Movement on Mogamma + ex-interior ministry redevelopment: <\/strong>The state planning body also gave its official sign-off on the Sovereign Fund of Egypt\u2019s (SFE) request to turn the government\u2019s Mogamma complex in Downtown\u2019s Tahrir Square into a hotel, and to convert the former building of the nearby interior ministry into a mixed-use service complex.<\/p>\n<p><strong>REFRESHER- <\/strong>The approval comes more than a year after a consortium of US-based Global Ventures, Oxford Capital, and the UAE\u2019s Al Otaiba Investment were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec6542ef-2669-479e-800f-97fc8d864564\">awarded the EGP 3.5 bn contract<\/a>to revamp the Mogamma\u2019 into a hotel. The consortium plans to finalize construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6a6594a-17e9-439f-923c-fa00803a7e7f\">by 2024<\/a>.<\/p>\n<p><strong>MANUFACTURING-<\/strong><\/p>\n<p><strong>Baking raw materials<\/strong><strong> supplier <\/strong><strong><a href=\"http:\/\/bakelandegypt.com\/\">Bakeland Egypt<\/a><\/strong><strong> plans to invest EGP 700 mn<\/strong> to build a new factory which it plans to open in the next three years, according to <a href=\"https:\/\/www.alborsaanews.com\/2023\/01\/31\/1624168\">Al Borsa<\/a>.<\/p>\n<p><strong>TRANSPORT -<\/strong><\/p>\n<p><strong>Transmashholding to build railway car maintenance workshop here: <\/strong>Russian locomotive manufacturer Transmashholding will build a rail carriage maintenance workshop in Cairo\u2019s Abu Zabal industrial district, under a contract it signed with the National Railways Authority, the Transport Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029prHtTyEGCSo2v8D4KicnFhToVd2AXdJXc1C1nx2iUAGtgnVfkYJDf1Sv6y6Jowvl?__cft__[0]=AZXjXWB_lv4h0M6qqqbMh90tq5zyVd-nAWgk5Bh47wBfjTKJ1ykCmTarDGvyiJ7n4H3i3aGn82qdEcwdHoWb3PmyxBh6RCFYwlsXjRezchay1MboHANJyDB4uT9hk3xQA9OngGfBrDLDczpX8ClhS_YCWWXKuX28xbmrMg6NGW3ZZUncthDR3lHgEWE4lzEoZXo&__tn__=,O,P-R\">said<\/a> yesterday. The workshop is a first step for the company\u2019s plans to build a factory that would localize the manufacture of spare parts, the statement read.<\/p>\n<p><strong>REFRESHER- <\/strong>Transmashholding is providing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c91dc55-656b-4978-ba5a-5bbc69598417\">technical support and spare parts<\/a> for the 1.3k rail cars it is delivering to Egypt under a separate 12-year contract, which will see the company train Egyptian engineers on maintenance and locally manufacture spare parts. The company is <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/26\/railway-signs-egp-22-bn-contract-with-transmashholding-for-1300-railcars\/\">supplying 1.3k railcars<\/a> to Egypt under a EGP 22 bn contract signed in 2018. The ministry said 725 have been delivered so far.<\/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\/bakeland-egypt\/\">Bakeland Egypt<\/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\/construction\/\">construction<\/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\/mogamma-el-tahrir\/\">Mogamma El Tahrir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supreme-council-for-planning-and-urban-development\/\">Supreme Council for Planning and Urban Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transmashholding\/\">Transmashholding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"579300\" 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=\"579300\">\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\/2023\/02\/01\/egypt-is-deeply-willing-an-end-to-russia-ukraine-crisis-fm-shoukry-tells-russias-lavrov\/\">\r\n                            Egypt is \u201cdeeply willing\u201d an end to Russia-Ukraine crisis, FM Shoukry tells Russia\u2019s Lavrov                        <\/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\/02\/01\/egypt-is-deeply-willing-an-end-to-russia-ukraine-crisis-fm-shoukry-tells-russias-lavrov\/\" 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 pair also discussed strengthening bilateral relations and developments in the Israel-Palestine conflict before attending a joint press conference.<\/p>\n<p><strong>Shoukry still sees diplomacy as the way out of war:<\/strong> Shoukry again stressed the necessity of a political resolution to settle the Russian-Ukrainian crisis \u2014 particularly given its ramifications for developing countries including Egypt \u2014 during a separate meeting with Russian Security Council Secretary Nikolai Patrushev, according to a <a href=\"https:\/\/tinyurl.com\/yvyyr9vj\">statement<\/a> by the Foreign Ministry. At his press conference with Shoukry, Lavrov described Egypt\u2019s position towards the crisis as \u201cbalanced\u201d in response to a question from <a href=\"https:\/\/bit.ly\/3HLBbEi\">Asharq Business<\/a>.