{"id":547065,"date":"2022-06-07T03:58:43","date_gmt":"2022-06-07T03:58:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/madbouly-tells-wb-execs-more-financing-needed-asap\/"},"modified":"2022-06-07T03:58:43","modified_gmt":"2022-06-07T03:58:43","slug":"madbouly-tells-wb-execs-more-financing-needed-asap","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/madbouly-tells-wb-execs-more-financing-needed-asap\/","title":{"rendered":"Madbouly tells WB execs more financing needed \u201cASAP\u201d"},"content":{"rendered":"<p><strong>WB, Madbouly talk financing: <\/strong>Prime Minister Mostafa Madbouly told a delegation of visiting World Bank execs that it was important to continue Egypt\u2019s development policy financing program with the lender as soon as possible given the economic repercussions of war in Ukraine, according to a cabinet <a href=\"https:\/\/bit.ly\/3GW4PV1\">statement<\/a>. We have completed all the requirements to advance the loan program and are waiting on the WB for updates.<\/p>\n<p><strong>What loan program? <\/strong>The World Bank last October approved a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f884fc7b-c86b-4af4-80f7-385a02aaa39e\">USD 360 mn facility<\/a> to support the Egyptian economy as it recovers from the covid pandemic. It\u2019s not clear if Madbouly was referring to disbursals within that program or a fresh round of financing.<\/p>\n<p><strong>REMEMBER- <\/strong>The WB is here for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/025f7e5f-d3ed-42e2-ae9d-88dc0248e302\">meetings with Egyptian officials<\/a> on the potential support the bank could offer (including a possible <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bbb7936-ae6f-4b29-80b5-4ac3132946f5\">USD 500 mn for food security<\/a>) to help us get through the volatility caused by the Russian invasion of Ukraine.<\/p>\n<p><strong>CBE tourism soft loans scheme extended to telecom costs:<\/strong> Tourism companies are now able to access the Central Bank of Egypt\u2019s (CBE) soft loans scheme to fund telecom maintenance and upgrade costs, according to a central bank <a href=\"https:\/\/ent.news\/2022\/6\/Circular-dated-5-June-2022-regarding-adding-internet-capacity-upgrading-finance-to-tourism-initiative-for-hotels-renovation.pdf\">circular (pdf)<\/a> out yesterday. The program allows businesses to access finance at a reduced 8% interest rate and was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7556d5f4-f4be-40a0-b383-00d317400ee5\">introduced in 2020<\/a> to support the tourism sector.<\/p>\n<p><strong>The CBE\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/05\/egypt-launches-egp-100-bn-program-to-boost-local-industry-7831\/\">loan program for middle-income homeowners<\/a><\/strong><strong> is also being extended<\/strong> to cover maintenance deposits, it said in <a href=\"https:\/\/ent.news\/2022\/6\/Circular-dated-5-June-2022-regarding-adding-the-maintenance-deposit-finance-to-the-8-percent-mortgage-initiative-for-middle-income.pdf\">a separate circular (pdf)<\/a>.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Galina Holding<\/strong> inked an MoU with the <strong>Islamic Development Bank\u2019s private <\/strong><strong>sector development arm<\/strong> which could see it provide finance to help the agrifood player expand its production capacity. (<a href=\"https:\/\/ent.news\/2022\/6\/Galina-inks-MOU-with-the-ISDB.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>GlobalCorp <\/strong>has signed a EGP 450 mn leasing contract with real estate player <strong>Mountain View <\/strong>to finance its operations and working capital. (<a href=\"https:\/\/bit.ly\/3NDXpZr\">Al Mal<\/a>)<\/li>\n<li><strong>Rusatom Healthcare<\/strong> \u2014 the medical arm of Russian state nuclear company <strong>Rosatom<\/strong> \u2014 signed an MoU with <strong>Pharco Pharma<\/strong> to partner on several projects, including the development and production of radiopharmaceuticals. (<a href=\"https:\/\/www.rosatom.ru\/en\/press-centre\/news\/rusatom-healthcare-has-signed-a-memorandum-of-understanding-with-pharco-pharmaceuticals-in-egypt\/\">Statement<\/a>)<\/li>\n<\/ul>\n<p><em>Correction: 7th June, 2022<\/em><\/p>\n<p><em>A previous version of this article incorrectly stated that telecoms companies would have access to the Central Bank of Egypt's soft loans scheme for tourism companies.