{"id":584953,"date":"2023-04-09T00:00:00","date_gmt":"2023-04-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/this-morning-more-cds-export-development-bank-up-for-privatization\/"},"modified":"2023-04-09T00:00:00","modified_gmt":"2023-04-09T00:00:00","slug":"this-morning-more-cds-export-development-bank-up-for-privatization","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/this-morning-more-cds-export-development-bank-up-for-privatization\/","title":{"rendered":"THIS MORNING: More CDs + Export Development Bank up for privatization?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, folks, and welcome to the penultimate week of Ramadan. <\/span><span style=\"font-weight:400;\">It\u2019s the first slow news morning of the Holy Month \u2014 the perfect way to start a new week, if you ask us. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A very Happy Easter <\/span><span style=\"font-weight:400;\">to all of our readers observing the Western Easter holiday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt1\"><\/a> <\/span><span style=\"font-weight:700\">Good news for the tired souls among us: This will be our last full work week of the <\/span><span style=\"font-weight:700\">month. <\/span><\/p>\n<ul>\n<li><span>Coptic Easter falls on<\/span><span style=\"font-weight:700\"> Sunday, 16 April. <\/span><span style=\"font-weight:400;\">It\u2019s typically a bank holiday, but not a national holiday (though it should be); <\/span><\/li>\n<li><span style=\"font-weight:700\">Monday, 17 April <\/span><span>is a public holiday for both the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0BNL8Rkb2kqTeGd758PhNDiQcgxtn1x1u6t78PLrLrBfrhhQJ4SfYq9QnJPKzCASfl\" style=\"\">public and private sector<\/a><\/span><span style=\"font-weight:400;\"> to mark Sham El Nessim. Look for confirmation this week that the EGX and central bank will follow suit;<\/span><\/li>\n<li><span>Eid El Fitr should land on or around<\/span><span style=\"font-weight:700\"> Friday, 21 April<\/span><span>,<\/span><span>and <\/span><span style=\"font-weight:700\">Tuesday, 25 April <\/span><span style=\"font-weight:400;\">is Sinai Liberation Day.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The caveat: <\/span><span style=\"\">Cabinet has yet to make clear what days we will observe as national holidays in <\/span><span>the 21-25 April window. Are you planning to bridge? <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** SO, WHEN DO WE EAT? <\/span><span style=\"\">We\u2019ll be breaking our fasts at 6:18pm CLT today. You have until <\/span><span>4:05am tomorrow<\/span><span style=\"font-weight:400;\"> morning to hydrate and grab a bite to eat. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PSA #1- We\u2019re heading into a week of changeable weather <\/span><span style=\"\">with a good chance of <\/span><span>wind and rain in much of the country throughout the week, particularly on the North and Red Sea coasts. In the Greater Cairo Area, things are starting off hot, with the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo?fbid=664965735673850&set=pcb.664965765673847\" style=\"\">Egyptian Meteorological Authority (EMA)<\/a><\/span><span style=\"font-weight:400;\"> forecasting a daytime high of 35\u00b0C and a nighttime low of 19\u00b0C tonight. The rest of the week will be much cooler, with highs of 25\u00b0C and lows of 15\u00b0C. Our favorite weather app has the mercury as low as 22\u00b0C by day and 12\u00b0C by night at points this week. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PSA #2- We\u2019re bringing back daylight saving time (yet again) on Friday, 28 April. <\/span><span style=\"\">You\u2019ll be losing an hour\u2019s sleep as clocks jump forward one hour until the final Thursday of October. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HIGH-YIELD CDs-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span><a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">Emirates NBD Egypt and United Bank of Egypt have brought new, high-interest rate <\/span><span style=\"font-weight:700;\">certificates of deposit to the market. <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Emirates NBD has launched three-year CDs, with annual rates of 18.5%<\/span><span style=\"\"> (with <\/span><span style=\"font-weight:400;\">annual interest payments), 18.25% (quarterly interest), or 18.00% (monthly payouts), the bank said in an emailed statement. The minimum buy-in is EGP 100k.<\/span><\/li>\n<li><span style=\"font-weight:700\">State-owned United Bank Egypt is also out with fresh CDs<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/TheUnitedBankofEgypt\/posts\/pfbid0NWJxti3TFsHRF21LwVXknr3wq3Y6UG4RRGBRCg7EVf3GPcEnZyZ5a18DDmqvScTvl\" style=\"\">offering<\/a><\/span><span style=\"\"> three-year <\/span><span>sharia-compliant certificates at a variable rate of at least 19%. <\/span><span style=\"font-weight:400;\">Interest on the certificates is paid monthly and the minimum deposit is EGP 1k. