{"id":617105,"date":"2024-03-17T00:00:00","date_gmt":"2024-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/could-the-eu-announce-our-eur-multi-bn-package-today\/"},"modified":"2024-03-17T00:00:00","modified_gmt":"2024-03-17T00:00:00","slug":"could-the-eu-announce-our-eur-multi-bn-package-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/17\/could-the-eu-announce-our-eur-multi-bn-package-today\/","title":{"rendered":"Could the EU announce our EUR multi-bn package today?"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s another econ-heavy morning with the newsflow still driven by the float of the EGP \u2014 and that\u2019s not going to change as we look ahead to the announcement today of an assistance and investment package from our friends in the European Union. <\/p>\n

<\/a> A delegation led by European Commission President Ursula von der <\/strong>Leyen will be in town today. <\/strong>Word is that the prime ministers of Greece, Italy, and Belgium will also be making the trip \u2014 the first two are long-time allies of Egypt in the bloc. It\u2019s rare, to say the least, to see Von Der Leyen here with three heads of government. <\/p>\n

The expectation is that we\u2019re in line for a <\/strong>multi-bn EUR support package<\/a><\/strong>, but it won\u2019t be the EUR 7.4 bn<\/a> that the Financial Times says we\u2019re getting. <\/p>\n

Look for a package worth EUR 5 bn<\/strong> through 2027, with as much as EUR 1 bn of that fast-tracked for disbursal 1-2 weeks down the road, a senior EU diplomat tells us. The remaining EUR 4 bn in medium-term support will need to go through the European Parliament, where a number MEPs have been vocally critical of Egypt. <\/p>\n

EUR 5 bn tracks with what Finance Minister Mohamed Maait has guided us all on: <\/strong>He\u2019s said previously that he expects EUR 4.6-5.5 bn<\/a> from our European allies. Greece and Cyprus remain strong regional allies of Egypt and business and economic ties with Italy are warming, but many in the bloc are backing support for Egypt as part of a broader policy to stem illegal migration to Europe.<\/p>\n

WATCH THIS SPACE #1- The IMF executive board has yet to put Egypt on its public <\/strong>calendar<\/strong>, which now extends through 26 March. We expect the board to meet by month\u2019s end provided the staff-level agreement on our assistant package gets circulated in time to give the board two weeks\u2019 notice of what they will be voting on. <\/p>\n

AND- Separate talks are still continuing <\/strong>that could see officials line up another USD 1-1.2 bn in climate finance under the Fund\u2019s Resilience and Sustainability Facility.<\/p>\n

WATCH THIS SPACE #2- There\u2019s still no word on how much funding we may be getting <\/strong>from the World Bank. <\/strong>The Madbouly government has suggested we could be getting as much as USD 3 bn from the lender<\/a> <\/p>\n

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So, when do we eat?<\/strong> Maghrib prayers are at 6:05pm in the capital, and you\u2019ll have until 4:34am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

PSA- Greater Cairo will experience light rain and wind throughout the day<\/strong>, according to the Egyptian Meteorological Authority<\/a> and our favorite weather app.<\/p>\n

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<\/a> The search for the next IMF chief begins<\/strong>:<\/strong> The International Monetary Fund has begun<\/a>its official selection process<\/a> for its next director. The Fund\u2019s current head Kristalina Georgieva is widely expected<\/a> to be nominated again to serve a second five-year term. The Fund\u2019s board expects to make its decision by the end of April. <\/p>\n

Egypt and Georgieva have history: <\/strong>Under her leadership, Egypt was able to secure a USD 3 bn loan from the fund, which was then expanded to USD 8 bn. In the process, she held talks with basically every higher up in the country \u2014 President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, CBE governor Hassan Abdalla, and Finance Minister Mohamed Maait. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

SIGN OF THE TIMES- <\/p>\n

<\/a> MAF revenues take hit on the back of weakening currencies + boycotts: <\/strong>Dubai-based conglomerate and long-time key investor<\/a> to Egypt Majid Al Futtaim saw revenue from its retail sector fall 4% y-o-y to AED 24.7 bn (c. USD 6.7 bn) in 2023, according to its latest earnings release (pdf)<\/a>. The company \u2014 which owns and operates French supermarket brand Carrefour in some 70 locations across Egypt \u2014 attributed the slump to \u201ccurrency devaluation in Egypt, Lebanon, Pakistan, and Kenya \u2026 and a shift in consumer sentiment related to geopolitical tensions in the region.\u201d Carrefour last year entered Israel, putting it on the list of brands boycotted by consumers. <\/p>\n