<\/p>\n<p><strong>Joint projects and further economic cooperation on the agenda: <\/strong>Our Rosatom-built Dabaa nuclear plant, the planned Russian industrial zone, and Russian wheat imports to Egypt were all touched on during Shoukry and Lavrov\u2019s presser, as well as moves to activate the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef757b31-8042-413d-b3df-4fa9b8756ce7\">Russian central bank\u2019s recent decision<\/a> to accept the EGP as a currency of trade. Extra News has clips (<a href=\"https:\/\/www.youtube.com\/watch?v=0bEyodCAMl8\">watch, runtime: 04:25<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=saYJ0FrqGA0\">02:12<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=q3wErMtkZJQ\">02:51<\/a>.)<\/p>\n<p><strong>REMEMBER- We keep our social circle wide: <\/strong>Shoukry\u2019s Moscow trip comes directly after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57655db4-c88c-4770-9ad4-335a3dd0879f\">US Secretary of State Antony Blinken\u2019s visit to Cairo<\/a>. Israel-Palestine topped the agenda in Blinken\u2019s talks with Shoukry and President Abdel Fattah El Sisi, amid escalating violence in the West Bank and East Jerusalem.<\/p>\n<p><strong>Abbas sits down with Egypt and Jordan\u2019s intelligence chiefs: <\/strong>Palestinian Authority President Mahmoud Abbas held talks with Egypt and Jordan\u2019s intelligence chiefs ahead of welcoming US Secretary of State Antony Blinken to Ramallah, Palestinian news agency <a href=\"http:\/\/bit.ly\/3Rh1TaZ\">WAFA<\/a>reports. The details of the talks were not disclosed.<\/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\/antony-blinken\/\">Antony Blinken<\/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\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shourky\/\">Sameh Shourky<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sergey-lavrov\/\">Sergey Lavrov<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/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=\"579304\" 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\/02\/01\/579304\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-579304\" class=\"content-area-description single-story post-579304 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>FEBRUARY<\/strong><\/p>\n<p>26 January-6 February (Thursday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p>31 January-1 February (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>1 February (Wednesday): Capricorn Energy will hold a vote on its merger with Israel\u2019s NewMed.<\/p>\n<p>1 February (Wednesday): OPEC will hold a joint ministerial monitoring committee meeting.<\/p>\n<p>2 February (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>5 February (Sunday): The Senate reconvenes.<\/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>6-9 March (Monday-Thursday): EFG Hermes One-on-One conference, Atlantis, Dubai.<\/p>\n<p>21-22 March (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>23 March (Thursday): 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>April: GAFI<a href=\"https:\/\/www.alborsaanews.com\/2023\/01\/20\/1623257\">to launch<\/a> the country\u2019s first integrated electronic platform to facilitate setting up a business.<\/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>21 April (Friday): 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>2-3 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>20-21 May (Saturday-Sunday): <a href=\"https:\/\/www.eglobexpo.com\/\">eGlob Expo<\/a>, St. Regis Almasa Hotel, Cairo.<\/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>7-10 (Wednesday-Saturday): The second edition of Africa Health Excon.<\/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>13-14 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>25-26 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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>12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/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<p>1Q 2023: The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35d181ed-a21c-4edf-8223-780c9b4ee714\">will choose<\/a> which state-owned hotels will be merged into a new hotels company ahead of an offering to foreign and Gulf investors.<\/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":579274,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-579273","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"fe9a9286-4462-4830-82b0-cabe05244636","teaser":"","photo_url":"https:\/\/ent.news\/2023\/2\/1.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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