{"id":550853,"date":"2022-05-09T13:12:22","date_gmt":"2022-05-09T13:12:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/this-evening-maait-el-said-present-state-spending-plans-for-next-fiscal-year-at-the-house-paymob-closes-egypts-largest-ever-fintech-series-b-round\/"},"modified":"2022-05-09T13:12:22","modified_gmt":"2022-05-09T13:12:22","slug":"this-evening-maait-el-said-present-state-spending-plans-for-next-fiscal-year-at-the-house-paymob-closes-egypts-largest-ever-fintech-series-b-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/this-evening-maait-el-said-present-state-spending-plans-for-next-fiscal-year-at-the-house-paymob-closes-egypts-largest-ever-fintech-series-b-round\/","title":{"rendered":"THIS EVENING: Maait, El Said present state spending plans for next fiscal year at the House + Paymob closes Egypt\u2019s largest ever fintech series B round"},"content":{"rendered":"<p><strong>Happy Monday, wonderful people.<\/strong> It\u2019s shaping up to be a relatively eventful \u2014 and certainly an interesting \u2014 news day as we get into the full swing of budget season and Planet Startup continues to make headlines.<\/p>\n<p><strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>#1- Maait, El Said present state spending plans for next fiscal year at the House:<\/strong> Finance Minister Mohamed Maait and Planning Minister Hala El Said have just wrapped presenting the draft FY 2022-2023 state budget and sustainable development spending plan to the House of Representatives\u2019 general assembly, according to statements (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/399042522266174\">here<\/a> and <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/399058135597946\">here<\/a>).<\/p>\n<p><strong>Among the budget highlights:<\/strong><\/p>\n<ul>\n<li>Total spending is expected to rise 15% y-o-y to EGP 2.07 tn;<\/li>\n<li>Revenues are forecasted to come in at around EGP 1.8 tn;<\/li>\n<li>Debt servicing costs are expected to be brought down to 7.6% of GDP, or around a third of the overall budget for the fiscal year.<\/li>\n<\/ul>\n<p><strong>#2- <\/strong><strong>Paymob closes Egypt\u2019s largest ever fintech series B round: <\/strong>Egyptian fintech startup Paymob raised USD 50 mn in a series B round, in what it says is the largest round of its type for an Egyptian fintech firm, the startup announced in a <a href=\"https:\/\/ent.news\/2022\/5\/Paymob-fund-raise-FINAL-9-May-2022.pdf\">statement (pdf)<\/a>. The round was led by <a href=\"https:\/\/koracap.com\/\">Kora Capital<\/a>, PayPal\u2019s global corporate venture arm <a href=\"https:\/\/about.pypl.com\/how-we-work\/paypal-ventures\/default.aspx#:~:text=PayPal%20Ventures%20is%20the%20global,%2C%20and%20crypto%2Fblockchain%20technologies.\">PayPal Ventures<\/a> and <a href=\"https:\/\/clay-point.com\/\">Clay Point<\/a>.<\/p>\n<p><strong>^^We\u2019ll have more<\/strong> on these stories and others in tomorrow\u2019s edition of <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>Russian President Vladimir Putin compared Moscow\u2019s invasion of Ukraine with the fight<\/strong><strong> against Nazi Germany<\/strong>, in his annual Victory Day speech marking Germany\u2019s defeat in 1945. In a display of military might in Moscow\u2019s Red Square, Putin blamed Western countries and Nato for rejecting security demands, but contrary to predictions, he did not make any declarations of victory or announce new escalation plans. Instead, he said the Russian forces\u2019 military operations were \u201cnecessary, timely and the only right solution,\u201d and that they entered Ukraine as \u201cpreemptive pushback\u201d to what he claimed were Western plans for an imminent attack on eastern Ukraine. The story is front-page news in the international press: <a href=\"https:\/\/www.ft.com\/content\/5bc49171-d535-4234-840d-a70c4fcd3a37\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/05\/09\/world\/ukraine-russia-war-news\">New York Times<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-09\/putin-s-red-square-parade-is-chance-to-show-gains-in-ukraine-war?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/09\/russia-ukraine-war-news-putin-live-updates\/\">Washington Post<\/a><\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Oil + wheat spend to rise FY 2022-2023:<\/strong> The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e38e4d09-78d7-4b19-811a-800ff6c28a98\">will set oil prices<\/a> at USD 80 a barrel in the FY 2022-2023 budget, coming in at the bottom range of the USD 80-85 a barrel range signaled by Vice Minister of Finance Ahmed Kouchouk last month.