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIB has discontinued its <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ffafccf-53bb-4520-b54f-7477d4245097\" style=\"\">22% CD<\/a><\/span><span style=\"font-weight:700\"> and is replacing it with a series of three-year, 18-20% <\/span><span style=\"font-weight:700\">annual-rate certificates<\/span><span>, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cibeg.com\/en\/personal\/accounts-and-deposits\/deposits\/certificate?\" style=\"\">the bank\u2019s website<\/a><\/span><span style=\"font-weight:400;\">. Savers will need to commit at least EGP 1 mn to lock in 20%, EGP 200k to access the 19% rate, and 10k for 18%. Interest payouts are monthly. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">BACKGROUND-<\/span><span style=\"\"> Private lenders including aiBank and Al Baraka Bank Egypt have followed the <\/span><span>lead of state-owned banks NBE, Banque Misr, and Banque du Caire and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/017ba7cf-a464-4565-a7d1-6ee25275a18e\" style=\"\">launched new certificates of deposit<\/a><\/span><span style=\"font-weight:400;\">in the wake of the central bank\u2019s decision last month to raise interest rates by another 200 bps.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">PRIVATIZATION WATCH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">Is the Export Development Bank earmarked for privatization?<\/span><span style=\"\"> The Madbouly government is <\/span><span>considering including the EGX-listed Export Development Bank (Ebank) in its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">rebooted privatization program<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3zGm8qj\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\"> reports, citing unnamed sources it says have knowledge of the matter. A preliminary study is underway to explore the idea, which would see the bank bring on board new investors via a capital increase, the sources reportedly said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ownership + financials:<\/span><span style=\"\"> Ebank is 84% owned by state financial institutions, with the National <\/span><span>Investment Bank holding the controlling 40.75% stake. Banque Misr owns 23.1% and the National Bank of Egypt has a 19.8% stake. The bank\u2019s net income <\/span><span>more than doubled <\/span><span style=\"font-weight:400;\">to <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>EGP 1.34 bn in 2022 thanks to high interest rates, which drove <\/span><span>a 60% in<\/span><span>crease in net interest income, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/EBank-earnings-FY2022_321.pdf\" style=\"\">most recent financials (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DATA POINTS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">#1- More of us are banked than ever before:<\/span><span style=\"\"> Egypt\u2019s financial inclusion rate \u2014 the <\/span><span>percentage of citizens above the age of 16 who hold a bank account, mobile wallet or pre-paid card \u2014 jumped to 64.8% by the end of 2022, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02VucZnwNFQjsaHuVPpPxqiYokPr9CauqjABbqqmm8PusD45xF82xbhhHBW5gkcEQEl\" style=\"\">central bank data<\/a><\/span><span>. Some 42.3 mn adults in Egypt were banked as of December 2022, almost <\/span><span>43<\/span><span style=\"font-weight:400;\">% of whom were women.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- The country\u2019s trade deficit fell 47% y-o-y in January to USD 2.48 <\/span><span style=\"font-weight:700\">bn<\/span><span>, according to<\/span><span> CAPMAS <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/CAPMAS%20trade%20balance%20EN_340.pdf\" style=\"\">data (pdf)<\/a><\/span><span>.<\/span><span>Exports fell 7% y-o-y to USD 3.85 bn, while imports plunged 28% to USD 6.33 bn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ZOOMING OUT- Global trade hit a record USD 32 tn in 2022 \u2014 but dropped off in the f<\/span><span style=\"font-weight:700\">inal quarter of the year<\/span><span>,<\/span><span>according to <\/span><span>UNCTAD\u2019s latest Global Trade <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/UNCTAD%20-%20Global%20Trade%20Update%20March%202023_342.pdf\" style=\"\">report (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Deteriorating economic conditions and inflationary pressure saw global trade decline in 4Q \u2014 but UNCTAD remains upbeat, saying that trade is expected to remain resilient this year despite geopolitical instability and uncertainty over the economic outlook. