{"id":556688,"date":"2021-10-11T13:31:22","date_gmt":"2021-10-11T13:31:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/tonight-the-imf-and-world-bank-meetings-kick-off-amidst-continued-worries-around-energy-and-supply-chain-issues-also-el-sisi-is-in-hungary-today\/"},"modified":"2021-10-11T13:31:22","modified_gmt":"2021-10-11T13:31:22","slug":"tonight-the-imf-and-world-bank-meetings-kick-off-amidst-continued-worries-around-energy-and-supply-chain-issues-also-el-sisi-is-in-hungary-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/tonight-the-imf-and-world-bank-meetings-kick-off-amidst-continued-worries-around-energy-and-supply-chain-issues-also-el-sisi-is-in-hungary-today\/","title":{"rendered":"TONIGHT: The IMF and World Bank meetings kick off amidst continued worries around energy and supply chain issues. ALSO, El Sisi is in Hungary today"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, <\/strong>and welcome to another issue jam-packed with supply chain disruptions, green initiatives and Black Mirror-type worries. But first\u2026<\/p>\n

THE BIG STORIES TODAY- <\/strong><\/p>\n

<\/a> #1-<\/strong> Pioneers Holding is now Aspire Capital Holding: <\/strong>The EGX Listing Committee approved Pioneer Holding\u2019s rebranding to Aspire Holding, the company announced in a statement (pdf)<\/a>. The move follows Pioneer splitting into two arms: A real estate investment arm now called Pioneers Properties and Gadwa Industrial Development, which will house its manufacturing investments. Shares in both subsidiaries started trading on the EGX30 today, the companies announced (here)<\/a> and (here)<\/a>.<\/p>\n

Aspire Capital Holding saw its stock price surge 98.1% in today\u2019s trading to EGP 0.42, while Pioneers Properties fell 18.1% to EGP 3.27 and Gadwa fell 2.8% to EGP 1.66.<\/p>\n

<\/a> #2- POLL- ESG reporting is becoming mandatory in Egypt in 2022. Are EGX-listed <\/strong>companies ready for it?<\/strong> In tomorrow\u2019s Going Green, we hear from EGX-listed companies about how they\u2019ve been implementing FRA-mandated ESG reporting before they become required in 2022, what these reporting requirements mean for policy changes within these organizations, as well as whether companies that have already started issuing ESG and sustainability reports have seen a shift in investor sentiment as a result.<\/p>\n

#3- Global Ventures wants to do more here: <\/strong>As Egypt has its \u201cfintech moment,\u201d Dubai-based VC fund Global Ventures is looking to ramp up its capital allocations in Egypt. General Partner Basil Moftah talks to us about the tech fund\u2019s plans in the local market, the startup growth metrics it values the most, and its exit strategies.<\/p>\n

^^We\u2019ll dive deeper into these stories<\/strong> and more in tomorrow\u2019s EnterpriseAM<\/strong>.<\/p>\n

CORRECTION-<\/strong> Al Ahly Capital Holding is the investment banking arm of National Bank of Egypt (NBE), not Al Ahly Financial Investments Management, as we incorrectly reported in this morning\u2019s AM.<\/p>\n

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

<\/a> The Fall Meetings of the IMF and World Bank kicked off this morning<\/strong>, with central bankers, finance and development ministers, private sector leaders, and academics coming together to discuss the post-covid economic recovery. The meetings began with a discussion on the role of capacity development and the rest of the day will see discussions on the outlook for developing economies, creating more equitable workplaces for women, and how covid-19 has impacted fragile states.<\/p>\n

The IMF\u2019s October <\/strong>World Economic Outlook will take center stage when it is released tomorrow.<\/strong> You can find the report on its landing page here<\/a> once it\u2019s released. The report\u2019s release comes on the heels of the World Bank\u2019s October 2021 MENA economic update<\/a>, in which the bank upgraded its forecast of Egypt\u2019s GDP growth this fiscal year to 5.0%. The report points to stressed and underfunded public healthcare systems as one of the main culprits of the region\u2019s slow and uneven recovery.<\/p>\n

A little further afield, the landmark OECD international tax agreement is set to be formally<\/strong> endorsed at the <\/strong>G20 Meeting<\/strong> of Finance Ministers and Central Bank Governors<\/a> on Wednesday. A total of 136 countries have so far signed up<\/a> to the agreement, which looks to set a minimum 15% corporate tax rate for companies with revenue of more than USD 125 bn, among other stipulations.<\/p>\n

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ALSO HAPPENING NOW- President Abdel Fattah El Sisi is in Budapest to attend a <\/strong>summit with the Visegr\u00e1d Group<\/strong>, according to an Ittihadiya statement<\/a>. Also known as V4, the political alliance of four countries of Central Europe includes the Czech Republic, Hungary, Poland and Slovakia. This is the second time Egypt has joined the four countries in a summit and the topics of discussion on the table are combatting terrorism and illegal immigration, energy security, developing trade, investment and tourism, and strengthening Egypt\u2019s relations with the EU. The visit will also see El Sisi meet with senior Hungarian officials to strengthen bilateral relations between the two countries.<\/p>\n

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