{"id":618967,"date":"2024-04-23T00:00:00","date_gmt":"2024-04-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/23\/uk-to-channel-usd-400-mn-in-budget-support\/"},"modified":"2024-04-23T00:00:00","modified_gmt":"2024-04-23T00:00:00","slug":"uk-to-channel-usd-400-mn-in-budget-support","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/23\/uk-to-channel-usd-400-mn-in-budget-support\/","title":{"rendered":"UK to channel USD 400 mn in budget support?"},"content":{"rendered":"

Good morning, friends. <\/strong>We\u2019ve got a packed issue for you today, with news that the government is set to offload its entire stake in Alamar Alsharif Plastics within weeks, LNG imports ramping up even further ahead of summer, and news that yet another Chinese company is gearing up for a pretty substantial manufacturing investment.<\/p>\n

<\/a> And on the topic of Egypt-bound investment coming from abroad, <\/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

<\/a> <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- We could be in line for some USD 400 mn from the UK: <\/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 theAsian Infrastructure Investment Bank and may soon begin talks with the bank over budget support, Al Mashat added. <\/p>\n

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<\/a> #2- Hedge funds could be coming to Egypt soon: <\/strong>The Financial Regulatory Authority(FRA) has passed on proposed amendments to the Capital Market Act to the cabinet that would lay the groundwork for the launch of hedge funds on the EGX, FRA chair Mohamed Farid said, according to an FRA statement<\/a> yesterday.<\/p>\n

Digitization, robo advisors are also on the FRA\u2019s priority list: <\/strong>The authority is also seeking to digitize non-banking financial transactions and introduce licenses allowing virtual advisors \u2014 known as robo-advisors \u2014 to manage investment portfolios, Farid said.<\/p>\n

Robo-what?<\/strong> The AI-powered financial advisors assess customers' risk appetite and make stock recommendations accordingly. While the FRA sees AI as an \u201cintegral part\u201d of its digitalization strategy, its adoption would require certain regulations in place, Farid added.<\/p>\n

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#3- Africa\u2019s largest early-stage VC fund is looking with interest on Egyptian tech <\/strong>startups: <\/strong>TLCom Capital<\/a>, the largest seed and series A venture capital firm on the continent, is moving forward with plans to expand further into Egypt after the company raised USD 154 mn for its tech-focused fund with investments from the Visa Foundation, European Investment Bank, and Allianz SE, according to a statement<\/a> yesterday. <\/p>\n

\u201cWe\u2019re [...] excited to spend more time in the Egyptian ecosystem<\/strong>, co-investing alongside the most active local funds,\u201d said Maurizio Caio, the company\u2019s founder and managing partner.<\/p>\n

The story caught the attention of the int\u2019l press: <\/strong>Bloomberg<\/a> | Financial Times<\/a> | Asharq<\/a>Business<\/a> <\/p>\n

PSA-<\/p>\n

<\/a> There\u2019s never been a better time to quit smoking: <\/strong>Cigarette giant PhilipMorris has hiked the price of cigarettes for the second time<\/a> this year, raising prices by up to 8%, according to a statement (pdf)<\/a> from the company. The price of a pack of Merit has risen 6% to EGP 90, while its L&M brand is up 8% and now goes for EGP 64 a pack. Smokers of Marlboro will have to dish out 6-7% more with standard pack now going for EGP 84 and a pack of Crafted Marlboro being sold for EGP 74. <\/p>\n

Remember: <\/strong>The government gave tobacco distributors the green light to hike their prices by up to 12% earlier this month<\/a>.<\/p>\n

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WEATHER- Summer has well and truly<\/strong> arrived in Cairo early today<\/strong>, with temperatures jumping up to a high of 38\u00b0C and a low of 26\u00b0C, according to our favorite weather app.<\/p>\n

Our friends in Alexandria are also for a scorchio day<\/strong>, with a high of 37\u00b0C and a low of 25\u00b0C.<\/p>\n