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#3- The expat car import scheme is yet to pick up steam: <\/span><span style=\"\">The scheme has brought<\/span><span> in just USD 385 mn since <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d46b1f72-d632-41ab-bab8-364dacf0db4a\" style=\"\">its launch in November<\/a><\/span><span>, Finance Minister <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid034H8U7kEHkNqTSr9whbUu8EWnVtiMMXhYrcfPebnp2JfMNAz9rMpgiAkkjL9pzsWl\" style=\"\">Mohamed Maait said yesterday<\/a><\/span><span>. That\u2019s still far short of the Finance Ministry\u2019s ambitious <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30f774c7-53ed-44fb-b8cc-2cbd3b37fa9e\" style=\"\">USD 2.5 bn<\/a><\/span><span> target. Around 600 cars have entered the country under the program.<\/span><span style=\"\">The Madbouly government last month <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d86fe5c3-0d43-4884-9234-8fca2a017613\" style=\"\">extended<\/a><\/span><span style=\"font-weight:400;\"> the program another two months; it is scheduled to close on 14 May.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#4- Some 26.5k dual-fuel cars have been delivered<\/span><span style=\"\"> by the government since 2021 <\/span><span>under its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36da7b9d-7072-49b6-b723-f2c06effd23d\" style=\"\">swap scheme<\/a><\/span><span> aimed at reducing the number of petrol-fulled cars on the roads, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid01CADBme3goyZyhJof2ieeBVGohoP8sgtHkwPEvzmeQcwW5AchvAW3rUCCDX9g4kjl\" style=\"\">Finance Ministry<\/a><\/span><span style=\"font-weight:400;\"> said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A changing target? <\/span><span style=\"\">The government had<\/span><span style=\"\"> said it wants to replace 250k old cars with dual-fuel models <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a946047f-ec53-4300-942f-165509dbcc68\" style=\"\">by the end of 2023<\/a><\/span><span style=\"\">. That plan date<\/span><span style=\"font-weight:400;\">s to 2019, and we expect the 250k-car target will fall by the wayside in light of the state\u2019s twin emphasis since mid-2022 on (a) electric vehicles and (b) boosting exports of natural gas to Europe. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#5- Global food prices fell again in March: <\/span><span style=\"\">Global food prices fell for the 12th <\/span><span>consecutive month in March, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.fao.org\/newsroom\/detail\/benchmark-for-world-food-commodity-prices-fall-in-march-for-the-twelfth-month-in-a-row\/en\" style=\"\">UN food price index<\/a><\/span><span style=\"font-weight:400;\">. Food prices have cooled on better supply and lower import demand after spiking in the wake of Russia\u2019s invasion of Ukraine. The index fell 2.1% m-o-m to 126.9 points.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TODAY- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Senate is back in session <\/span><span style=\"\">after a 12-day break. The upper house of parliament will look <\/span><span>into a report recommending the government work on building a circular economy \u2014  a model <\/span><span style=\"\">that incentivizes markets to limit waste and reuse as much as possible, putting sustainability at the heart of produc<\/span><span style=\"\">tion and consumption. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FDI and exports are on the<\/span><span style=\"font-weight:700\"> agenda for <\/span><span style=\"font-weight:400;\">some Senate committees: <\/span><\/p>\n<ul>\n<li><span style=\"\">The <\/span><span style=\"font-weight:700\">Agriculture Committee <\/span><span style=\"font-weight:400;\">is looking at policies to boost agricultural exports to bring in more foreign currency;<\/span><\/li>\n<li><span style=\"\">The <\/span><span style=\"font-weight:700\">Industrial Committee <\/span><span style=\"font-weight:400;\">will discuss the Industrial Development Authority\u2019s role in simplifying industrial licensing procedures, which could help draw foreign investment. <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tomorrow: <\/span><span style=\"\">The Senate will discuss a report on government efforts to save water by <\/span><span style=\"font-weight:400;\">modernizing irrigation systems. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Later this week: Cabinet ministers present the next fiscal year\u2019s budget to MPs. <\/span><span style=\"\">Finance <\/span><span style=\"font-weight:400;\">Minister Mohamed Maait and Planning Minister Hala El Said will deliver statements on the new FY 2023-2024 budget in the House of Representatives on Tuesday and Wednesday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">HAPPENING TOMORROW-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Don\u2019t look: Monday is inflation day.