{"id":566322,"date":"2021-06-13T13:46:42","date_gmt":"2021-06-13T13:46:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/tonight-were-waiting-on-egypts-draft-budget-more-from-g7-summit-also-eastern-company-isnt-selling-securitized-bonds\/"},"modified":"2021-06-13T13:46:42","modified_gmt":"2021-06-13T13:46:42","slug":"tonight-were-waiting-on-egypts-draft-budget-more-from-g7-summit-also-eastern-company-isnt-selling-securitized-bonds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/tonight-were-waiting-on-egypts-draft-budget-more-from-g7-summit-also-eastern-company-isnt-selling-securitized-bonds\/","title":{"rendered":"TONIGHT: We\u2019re waiting on Egypt's draft budget. + More from G7 summit. ALSO: Eastern Company isn\u2019t selling securitized bonds."},"content":{"rendered":"

Good afternoon friends, and welcome to the start of another busy work week. <\/strong>Between the G7 meetings and the heads of African investment promotion agencies meeting, there was plenty for us to pick out.<\/p>\n

THE BIG STORY TODAY- French-Egyptian ties took a big boost today with the two <\/strong>countries signing around EUR 4 bn in infrastructure funding agreements. <\/strong>The biggest chunk of the funding will go towards the Cairo Metro, with around EUR 2 bn in credit facilities going towards its expansion. Agreements for development aid in the areas of energy, food security, railway and wastewater treatment were also signed. French Finance Minister Bruno Le Maire, who signed the agreements with President Abdel Fattah El Sisi, sat down with us to discuss details of the agreement and much more. Don\u2019t miss it in today\u2019s Speed Round.<\/p>\n

HAPPENING NOW- <\/strong>The House is discussing today and tomorrow a report on the state\u2019s draft budget<\/strong> for the upcoming fiscal year by the Planning and Budget Committee, as well as the draft social and economic development plan for FY2021-2022, according to the parliament\u2019s agenda<\/a>. The report also covers budget allocations for public economic authorities and the National Organization for Military Production. Recommendations include increased budget allocations worth EGP 4.56 bn for state-funded medical treatment, healthcare and education, local press<\/a> reports.<\/p>\n

<\/a> FACT CHECK- Tobacco monopoly Eastern Company doesn\u2019t look like it\u2019s planning <\/strong>to sell securitized bonds. <\/strong>That\u2019s according to the company\u2019s CEO, Hany Aman, who told us this morning that securitized bonds aren't on the menu, though the company has the ability to raise debt from many sources including banks. Aman denied a report by Al Shorouk we noted in EnterpriseAM<\/a> this morning. The report claimed Eastern is looking at a securitized bond sale to tune of EGP 3 bn to expand its product line. \u201cWe don\u2019t understand why this was reported, and what the [newspaper\u2019s] sources are \u2026 even though this is a good idea,\u201d Aman said.<\/p>\n

<\/a> THE BIG STORY ABROAD- The three-day G7 summit in Cornwall is drawing to a close. <\/strong>BBC<\/a> has live updates as UK Prime Minister and host Boris Johnson delivers a press conference on all the latest. Leaders of Canada, France, Germany, Italy, Japan, the UK, the US and the EU were expected to announce a raft of new plans including a program to help low-income countries cope with climate change and an infrastructure investment plan to counter China\u2019s road and belt programs.<\/p>\n

We have yet to hear any further details on the ambitious plan to tax multinationals<\/strong>, which is supposed to be the big focus of the meeting. On the table are proposals for a mandatory minimum global corporate tax rate of 15%.<\/p>\n

Developing country infrastructure in line for a boost: <\/strong>G7 leaders have agreed to increase climate financing to meet the cumulative USD 100 bn per-year through 2025 to help less developed countries curb emissions, reports Reuters<\/a>. This pledge, which G7 members were supposed to have begun doling out last year under a 2009 agreement with the UN, comes alongside plans the leaders say would help fund renewable energy and sustainable technology spending in less developed nations, according to a draft communique seen by the newswire.<\/p>\n

The G7 members are still due to decide on the size of the increases<\/strong>, a spokesman for UK Prime Minister Boris Johnson said.<\/p>\n

China doesn\u2019t like what\u2019s going on: <\/strong>China has warned G7 leaders that a \u201csmall\u201d group of countries can no longer decide what happens to the rest of the world, Reuters<\/a> reports, quoting a spokesman for the Chinese embassy in London. \u201cWe always believe that countries, big or small, strong or weak, poor or rich, are equals, and that world affairs should be handled through consultation by all countries,\u201d the spokesman added. The comments come as G7 nations seek to reach a unified position over China's growing power<\/a> during the summit ending today, including a plan to offer low-income nations an infrastructure plan that could counter China\u2019s tn-USD Belt and Road Initiative.<\/p>\n

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