HAPPENING TODAY- <\/p>\n

A chance to hear how AI is reshaping business:<\/strong> The British Egyptian Business Association is hosting a panel discussion on the challenges and potential of AI with Communications Minister Amr Talaat offering the keynote address today at the Conrad Cairo Hotel. <\/p>\n

Taking to the stage for the panel discussion<\/strong> will be IBM Egypt General Manager Marwa Abbas, MP Sahar Al Bazar, British University in Egypt provost Guy Daly, Sequence Ventures CEO Mohamed Fahmy, and Falak Startups\u2019 head of venture growth Tarek Seif El Nasr, with by N Gage Consulting Chairman Karim Refaat as moderator. Find out more about how to register for the event here<\/a>.<\/p>\n

IN THE HOUSE- <\/p>\n

#1- Next year\u2019s draft state budget and develop<\/strong>ment plan is on the agenda (again):<\/strong>Finance Minister Mohamed Maait and Planning Minister Hala El Said will be giving statements on the draft state budget and development plan for FY 2024-25 in the House today, after having originally been penciled in for yesterday. <\/p>\n

<\/a> The unexplained delay has added fuel to the fire of cabinet shuffle rumors:<\/strong> The statements of Maait and El Said were delayed by a day, leading to murmurs in parliament that a cabinet shake-up is imminent. But others have pointed out more sensibly that this is probably just because of the two having just returned from a busy week in Washington for the IMF and World Bank\u2019s spring meetup.<\/p>\n

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#2- The new Unified Ins. law is set to get the go-ahead:<\/strong> House representatives are due to take a final vote on the new government-drafted Unified Ins. law that aims to draw up new and comprehensive rules for regulating the ins. industry and widen compulsory ins. coverage, after discussing and preliminarily approving the bill yesterday<\/a>. <\/p>\n

The FRA will be responsible for licensing companies:<\/strong> The House has given the Financial Regulatory Authority the power to license and supervise foreign ins. and reins. companies in Egypt. The offices of these companies in Egypt will be put under the supervision and monitoring of the FRA.<\/p>\n

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#3- <\/strong>MPs will discuss and vote on a USD 9 mn grant agreement with the World Bank aimed at improving the management of electronic and health waste and a top-up to a USAID grant aimed at supporting rural and agricultural development and achieve food self-sufficiency \u2014 the top-up will push the grant to USD 138.8 mn up from USD 124.9 mn.<\/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

CIRCLE YOUR CALENDAR- <\/p>\n

The annual <\/strong>Startups Without Borders Summit<\/a><\/strong> will kick off in less than a month<\/strong>, <\/strong>bringing together more than 3k innovators and investors, VCs and accelerators from the UK, Japan, the US, Senegal, Kuwait, and Saudi Arabia, a press release (pdf)<\/a> said. Under the theme Break Borders, Build Global Horizons, the summit aims to help entrepreneurs build businesses on a global scale. Participants can attend talks and workshops, while US-based VC Blitzscaling<\/a>Ventures<\/a> will launch its AI Salon. The summit will take place on 10-11 May at Kamelizer Spaces<\/a> in New Katameya\u2019s District 5 \u2014 register for the event here<\/a>.<\/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

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

It\u2019s a pleasantly slow morning in the international business press.<\/strong><\/p>\n

Yesterday saw opening arguments in <\/strong>Donald Trump\u2019s criminal hush-money trial<\/a><\/strong> \u2014 today will see prosecutors argue that The Donald is also in contempt of court for refusing to abide by a gag order against attacking prosecutors, jury members, and witnesses.<\/p>\n

It\u2019s not a great time to be in professional services: <\/strong>PwC is looking to cut<\/a> in half (compared to last year) the number of people it makes partners in the United States. Blame slowing demand for advisory services. McKinsey, meanwhile, is at the forefront of a movement among big consulting firms to cull underperformers. A \u201cbrutal round of career reviews\u201d<\/a> is now in process at the high-flying firm.<\/p>\n

The noise about tech stocks is about to go to 11: <\/strong>Tesla reports its 1Q earnings today, Meta follows suit tomorrow, while Google parent Alphabet and Microsoft both release on Thursday. They\u2019re all filing financials after a rough couple of weeks for tech stocks in New York.<\/p>\n

