{"id":618937,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/this-evening-egypt-is-in-for-usd-400-mn-in-budget-funding-from-uk\/"},"modified":"2024-04-22T00:00:00","modified_gmt":"2024-04-22T00:00:00","slug":"this-evening-egypt-is-in-for-usd-400-mn-in-budget-funding-from-uk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/22\/this-evening-egypt-is-in-for-usd-400-mn-in-budget-funding-from-uk\/","title":{"rendered":"THIS EVENING: Egypt is in for USD 400 mn in budget funding from UK"},"content":{"rendered":"

Good afternoon, folks, and happy Monday. <\/strong>We hope the heat wave isn\u2019t wearing you out as we reach the mid-way mark of this shorter business week.<\/p>\n

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Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We\u2019re a massive consumer opportunity and the regional export hub of tomorrow.<\/strong><\/p>\n

\u2026but here at home, our community is in a rut.<\/strong> The enthusiasm gap between domestic business leaders and global investors is stark. <\/p>\n

We\u2019d all do well to remember: It\u2019s a chicken-and-egg kind of thing. <\/strong>Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.<\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks.<\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited. <\/p>\n

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THE BIG STORY TODAY<\/p>\n

We could be in line for some USD 400 mn in UK support: <\/strong>Egypt could see USD 400 mn in budget support from the UK over the next two years, with the first USD 200 mn expected to be dispersed in tandem with USD 500 mn in budget financing from the World Bank by July, International Cooperation Minister Rania Al Mashat told Bloomberg<\/a>. The World Bank funds are part of a wider three-year USD 6 bn financing package<\/a>.<\/p>\n

The second tranche: <\/strong>A second payment of USD 200 mn from the UK and USD 500 mn from the World Bank will be disbursed in the next fiscal year.<\/p>\n

Pending approval: <\/strong>The funds will land in the nation\u2019s coffers after the House gives its greenlight, Al Mashat said. <\/p>\n

More to come? <\/strong>The International Cooperation Ministry is also looking to secure funds from the Asian Infrastructure Investment Bank and may soon begin talks with the bank over budget support, Al Mashat added. <\/p>\n

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THE BIG STORY ABROAD<\/p>\n

It\u2019s a mixed bag of news today, but the chief of Israeli military intelligence handing<\/strong> in his resignation today is leading the conversation.<\/strong> According to the IOF, Aharon Haliva, the head of Israeli intelligence operations, has resigned over the failure to prevent the retaliation attack by Hamas on 7 October. Haliva is the first senior official to step down over the Hamas attack, reportedly accepting responsibility for failing to prevent it. But he isn\u2019t out of office yet \u2014 Haliva vowed to \u201cbring about the defeat of Hamas\u201d and other groups aligned against Israel before the end of his term. (Bloomberg<\/a>)<\/p>\n

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