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WB, Madbouly talk financing: Prime Minister Mostafa Madbouly told a delegation of visiting World Bank execs that it was important to continue Egypt\u2019s development policy financing program with the lender as soon as possible given the economic repercussions of war in Ukraine, according to a cabinet statement. We have completed all the requirements to advance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,72,1832,2012,154,2014,2011,2013,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547065","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-enterpriseam","tag-globalcorp","tag-islamic-corporation-for-private-sector-development","tag-mountain-view","tag-pharco-pharma","tag-prime-minister-mostafa-madbouly","tag-rusatom-healthcare","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"ba0b7a59-fadc-4e67-9b05-e01368706fc5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547044],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Madbouly tells WB execs more financing needed \u201cASAP\u201d - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/07\/madbouly-tells-wb-execs-more-financing-needed-asap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madbouly tells WB execs more financing needed \u201cASAP\u201d\" \/>\n<meta property=\"og:description\" content=\"WB, Madbouly talk financing: Prime Minister Mostafa Madbouly told a delegation of visiting World Bank execs that it was important to continue Egypt\u2019s development policy financing program with the lender as soon as possible given the economic repercussions of war in Ukraine, according to a cabinet statement. 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The delegation also\u2026","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578358,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/egypt-secures-usd-500-mn-from-the-world-bank-to-support-takaful-and-karama\/","url_meta":{"origin":547065,"position":1},"title":"Egypt secures USD 500 mn from the World Bank to support Takaful and Karama","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"Egypt\u2019s Takaful and Karama program gets a boost: The World Bank has agreed to a USD 500 mn loan in development financing to expand and strengthen the Takaful and Karama program amid soaring food and energy inflation, according to an International Cooperation Ministry statement and a WB statement(pdf). This is\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/519.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579093,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/24\/madbouly-wants-the-world-bank-to-get-a-move-on\/","url_meta":{"origin":547065,"position":2},"title":"Madbouly wants the World Bank to get a move on","author":"enterpriseam admin","date":"24 January 2023","format":false,"excerpt":"Prime Minister Moustafa Madbouly called for finalizing the World Bank\u2019s development finance program with Egypt \u201cas early as possible\u201d in a meeting with bank representatives yesterday, according to a statement by the cabinet. The meeting discussed joint programs, including strengthening the country\u2019s social safety net. The bank recently approved a\u2026","rel":"","context":"In &quot;Diplomacy&quot;","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/421.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592838,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/cabinet-approves-usd-500-mn-world-bank-loan-for-egypts-social-housing\/","url_meta":{"origin":547065,"position":3},"title":"Cabinet approves USD 500 mn World Bank loan for Egypt\u2019s social housing","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"CABINET WATCH- Ministers approve World Bank social housing loan: The Madbouly Cabinet signed off on the USD 500 mn loan Egypt is receiving from the World Bank to finance its social housing projects, according to a statement. Prime Minister Moustafa Madbouly had requested the financing in July of last year\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647654,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/16\/wb-to-disburse-usd-130-mn-tranche-of-wastewater-projects-loan-next-month\/","url_meta":{"origin":547065,"position":4},"title":"WB to disburse USD 130 mn tranche of wastewater projects loan next month","author":"enterpriseam admin","date":"16 May 2017","format":false,"excerpt":"The World Bank is set to disburse next month a second USD 130 mn tranche of the USD 550 mn facility financing the first phase of a number of wastewater projects, Al Mal reports. The first phase, implemented in Daqahliyah, Sharqiya, and Behera, is scheduled for completion in 2022. The\u2026","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597767,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/new-world-bank-president-visits-egypt\/","url_meta":{"origin":547065,"position":5},"title":"New World Bank president visits Egypt","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"New World Bank boss is in Egypt; met El Sisi yesterday and heading to Benban today: World Bank President David Malpass discussed infrastructure, labor force development and cooperation on small and medium-sized businesses yesterday in a meeting with President Abdel Fattah El Sisi, according to an Ittihadiya statement. It\u2019s Malpass\u2019\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/1499.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547065"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547065\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547044"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547065"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547065"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}