<\/span><span style=\"\"> Capmas and the Central Bank of Egypt will <\/span><span style=\"font-weight:400;\">publish inflation data for March tomorrow, and it\u2019s expected to be another difficult read. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Headline inflation will likely soar to a record high<\/span><span style=\"\"> on the back of the foreign-currency shortage, EGP devaluation and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98ceb593-2d68-4173-8411-f7dd2c35b111\" style=\"\">higher fuel prices<\/a><\/span><span style=\"\">, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-inflation-seen-hitting-all-time-high-march-2023-04-06\/\" style=\"\">Reuters<\/a><\/span><span style=\"\"> poll of analysts. The median forecast of 13 analysts puts inflation at 33.6% in March, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43c9a65b-6ab3-459d-b3b2-f9114f0fb374\" style=\"\">up from 31.9% the month prior<\/a><\/span><span style=\"font-weight:400;\"> and surpassing the all-time high of 32.95% in July 2017. Capital Economics is forecasting an even higher figure of 37.1%. \u201cWe think that earlier falls in the [EGP] will continue to feed through into Egypt's inflation, pushing up both food and non-food inflation,\u201d the research firm wrote in a note. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The IMF \/ World Bank Spring Meetings get underway in Washington:<\/span><span style=\"\"> Global finance chiefs <\/span><span style=\"\">will converge on th<\/span><span style=\"\">e two lenders\u2019 headquarter<\/span><span style=\"font-weight:400;\">s in Washington, DC, to discuss the state of the global economy. Expect central banks\u2019 struggle to balance bringing down inflation with protecting growth and financial stability to dominate the agenda amid uncertainty in the global financial markets triggered by the US banking crisis. The meetings run until Sunday, 16 April.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Global economy to see its weakest growth since 1990 this year: <\/span><span style=\"\">The IMF expects <\/span><span>global economic growth to fall below 3% and remain around that figure for the next five years, IMF Managing Director Kristalina Georgieva said at an event hosted by the Meridian International Center and Politico. The global lender\u2019s \u201clowest medium-term growth forecast since 1990\u201d comes on the back of geopolitical tensions, persistent inflation, and financial vulnerabilities exposed by the recent failures of banks in the US and Switzerland. <\/span><span>Global GDP growth<\/span><span style=\"font-weight:400;\"> almost halved to 3.4% in 2022 on the back of the fallout from the war in Ukraine.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The news is everywhere in the foreign business press:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.politico.com\/news\/2023\/04\/06\/imf-fragile-global-economy-inflation-svb-00090797\" style=\"\">Politico<\/a><\/span><span> |<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/imf-world-bank-interest-rates-fiscal-policy-1f3ad9e4bf87b3e95db84ba7c49b959f\" style=\"\">Associated Press<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/imfs-georgieva-sees-global-growth-below-3-2023-says-robust-recovery-remains-2023-04-06\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/309d5a00-879d-4cd8-a0d7-41563f1cb16b\" style=\"\">Financial Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-06\/imf-warns-five-year-global-growth-outlook-is-weakest-since-1990?leadSource=uverify%20wall\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bbc.com\/news\/business-65206409\" style=\"\">BBC<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** We\u2019ll find out the details of the IMF\u2019s prognosis for the global economy on Monday<\/span><span> when it releases its full <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imf.org\/en\/Publications\/WEO\/Issues\/2023\/04\/11\/world-economic-outlook-april-2023\" style=\"\">World Economic Outlook<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Brownfield gold mining tender launches tomorrow: <\/span><span style=\"\">Shalateen Mineral Resources <\/span><span>will on Monday invite international companies to bid in a gold mining tender for brownfield sites in the Eastern Desert, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo\/?fbid=533521442296165&set=pcb.533238018991174\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> Friday. The company \u2014 whose major shareholders are the Egyptian Mineral Resources Authority, the military\u2019s National Service Projects Organization, and the National Investment Bank \u2014 is offering concessions in five areas in the Eastern Desert. The tender will close on 10 August.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO-<\/span><span style=\"font-weight:700\">It\u2019s deadline day for NGOs to register with the government:<\/span><span style=\"\"> All local and foreign <\/span><span style=\"\">NGOs have to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b2affdc-91db-4d3e-9f85-f93d2f8b4b2e\" style=\"\">register with the government<\/a><\/span><span style=\"font-weight:400;\"> by 11 April under the 2019 NGO Law. