{"id":551242,"date":"2022-06-05T13:21:02","date_gmt":"2022-06-05T13:21:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/this-evening-egypts-pmi-contracts-for-18th-consecutive-month-madbouly-government-eyes-policy-changes-in-shift-to-green-economy\/"},"modified":"2022-06-05T13:21:02","modified_gmt":"2022-06-05T13:21:02","slug":"this-evening-egypts-pmi-contracts-for-18th-consecutive-month-madbouly-government-eyes-policy-changes-in-shift-to-green-economy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/this-evening-egypts-pmi-contracts-for-18th-consecutive-month-madbouly-government-eyes-policy-changes-in-shift-to-green-economy\/","title":{"rendered":"THIS EVENING: Egypt\u2019s PMI contracts for 18th consecutive month + Madbouly government eyes policy changes in shift to green economy"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> We\u2019re off to a roaring start this first full workweek of the month \u2014 so much for that breather we had prophesied.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Egypt\u2019s non-oil private sector contracted in May for the 18th consecutive month<\/strong> as inflationary pressures continued to weigh on spending, according to the S&P Global purchasing managers\u2019 index survey (pdf)<\/a>. Business activity contracted at a slightly slower pace during the month, with the index inching up to 47, up from 46.9 in April<\/a>. Activity remained below the 50.0 mark that separates expansion from contraction.<\/p>\n

^^We\u2019ll have more details<\/strong> on this and other stories in tomorrow\u2019s edition of EnterpriseAM<\/strong>.<\/p>\n

<\/a> Recapping the Islamic Development Bank\u2019s (IsDB) annual meetings:<\/strong> The Islamic Development Bank\u2019s annual meetings in Sharm El Sheikh wrapped up yesterday, bringing to a close the four-day event \u2014 which Enterprise attended \u2014 that saw policymakers and business leaders focus on climate change action. A key takeaway for us: The Madbouly government is looking to focus on broader policies and national strategies in the shift towards a green economy, said Planning Minister Hala El Said. The government is currently preparing strategies for hydrogen and water resources as part of its push to encourage the transition to a green economy. The government is also making sure that inclusive growth and the core principle of \u201cleaving no one behind\u201d are part and parcel of its policies, El Said said. Read our recap<\/a> of a panel discussion on catalyzing growth through green finance for more details.<\/p>\n

The meetings also saw the government and local private sector players sign a total of 13<\/strong> agreements<\/strong> over the weekend, including six MoUs between the Islamic Corporation for the Development of the Private Sector and Sarwa Capital, FAB Egypt, and Faisal Islamic Bank to issue sukuk, on-lend to SMEs, and spur private sector involvement in the economy.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

Russia launched airstrikes on Kyiv this morning for the first time in five weeks<\/strong>, ending the eerie sense of calm that had started taking shape in Ukraine\u2019s capital, the Associated Press<\/a> reported. Russia said it destroyed tanks donated from abroad, as President Vladimir Putin warned that more \u201ctargets\u201d would be struck if Western deliveries of long-range rocket systems were to continue, without identifying what those targets could be. The renewed attack comes days after the US announced plans<\/a> to deliver USD 700 mn in additional security assistance for Ukraine. The story is getting wide play in the international press this afternoon: Reuters<\/a> | New York Times<\/a> | CNBC<\/a>.<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

Trade and Industry Minister Nevine Gamea is at the House of Representatives to answer<\/strong> MPs\u2019 questions<\/strong> on government plans to boost investment in industry, improve the business environment for manufacturers, and localize certain sectors including the automotive industry. Among the questions and topics MPs are broaching with the minister: The status of producing our first local-made EV; the government\u2019s decision to raise<\/a> the customs exchange rate and whether the move was designed to limit automotive imports; the industrial partnership<\/a> between Egypt, Abu Dhabi, and Jordan \u2014 details on which are scant so far; and several issues pertaining to local industry such as land and license allocation and access to services.<\/p>\n

Egypt is prepared to step up its health services cooperation with other African countries<\/strong>, President Abdel Fattah El Sisi said at the Africa Health ExCon<\/a>, which kicked off earlier today and runs until this Tuesday. El Sisi stressed that \u201cAfrica is the future\u201d thanks to its young population, but that providing adequate health services to the continent\u2019s population requires financing and innovation (watch, runtime: 20:10<\/a>).<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n