US colleges are having a moment <\/strong>as student protests of Israel\u2019s war against Gaza (and US backing for it) continues to grow. Alexandria-born Columbia President Dame Minouche Shafik has suspended in-person classes to allow a cooling off period after she sent police to arrest over 100 protestors. Police have separately arrested over 50 protesters at Yale and Harvard is closing campus gates to non-students. Activists have organized \u201ctent cities\u201d at all three. <\/p>\n

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. <\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/p>\n

Not an internship program \u2014 a career:<\/strong> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p>\n

Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/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 into why despite considerable government support for the small-scale solar system market, few Egyptian households are investing in the alternative energy sources due to high costs, urban issues, and financing challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"

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We should find out today whether the IMF\u2019s executive board will sign off on disbursing the final USD 2 bn tranche of our USD 12 bn loan. Egypt reached a staff-level agreement with the IMF\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":556181,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/our-sovereign-debt-should-finally-be-back-on-jpmorgan-ems-govt-debt-index-in-january-2022\/","url_meta":{"origin":618967,"position":1},"title":"Our sovereign debt should finally be back on JPMorgan EMs gov\u2019t debt index in January 2022","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"Egypt is expected to make it back onto JPMorgan\u2019s emerging-market sovereign bond index by the end of January 2022, the US investment bank said in a research note picked up by Reuters. The country is eligible for a weight of close to 1.85%, with 14 government bonds with a combined\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587292,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/24\/this-evening-suez-canal-revenues-to-hit-usd-8-8-bn-this-year-rabie-says\/","url_meta":{"origin":618967,"position":2},"title":"THIS EVENING: Suez Canal revenues to hit USD 8.8 bn this year, Rabie says","author":"enterpriseam admin","date":"24 May 2023","format":false,"excerpt":"Good afternoon, wonderful people, and happy almost-THURSDAY. It\u2019s another relatively slow day on the home front today as we trudge towards the weekend. THE BIG STORY TODAY Suez Canal revenues are expected to hit USD 8.8 bn in 2023, which would mark a 10% y-o-y increase, Suez Canal Economic Zone\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\/2022\/3\/350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594588,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/02\/what-were-tracking-on-2-september-2019\/","url_meta":{"origin":618967,"position":3},"title":"What we\u2019re tracking on 2 September 2019","author":"enterpriseam admin","date":"2 September 2019","format":false,"excerpt":"The Big 5 Construct begins today. The three-day construction conference opens today at the Egypt International Exhibition Center, and features over 240 exhibitors showcasing the latest in construction technology and innovation. The Shared Services and Outsourcing Forum opens tomorrow: Global leaders in the shared services industry will discuss emerging technologies\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":700724,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/","url_meta":{"origin":618967,"position":4},"title":"World Bank greenlights USD 1 bn in concessional financing","author":"enterpriseam admin","date":"10 May 2026","format":false,"excerpt":"The World Bank Group approved USD 1 bn in concessional financing for Egypt under the second phase of its Growth program, tied to structural reforms targeting state ownership, debt markets, and private-sector mobilization, it said in a statement (pdf).The package includes USD 800 mn from the World Bank and a\u2026","rel":"","context":"In "The Big Story Today"","block_context":{"text":"The Big Story Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-big-story-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/5\/412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596480,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/29\/what-were-tracking-on-29-august-2019\/","url_meta":{"origin":618967,"position":5},"title":"What we\u2019re tracking on 29 August 2019","author":"enterpriseam admin","date":"29 August 2019","format":false,"excerpt":"It\u2019s day two of the Tokyo International Conference on African Development (Ticad) today: The opening day saw President Abdel Fattah El Sisi meet with his Japanese counterpart Shinzo Abe, and discuss education initiatives with the Japanese International Cooperation Agency. The event, designed to facilitate Japanese investment on the African continent,\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618967","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=618967"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618967\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618968"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618967"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618967"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}