{"id":617661,"date":"2024-03-26T00:00:00","date_gmt":"2024-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/govt-clears-usd-2-8-bn-port-backlog\/"},"modified":"2024-03-26T00:00:00","modified_gmt":"2024-03-26T00:00:00","slug":"govt-clears-usd-2-8-bn-port-backlog","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/govt-clears-usd-2-8-bn-port-backlog\/","title":{"rendered":"Gov\u2019t clears USD 2.8 bn port backlog"},"content":{"rendered":"

Good morning, folks. <\/strong>The rise (and hopefully fall) of commodity prices is back in the headlines this morning, with news from the government that they\u2019re launching a new initiative to cut commodities prices by 30% by the end of Ramadan. We\u2019ve got the low-down of this new initiative, news that the IMF\u2019s Executive Board is meeting this Friday to approve our USD 8 bn loan, and much, much more in today\u2019s issue for you this morning. <\/p>\n

It\u2019s not just local business news that is heating up this week<\/strong>, with Cairo set for temperatures rising from 28\u00b0C today to above 30\u00b0C for at least the next ten days. So be sure to get your sunglasses at the ready and check that your AC is ready for what\u2019s to come.<\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 6:10 pm in the capital city, and you\u2019ll have until 4:23 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> The IMF Executive Board is scheduled to meet on Friday, 29 March to discuss and give<\/strong> the final thumbs up to Egypt\u2019s <\/strong>USD 8 bn package<\/a><\/strong> with the fund<\/strong>, a source from the Finance Ministry confirmed to Enterprise. The board has yet to put Egypt on its public schedule<\/a>, which extends until 3 April.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Import backlog kaput?<\/strong> Some USD 2.8 bn worth of goods have been cleared from the country\u2019s ports thanks to the recent spate of foreign currency injections, Prime Minister Mostafa Madbouly said<\/a>. The remaining USD 1.7 bn of goods have had their paperwork completed and secured the required FX through the banking system. These goods remain unclaimed by their importers \u2014 who have declined to receive them as they wait for the USD-EGP rate to further depreciate \u2014 and are set to be confiscated, Madbouly said, adding that they are subject to the laws and regulations of abandoned and unclaimed goods.<\/p>\n

<\/a> #2- The state\u2019s Egyptian Electricity Holding Company (EEHC) and its subsidiaries are<\/strong> having to pay out an additional EGP 50 bn a year,<\/strong> following the float of the currency earlier this month, writes Al Arabiya<\/a>, citing unnamed Electricity Ministry sources. As a result of the greenback strengthening against the pound in the official market following the float, the cost of loan installments and interest owed by the EEHC has risen, in addition to payments for station maintenance and dues owed to private sector companies that sell electricity to the government, the sources said.<\/p>\n

What\u2019s next? <\/strong>The Electricity Ministry will submit a memorandum to the Madbouly cabinet within two weeks detailing the situation and requesting government support so the EEHC and its subsidiaries can fulfill their financial obligations.<\/p>\n

#3- National Bank of Egypt is looking to invest up to EGP 5 bn across six projects<\/strong> this year<\/strong>, the bank\u2019s investment CEO Ahmed El Said told Asharq Business<\/a>. The investment will go into both new and existing projects, which fall within the sectors of fintech, real estate, chemicals, and engineering, he added. <\/p>\n

The bank will also raise around EGP 4 bn by exiting 12 companies this year<\/strong>, El Said added.<\/p>\n

<\/a> #4- Supreme Tax Council in the works: <\/strong>The government is set to form a Supreme Tax Council following the issuance of a presidential decree yesterday, according to a Finance Ministry statement<\/a>. The council seeks to ramp up private sector participation, stimulate investment, and encourage local production and exports, and all state agencies will abide by its recommendations and rulings.<\/p>\n

The council\u2019s role: <\/strong>The new body will be tasked with regulating the relationship between investors and the government in regards to tax, studying tax laws, improving the efficiency of the tax administration, and extending technical support and legal advice to taxpayers, among other duties.<\/p>\n

Who is on board?<\/strong> The council will be headed by the Prime Minister and will include the heads of the Federation of Egyptian Chambers of Commerce, Federation of Egyptian Industries, and Egyptian Federation of Investors Associations alongside representatives of the business community, tax associations, accountants, and experts in the economic, public finance, and tax fields.<\/p>\n

\n

FXWATCH- <\/p>\n

<\/a> Remittances inflows are \u201cstill far from reaching their peak,\u201d<\/strong> as Egyptian expats increasingly return to using official channels to transfer money back to Egypt following the float of the pound, deputy CEO of the UAE\u2019s largest FX bureau and remittances company Mohammad Bitartold Al Arabiya Business<\/a>.<\/p>\n

Remember:<\/strong>Remittances were down 30% y-o-y<\/a> to USD 22 bn in 2023 as Egyptians abroad held onto their money or sent it back through parallel mechanisms. The government said it wants to raise remittances<\/a> \u2014 one of Egypt\u2019s biggest sources of FX \u2014 from Egyptian expats by 10% each year to reach USD 53 bn by 2030. <\/p>\n

\n

PSA-<\/p>\n

Attention, govtech startups: <\/strong>The Communications Ministry has kicked off its GovTech Innovation Lab to support govtech startups \u201cdedicated to tackling societal challenges and integrating innovative solutions into government services,\u201d according to a statement<\/a> from the ministry. The German development agency GIZ-supported project in collaboration with Flat6Labs, Robusta, Untap, WeCodeForYou, and Zero360 will also launch a three to five month acceleration program to provide startups training, mentorship, and networking with input from private and public sector entities. Registration<\/a> for the program closes 13 April. <\/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