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The US press is focused on what appears to be a major leak of military <\/span><span style=\"font-weight:700\">intelligence to the internet. <\/span><span style=\"font-weight:400;\">Western officials are said to be \u201cstunned and infuriated\u201d that detailed and highly classified documents  \u2014 including on the war in Ukraine and US spying operations around the globe \u2014 have ended up circulating online. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Misinformation? <\/span><span>US officials say Moscow is likely behind the leak, while Kyiv is claiming some of the files are \u201cfictitious\u201d and part of a Russian disinformation campaign. Our advice: Maintain a critical eye and get your news from trusted sources as this story unfolds. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/03fa9789-3d1b-4d06-9064-371bb4eb11eb\" style=\"\">Financial Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/us\/russia-likely-behind-us-military-document-leak-us-officials-say-2023-04-07\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/04\/07\/us\/politics\/classified-documents-leak.html\" style=\"\">New York Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/04\/07\/us-reviewing-whether-ukraine-war-documents-were-leaked.html\" style=\"\">CNBC<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/u-s-pushes-to-assess-damage-from-leaked-classified-files-464e64a4\" style=\"\">Wall Street Journal<\/a><\/span><span>)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MORNING MUST READ- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt5\"><\/a><\/span><span style=\"font-weight:700\">It\u2019s looking like the year of layoffs: <\/span><span style=\"\">US employers announced some 90k job cuts in <\/span><span>March, more than four times the number in the same month last year, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.challengergray.com\/blog\/job-cuts-rise-15-in-march-2023-up-319-from-same-month-last-year-highest-q1-since-2020\/\" style=\"\">Challenger, Gray & Christmas, Inc. data<\/a><\/span><span style=\"font-weight:400;\">. This pushes the total number of jobs lost in 1Q 2023 to 270k, nearly five times more than last year\u2019s 56k. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">US tech companies announced a whopping 102k job cuts last quarter. <\/span><span>The figure in 1Q 2022? Just 267. (See: mass layoffs at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3dd59c9d-4684-4091-8c22-98fa07441e15\" style=\"\">Amazon<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb128347-30ac-4fd6-bd3f-ea0a1b41d652\" style=\"\">Meta<\/a><\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f7c2757-6064-4f23-bee8-7237d6ba19ab\" style=\"\">Microsoft<\/a><\/span><span>, to name just a few.) That puts the tech sector on track to mark the most cuts ever for the full year. The standing record is 2001, after the dot-com bubble burst and 168k people found themselves out of a job.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/632.jpg?ssl=1\"\/><\/a><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We are delighted to share with you that the Enterprise Exports & FDI Forum <\/span><span style=\"\">will be taking <\/span><span style=\"\">place on<\/span><span style=\"font-weight:700\"> Monday, 15 May <\/span><span style=\"\">at the<\/span><span style=\"font-weight:700;\"> Four Seasons Hotel at Nile Plaza.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DO YOU WANT TO ATTEND?<\/span><span style=\"\"> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" style=\"\">TAP OR CLICK HERE<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" style=\"\">to request a spot at this exclusive event<\/a><\/span><span style=\"\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WANT TO BECOME A COMMERCIAL PARTNER?<\/span><span> Ping a note to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:mtaalab@inktankir.com\" style=\"\">Moustafa, our head of commercial, here<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IMF \/ World Bank spring meetings are underway + More of us are banked than ever before<\/p>\n","protected":false},"author":1,"featured_media":584954,"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":[7204],"tags":[204,1432,104,72,2371,2234,182,373,81,132,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-banking","tag-cds","tag-economy","tag-enterpriseam","tag-export-development-bank-of-egypt","tag-foreign-exchange","tag-inflation","tag-mining","tag-privatization-watch","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"949808ec-6766-4180-9d42-6c14825eba76","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/4\/346.