{"id":551077,"date":"2022-05-24T13:17:03","date_gmt":"2022-05-24T13:17:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/this-evening-egypt-gets-usd-3-bn-from-itfc-to-help-cover-wheat-import-bill-what-happened-on-day-one-of-davos\/"},"modified":"2022-05-24T13:17:03","modified_gmt":"2022-05-24T13:17:03","slug":"this-evening-egypt-gets-usd-3-bn-from-itfc-to-help-cover-wheat-import-bill-what-happened-on-day-one-of-davos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/this-evening-egypt-gets-usd-3-bn-from-itfc-to-help-cover-wheat-import-bill-what-happened-on-day-one-of-davos\/","title":{"rendered":"THIS EVENING: Egypt gets USD 3 bn from ITFC to help cover wheat import bill + What happened on day one of Davos?"},"content":{"rendered":"<p><strong>It\u2019s shaping up to be a news dump day-type of hump day<\/strong>, friends, as we push through a rather busy week.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Egypt is getting a USD 3 bn top-up from the International Islamic Trade<\/strong><strong> Finance Corporation to help cover our ballooning wheat import bill<\/strong>, Supply Minister Ali El Moselhy told El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=5d1pXzwi2O4\">watch, runtime: 3:08<\/a>). The agreement doubles the amount of funding the ITFC is making available to Egypt to pay for our wheat and oil imports.<\/p>\n<p><strong>^^We\u2019ll have more<\/strong> on this story and others in tomorrow\u2019s edition of <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>It\u2019s a thoroughly mixed bag of nuts in the global press this afternoon.<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/europe\/eu-oil-embargo-in-days-ukraine-isolation-drives-russia-closer-china-2022-05-23\/\">Reuters<\/a> and the <a href=\"https:\/\/www.wsj.com\/articles\/russia-tries-to-tighten-hold-over-occupied-areas-of-ukraine-11653388676?mod=hp_lead_pos5\">Wall<\/a><a href=\"https:\/\/www.wsj.com\/articles\/russia-tries-to-tighten-hold-over-occupied-areas-of-ukraine-11653388676?mod=hp_lead_pos5\">Street Journal<\/a> are leading with Russia\u2019s push to encircle Donetsk and Luhansk in Ukraine\u2019s eastern Donbas region, while the <a href=\"https:\/\/www.ft.com\/content\/0c90617c-e3a7-41be-94f4-0c5515ea7bb0\">Financial Times<\/a>\u2019 top story is Hungary\u2019s refusal to budge on its opposition to a Russian oil embargo. Elsewhere, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/saudi-utility-marafiq-said-to-hire-hsbc-riyad-capital-for-ipo?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports that Saudi\u2019s Power and Water Utility Co. for Jubail and Yanbu (aka Marafiq) has tapped HSBC Holdings Plc and Riyad Capital to quarterback its planned USD 1.2 bn IPO.<\/p>\n<p><strong>HAPPENING NOW- It\u2019s day 2 at Davos<\/strong>, with global business, policy and media chiefs talking about everything from global tax and the future of work, to the digital economy and all things climate.<\/p>\n<p><strong>Highlights from day 1:<\/strong><\/p>\n<ul>\n<li><strong>The prospect of economic weakening and full-on recessions<\/strong> appeared to be on the global leaders\u2019 collective radars, with political leaders and analysts suggesting that the <a href=\"https:\/\/www.reuters.com\/markets\/europe\/economic-storm-looming-business-government-leaders-warn-davos-2022-05-23\/\">economic outlook has \u201cdarkened,\u201d<\/a> but recessions are only probable at this point in \u201cweaker economies,\u201d IMF boss <a href=\"https:\/\/www.theguardian.com\/business\/2022\/may\/23\/war-in-ukraine-could-cause-recession-in-weaker-economies-imf-boss-warns\">Kristalina Georgieva said<\/a>.<\/li>\n<li><strong>Crypto still <\/strong><strong><a href=\"https:\/\/edition.cnn.com\/2022\/05\/23\/investing\/davos-central-bank-digital-currencies-crypto\/index.html\">doesn\u2019t have lots of fans<\/a><\/strong>, with Georgieva saying, \u201cBTC may be called a coin but it's not money. It\u2019s not a stable store of value.\u201d Central bankers echoed the IMF boss\u2019 sentiments, saying cryptocurrencies aren\u2019t \u201creal\u201d yet.<\/li>\n<li><strong>Plot twist: The rich <\/strong><strong><a href=\"https:\/\/www.theguardian.com\/business\/2022\/may\/22\/millionaires-join-davos-protests-demanding-tax-us-now-taxation-wealthy-cost-of-living-crisis\">want to be taxed<\/a><\/strong><strong>.