\n

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

It\u2019s a big morning for politics <\/strong>and comparatively quiet on the business front. <\/p>\n

In politics:<\/strong>The commentariat is obsessing over <\/strong>Donald Trump\u2019s courtroom battles<\/a><\/strong>. The presumptive Republican presidential nominee can post a smaller USD 175 mn bond<\/a> as he looks to appeal a civil fraud case \u2014 but will face criminal trial this April<\/a> (sooner than he had hoped) in a hush-money case.<\/p>\n

Sign of the times? French lender Credit Agricole said yesterday that it won\u2019t fund two major LNG projects<\/strong>, one in Papua New Guinea and the other in Mozambique, Reuters<\/a> reports. <\/p>\n

This really stands out: <\/strong>Credit Agricole was the original financial advisor to both projects, which are being led by bid names including ExxonMobil, Eni, and TotalEnergies. <\/p>\n

In context:<\/strong> The move comes as some big global banks step away from new hydrocarbon projects. Barclays said last month<\/a> that it would stop \u201cdirect financing of new oil and gas fields and restrict lending more broadly to energy companies expanding fossil fuel production.\u201d<\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We take a look at IQAir\u2019s 2023 World Air Quality report that ranked Egypt ninth \u2014 for the second consecutive year \u2014 among countries with the worst air pollution and speak to government officials about what they\u2019re doing to tackle air pollution.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. The rise (and hopefully fall) of commodity prices is back in the headlines this morning, with news from the government that they\u2019re launching a new initiative to cut commodities prices by 30% by the end of Ramadan. 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It\u2019s another relatively quiet day in the press. In much-welcome news, we might be looking at no electricity price hikes at home any time soon. In the business press, all eyes are on Japan\u2019s markets as PM Takaichi\u2019s victory sends stocks soaring. Also today: We analyze BTC\u2019s\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2025\/9\/1356.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":685027,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egypt-sets-its-sights-on-usd-5-bn-in-funding-and-five-unicorns-by-2031-under-newly-unveiled-startup-charter\/","url_meta":{"origin":617661,"position":1},"title":"Egypt sets its sights on USD 5 bn in funding and five unicorns by 2031 under newly unveiled Startup Charter","author":"enterpriseam admin","date":"8 February 2026","format":false,"excerpt":"Good morning, friends. We kick off today\u2019s issue and workweek with news that the Madbouly cabinet is moving to eliminate the long-standing friction in government lending with a planned EGP 250 bn centralized fund for concessional financing. The initiative aims to bypass much of the bureaucracy many of our readers\u2026","rel":"","context":"In "What We're Tracking Today"","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":551221,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/this-evening-al-futtaim-to-invest-usd-1-bn-in-egypt-over-3-years-oil-slides-as-ksa-says-it-could-step-in-for-russian-production\/","url_meta":{"origin":617661,"position":2},"title":"THIS EVENING: Al Futtaim to invest USD 1 bn in Egypt over 3 years + Oil slides as KSA says it could step in for Russian production","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"Good afternoon, wonderful people. It is finally the weekend and if that weren\u2019t cause enough for celebration, we have good news on the business and investment front to leave you with.THE BIG STORY TODAY UAE\u2019s Al Futtaim Group is looking to invest around USD 700-USD 1 bn in Egypt over\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":659599,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/29\/customs-authority-to-release-imported-passenger-cars-that-violated-govt-rules\/","url_meta":{"origin":617661,"position":3},"title":"Customs Authority to release imported passenger cars that violated gov\u2019t rules","author":"enterpriseam admin","date":"29 January 2025","format":false,"excerpt":"Good afternoon folks, and happy Wednesday. The presses are churning at a rapid clip this morning as regional M&A headlines and (even more) AI drama kick off your news and views roundup for today.THE BIG STORY TODAY #1- Gov\u2019t to release all cars held at ports over ACI violations: The\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2025\/1\/2186.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648641,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/sunday-morning-read-men-bet-she-would-fail-now-she-runs-a-usd-26-bn-fund\/","url_meta":{"origin":617661,"position":4},"title":"Sunday morning read: Men bet she would fail; now she runs a USD 26 bn fund","author":"enterpriseam admin","date":"9 April 2017","format":false,"excerpt":"We suggest you start your morning with a read of \u201cMen bet she would fail; nowshe runs a USD 26 bn fund,\u201d a New York Times Dealbook feature on Dawn Fitzpatrick, 47, who becomes something like the eighth or ninth chief investment officer at George Soros\u2019 Soros Fund Management since\u2026","rel":"","context":"In "What We're Tracking Today"","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":614230,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/29\/this-evening-car-import-scheme-expected-to-reel-in-usd-2-bn-finmin-says\/","url_meta":{"origin":617661,"position":5},"title":"THIS EVENING: Car import scheme expected to reel in USD 2 bn, FinMin says","author":"enterpriseam admin","date":"29 January 2024","format":false,"excerpt":"Good afternoon, friends and happy Monday. It\u2019s still a relatively slow news week so far, although there are early signs the newscycle is picking up. THE BIG STORY TODAY FX projections for the car import scheme rise to USD 2 bn: Registrations from the first two phases of the car-for-FX\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2020\/11\/23.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\/617661","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=617661"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617661\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617662"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617661"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617661"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}