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More high-interest CDs \u2014 and is the Export Development Bank marked for privatization?","related_issue":[584951],"teaser":"IMF \/ World Bank spring meetings are underway + More of us are banked than ever before","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.9f6d49c5-5812-4983-aef3-78dc4639c38a.mp3"},"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 MORNING: More CDs + Export Development Bank up for privatization? 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As we approach two shortened workweeks and the final week of Ramadan, we hope your long weekend plans involve some much-needed relaxation and downtime.REMEMBER- Banks are taking next Sunday, 16 April off to mark Coptic Easter (though it\u2019s not a public holiday), while Sham El Nessim \u2014\u2026","rel":"","context":"In &quot;THE WEEK IN REVIEW&quot;","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/594.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584920,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-evening-export-development-bank-getting-in-on-state-privatization-program-instapay-now-works-abroad\/","url_meta":{"origin":584953,"position":1},"title":"THIS EVENING: Export Development Bank getting in on state privatization program? + InstaPay now works abroad","author":"enterpriseam admin","date":"6 April 2023","format":false,"excerpt":"Good afternoon, wonderful people, and happy THURSDAY to us all. It\u2019s a particularly sweet end to the week, as we\u2019re halfway through Ramadan as we head into a weekend that promises to bring plenty of sunshine. THE BIG STORIES TODAY #1- Export Development Bank getting in on privatization program? The\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579153,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/this-morning-its-a-packed-news-day-coming-out-of-the-long-weekend\/","url_meta":{"origin":584953,"position":2},"title":"THIS MORNING: It\u2019s a packed news day coming out of the long weekend","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"Good morning, wonderful people, and welcome back. We hope our Egypt-based readers made the best of the long weekend and are feeling energized as we head into the last week of January. Next stop: Ramadan. The holy month begins on or about Thursday, 23 March, meaning we have 52 days\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/470.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585002,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/this-evening-govt-says-its-keeping-subsidized-loans-for-industry-agriculture-tensions-continue-to-rise-in-jerusalem\/","url_meta":{"origin":584953,"position":3},"title":"THIS EVENING: Gov\u2019t says it\u2019s keeping subsidized loans for industry, agriculture + Tensions continue to rise in Jerusalem","author":"enterpriseam admin","date":"9 April 2023","format":false,"excerpt":"Good afternoon, friends. We\u2019re still seeing telltale signs of that long-awaited Ramadan news slowdown today, with a relatively calm Sunday to start the week. ** SO, WHEN DO WE EAT? We\u2019ll be breaking our fasts at 6:18pm CLT today. You have until 4:05am tomorrow morning to hydrate and grab a\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/370.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652877,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/22\/what-were-tracking-this-week-221\/","url_meta":{"origin":584953,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"22 January 2017","format":false,"excerpt":"The Meteorological Authority warns citizens of driving in the early mornings, as that heavy fog we\u2019ve been seeing all week will intensify today and continue until Wednesday, Ahram Online reports.We don\u2019t know about you, but we\u2019re bridging this week. We\u2019ll be taking Wednesday and Thursday off. It\u2019s our last national\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585037,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/10\/this-morning-yet-more-high-yield-cds-egyptian-govt-to-offer-nile-view-real-estate-to-investors\/","url_meta":{"origin":584953,"position":5},"title":"THIS MORNING: Yet more high-yield CDs + Egyptian gov\u2019t to offer Nile view real estate to investors","author":"enterpriseam admin","date":"10 April 2023","format":false,"excerpt":"PLUS: It\u2019s inflation day","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/407.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\/584953","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=584953"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584953\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584954"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584953"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584953"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}