<\/strong> Mn\u2019aires at Davos called on governments to tax them to address the \u201ccost of living scandal playing out in multiple nations around the world\u201d and narrow the gap between rich and poor.<\/li>\n<\/ul>\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>Are international car brands cutting Egypt out of their short-term export plans?<\/strong> Both Al Borsa and Al Mal <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a536df6-e7bb-42b6-8b11-5f8f5dcc493d\">are reporting<\/a> that as many as eight international auto companies have stopped exporting cars to Egypt on the back of Egypt\u2019s decision to move importers to letters of credit instead of the longstanding process of documentary collection to import goods.<\/li>\n<li><strong>Egypt Education Platform enters pre-K sector with acquisition of two preschools:<\/strong> Education management firm Egypt Education Platform (EEP) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa6bd320-d578-4617-8e75-cafef9690dc3\">will acquire<\/a> a majority stake in Montessori preschool chains Trillium and Petals.<\/li>\n<li><strong>Saudi healthcare group looks to enter Egypt by acquiring New Cairo hospital:<\/strong> Saudi Arabia\u2019s Mouwasat Medical Services <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44c168bc-f930-4317-9d4e-fe77b2435b11\">has signed<\/a> a non-binding MoU to acquire 100% of Al Marasem International Hospital in an all-cash transaction<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>DID YOU MISS THIS WEEK\u2019S WHAT\u2019S NEXT?<\/strong> Last month, we explored how the government has made artificial intelligence a national priority. We spoke with the former ICT Ministry\u2019s advisor for AI Sally Radwan about the government\u2019s national AI strategy and how it is being implemented (<a href=\"https:\/\/enterprise.press\/whatsnexts\/govt-plans-grow-ai-sector\/\">Part 1<\/a> | <a href=\"https:\/\/enterprise.press\/whatsnexts\/govt-plans-grow-ai-sector-sitdown-comms-ministry-ai-advisor-sally-radwan\/\">Part 2<\/a>). In another of our virtual podcast roundtables, we sat down with the companies building AI systems in Egypt to get a bird\u2019s eye view on what\u2019s happening in the sector: Who\u2019s adopting it, how they\u2019re going about it, and what challenges they\u2019re facing.<\/p>\n<p><strong>You can catch the episode on our website here<\/strong> (<a href=\"https:\/\/enterprise.press\/podcasts\/whats-next-egypts-ai-sector\/\">listen, runtime: 44:01<\/a>), or tune in via <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Apple<\/a><a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Podcasts<\/a> | <a href=\"https:\/\/play.anghami.com\/episode\/1052468334\">Anghami<\/a> | <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2LzY4NmNmYTU5LTAwOTMtNDEyMS1hMTRjLWFlNmYwMDk3ZjEyMi81NDI0MGE5Ni04YWY5LTRkZGQtODExNi1hZTZmMDA5OTgxMzYvcG9kY2FzdC5yc3M=\">Google Podcasts<\/a> | <a href=\"https:\/\/open.spotify.com\/show\/1hzX6KVJGkuj4udK2DvD5Y\">Spotify<\/a>). <strong>Or you can read edited excerpts<\/strong> of our conversation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49b6b5f3-07df-4316-8c04-43858fd3ce7e\">here<\/a>.<\/p>\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>The inaugural edition of FIN Expo Egypt is kicking off tomorrow<\/strong> and will run until Thursday at the Intercontinental Citystars. The expo \u2014 organized by UAE\u2019s HQMENA \u2014 will feature over 25 companies exhibiting their fintech products and services with 3k visitors expected.<\/p>\n<p><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11747\">El Gouna<\/a><\/strong><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11747\">International Squash Open 2022<\/a><\/strong><strong> will kick off on Friday<\/strong> and run until the following Friday, 3 June. The competition will feature some of Egypt\u2019s top seeds including world #1 Nouran Gohar and world #2 Ali Farag (who just earned the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6a4ab59-b151-4bba-bc02-43a3f541e47c\">PSA squash championship cup<\/a>). The prize pool for each of the men\u2019s and women\u2019s competitions is USD 180k.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a daytime high of 36\u00b0C tomorrow before the mercury falls to 20\u00b0C at night, our favorite weather app tells us.