How might this impact Egypt?<\/strong> \u201cThe company is still on track to open 200 additional grocery retail stores between now and 2030,\u201d the company assured in a statement seen by Bloomberg<\/a>, and still intends to pump EGP 30 bn over the next ten years into expanding grocery retail, real estate, shopping mall and entertainment companies in Egypt. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> The EGX will halt trading on Arafa Holding<\/strong>, the company behind fashion brand Concrete, starting today as the holding company carries out a demerger, according to an EGX disclosure (pdf)<\/a>. The transaction will see our friends at Arafa rebrand to Concrete Fashion Group for Trade and Industrial Investment and spin off subsidiary Gtex for Trade and Industrial Investments. <\/p>\n

Shares of the two companies will be trading on the EGX<\/strong> starting Sunday, 24 March. We\u2019ll have more soon, but the star to watch will be Concrete Fashion Group, which will make its market debut with an impressive board, strong management team, and assets that include domestic fashion player Concrete as well as a strong export portfolio. <\/p>\n

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DATA POINT<\/p>\n

<\/a> More imported cars on the road: <\/strong>Some 25k cars have been delivered to Egyptians under the Madbouly government\u2019s expat car import initiative<\/a> with 250k import approvals issued, according to a statement<\/a> from the Finance Ministry. Some 470k Egyptian expats have signed up for the scheme.<\/p>\n

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WAR WATCH<\/p>\n

Ceasefire talks to resume as Rafah assault looms: <\/strong>Despite agreeing over the weekend to send a delegation to Qatar<\/a> for ceasefire negotiations today, Israel has doubled down on its intentions to attack Rafah \u2014 one of the world\u2019s most densely populated places<\/a> that is home to nearly 1.5 mn displaced Palestinains. Ceasefire talks should restart today in Doha, but could be pushed to tomorrow, the Associated Press<\/a> reports, citing unnamed Egyptian officials.<\/p>\n

\n

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

It\u2019s unusually quiet in the global press even for a Sunday<\/strong>, with no single story dominating the headlines. <\/p>\n

Joe Biden gave a <\/strong>thumb-up<\/a><\/strong> to the US Senate majority leader\u2019s speech slamming <\/strong>Benjamin Netanyahu<\/strong>, in which Chuck Schumer called the Israeli PM an obstacle to peace<\/a> in our region. <\/p>\n

On planet finance: Sam Bankman-Fried could face up to 50 years in jail<\/strong> \u2014 that\u2019s the<\/a>recommendation from prosecutors<\/a>, while his lawyers are saying he should face no more than 6.5 years behind bars. He was found guilty of seven charges in a crypto scheme last year. <\/p>\n

The latest sign that PE loves advisory firms: The US arm of Grant Thornton is <\/strong>selling<\/a><\/strong> a <\/strong>majority stake <\/strong>to buyout firm New Mountain Capital<\/a>. Check out the joint press release<\/a>.<\/p>\n

AND- Consulting firms may be doing amazing business in our part of the world<\/strong>, but it\u2019s not like that in the US of A, prompting the Wall Street Journal to ask on its front page why, if<\/a>consultants are paid to fix businesses, can\u2019t they fix their own?<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

A delegation led by European Commission President Ursula von der Leyen will be in town 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March","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/794.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606022,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/10\/el-sisi-in-diplomatic-overdrive-at-g20-summit-in-new-delhi\/","url_meta":{"origin":617105,"position":1},"title":"El Sisi in diplomatic overdrive at G20 summit in New Delhi","author":"enterpriseam admin","date":"10 September 2023","format":false,"excerpt":"Global food security and migration were on the agenda at a mini Africa-EU summit and talks between El Sisi and EU leaders","rel":"","context":"In 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EU Commission President Ursula von der Leyen and Israeli energy minister Karine Elharrar will be in the capital today to seal the agreement, which is expected to pave the way for\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561011,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/dont-hold-your-breath-for-vaccine-donations-from-the-eu\/","url_meta":{"origin":617105,"position":5},"title":"Don\u2019t hold your breath for vaccine donations from the EU","author":"enterpriseam admin","date":"22 March 2021","format":false,"excerpt":"Egypt is on the cusp of a third wave of covid-19 infections, President Abdel Fattah El Sisi warned yesterday, urging citizens to take the necessary precautions, especially during Ramadan (watch, runtime: 2:39). 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