<\/li>\n<li><strong>Gov\u2019t eyes 84% debt-to-GDP ratio in FY 2022-23:<\/strong> The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a7cf355-691e-47ea-96ef-9dd9e247a046\">wants to bring<\/a> Egypt\u2019s debt-to-GDP ratio down to 84% in FY 2022-2023, marking the first time the debt target for next fiscal year has been revised since the Finance Ministry in January said it hoped to bring the public debt down to below 90% of GDP.<\/li>\n<li><strong>Rate hikes leave gov\u2019t with at least EGP 6 bn in unexpected debt costs:<\/strong> The House Budget Committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97997647-a184-4084-b35b-0516af2a970b\">has approved<\/a> legislative amendments that would unlock an extra EGP 6 bn to help Egypt meet its debt repayments as interest rates rise at home and abroad. <\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>A huge US <\/strong><strong><a href=\"https:\/\/www.amcham.org.eg\/events-activities\/missions\/us-business-missions-to-egypt\/36\/May-2022\/222\/about-the-mission\">\u201cGreenTech business mission\u201d<\/a><\/strong><strong> is inbound next week.<\/strong> More than 40 US companies will be in Egypt during 15-17 May to kick the tires on green investment and potential business partnerships in sectors ranging from energy to healthcare, agriculture, aviation, construction and water resource management. The high-level delegation will meet with members of the business community and senior government officials.<\/p>\n<p><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 19 May.<\/p>\n<p><strong>The last of this season\u2019s earnings releases will drop by 31 May<\/strong> after the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">granted listed companies<\/a> a two-week deadline extension.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mild heat wave continues with the mercury rising to 32\u00b0C during the day tomorrow before falling to 17\u00b0C at night, our favorite weather app tells us.<\/p>\n<hr class=\"grey-line\">\n<p><strong>***<\/strong><br \/> <strong>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things<\/strong>. Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications<\/strong>. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of 200k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for <strong>editors<\/strong> who want to run publications and teams, editors to help reporters craft stories and talented <strong>reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a> It\u2019s worth it \u2014 trust us.<br \/> <strong>***<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Monday, wonderful people. It\u2019s shaping up to be a relatively eventful \u2014 and certainly an interesting \u2014 news day as we get into the full swing of budget season and Planet Startup continues to make headlines. THE BIG STORIES TODAY #1- Maait, El Said present state spending plans for next fiscal year at the [&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":[7213],"tags":[633,727,274,277,1095,278,711,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550853","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-hala-el-said","tag-house-of-representatives","tag-mohamed-maait","tag-russia-ukraine-war","tag-state-budget","tag-vladimir-putin","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"aecc730f-6fc1-4026-9e40-4e6bb0d36e3f","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[550851],"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>THIS EVENING: Maait, El Said present state spending plans for next fiscal year at the House + Paymob closes Egypt\u2019s largest ever fintech series B round - 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\/05\/09\/this-evening-maait-el-said-present-state-spending-plans-for-next-fiscal-year-at-the-house-paymob-closes-egypts-largest-ever-fintech-series-b-round\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Maait, El Said present state spending plans for next fiscal year at the House + Paymob closes Egypt\u2019s largest ever fintech series B round\" \/>\n<meta property=\"og:description\" content=\"Happy Monday, wonderful people. It\u2019s shaping up to be a relatively eventful \u2014 and certainly an interesting \u2014 news day as we get into the full swing of budget season and Planet Startup continues to make headlines. 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