{"id":619866,"date":"2024-05-12T00:00:00","date_gmt":"2024-05-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/12\/this-evening-ifcs-africa-vp-is-in-town\/"},"modified":"2024-05-12T00:00:00","modified_gmt":"2024-05-12T00:00:00","slug":"this-evening-ifcs-africa-vp-is-in-town","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/12\/this-evening-ifcs-africa-vp-is-in-town\/","title":{"rendered":"THIS EVENING: IFC\u2019s Africa VP is in town"},"content":{"rendered":"

Good afternoon, wonderful people, and welcome to a fresh week<\/strong> that\u2019s off to a slow-ish start \u2014 but with the promise of picking up sooner rather than later. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

The IFC\u2019s Africa VP is in town: <\/strong>International Finance Corporation (IFC) VicePresident for Africa S\u00e9rgio Pimenta is in Cairo for today\u2019s IFC Day in Egypt to meet with senior figures in the public and private sectors and other development organizations to identify ways to support the state\u2019s privatization program, the IFC said in a statement in the run up to Pimenta landing in Cairo.<\/p>\n

The announcements are already rolling: <\/strong>The IFC is extending some USD 100 mn in financing to Banque du Caire to support micro, small and medium enterprises and women entrepreneurs and help finance trade, the Ministry of International Cooperation said in a statement<\/a> today. <\/p>\n

And we should be in line for some more announcements later on today:<\/strong> Pimenta is expected to sign several agreements supporting key sectors including finance, fintech, and healthcare after meeting with senior Egyptian officials today.<\/p>\n

Remember: <\/strong>The IFC was tasked with giving \u201ctechnical assistance and advisory support\u201d on thestate\u2019s privatization program in an agreement inked last year. The two have been assessing an additional 50 state-owned companies to include in the privatization program to determine which sectors would be more attractive and lucrative.<\/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

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

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

Is this the end for American automakers in China?<\/strong> American and other international carmakers are currently fighting a losing battle in China, as local car manufacturers push them out of the market. China has seen a boom of EV tech and software production, and are competing with international brands in terms of quality and price. As a result, US automakers have seen a major dropoff in Chinese sales, the lowest since 2009, leading experts to predict that companies like Ford and GM will be gone for good within five years.<\/p>\n

What happens when Chinese carmakers decide to expand internationally?<\/strong> Bill Russo, a former Chrysler executive-turned-consultant in Shanghai, is encouraging US manufacturers not to go out without a fight. \u201cIf you don\u2019t compete in China, what are you going to do when China shows up in your backyard?\u201d He asked. The current answer: Impose tariffs. The Biden administration is expected to announce new tariffs \u2014 that may rise as high as 100% \u2014 on imported Chinese EVs starting next week, in fears of domestic sales being undercut as Chinese EVs start to tap offshore markets. (CNBC<\/a> | NYT<\/a> | Financial Times<\/a>)<\/p>\n

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