<\/p>\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>It\u2019s shaping up to be a news dump day-type of hump day, friends, as we push through a rather busy week. THE BIG STORY TODAY Egypt is getting a USD 3 bn top-up from the International Islamic Trade Finance Corporation to help cover our ballooning wheat import bill, Supply Minister Ali El Moselhy told El [&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":[779,317,437,93,633,845,1095,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551077","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-ali-el-moselhy","tag-commodities","tag-davos","tag-energy","tag-enterprisepm","tag-international-islamic-trade-finance-corporation","tag-russia-ukraine-war","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"cde186d4-72f2-4adb-932b-0cabc5b5c750","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[551075],"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: Egypt gets USD 3 bn from ITFC to help cover wheat import bill + What happened on day one of Davos? - 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\/24\/this-evening-egypt-gets-usd-3-bn-from-itfc-to-help-cover-wheat-import-bill-what-happened-on-day-one-of-davos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt gets USD 3 bn from ITFC to help cover wheat import bill + What happened on day one of Davos?\" \/>\n<meta property=\"og:description\" content=\"It\u2019s shaping up to be a news dump day-type of hump day, friends, as we push through a rather busy week. 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- EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/this-evening-egypt-gets-usd-3-bn-from-itfc-to-help-cover-wheat-import-bill-what-happened-on-day-one-of-davos\/","og_locale":"en_US","og_type":"article","og_title":"THIS EVENING: Egypt gets USD 3 bn from ITFC to help cover wheat import bill + What happened on day one of Davos?","og_description":"It\u2019s shaping up to be a news dump day-type of hump day, friends, as we push through a rather busy week. 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The agreement earmarks\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543575,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/more-financing-from-itfc-could-be-coming-our-way-in-february\/","url_meta":{"origin":551077,"position":3},"title":"More financing from ITFC could be coming our way in February","author":"enterpriseam admin","date":"8 February 2022","format":false,"excerpt":"The Madbouly government plans to finalize as early as this month a new financing program for 2022 with the International Islamic Trade Finance Corporation (ITFC), the Planning Ministry said yesterday in a statement, adding that part of the funding will go towards supporting micro, small, and medium-sized enterprises. The statement\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/96.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/were-closing-in-on-usd-3-5-bn-from-the-itfc-world-bank-to-help-with-food-and-energy\/","url_meta":{"origin":551077,"position":4},"title":"We\u2019re closing in on USD 3.5 bn from the ITFC + World Bank to help with food and energy","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is finalizing some USD 3.5 bn in fresh financing from multilateral lenders to shore up food and energy security amid ongoing disruptions to global markets. First up: We\u2019re getting that USD 3 bn from the ITFC. The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588545,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/13\/india-has-not-provided-us-with-a-credit-line-el-moselhy\/","url_meta":{"origin":551077,"position":5},"title":"India has not provided us with a credit line -El Moselhy","author":"enterpriseam admin","date":"13 June 2023","format":false,"excerpt":"The government is looking into trade with India in INR, El Moselhy said","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/631.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\/551077","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=551077"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551077\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551075"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551077"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551077"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}