{"id":620869,"date":"2024-05-28T00:00:00","date_gmt":"2024-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/28\/egypt-wants-to-start-clearing-a-quarter-of-its-arrears-next-week\/"},"modified":"2024-05-28T00:00:00","modified_gmt":"2024-05-28T00:00:00","slug":"egypt-wants-to-start-clearing-a-quarter-of-its-arrears-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/28\/egypt-wants-to-start-clearing-a-quarter-of-its-arrears-next-week\/","title":{"rendered":"Egypt wants to start clearing a quarter of its arrears next week"},"content":{"rendered":"

Good morning, ladies and gentlemen. <\/strong>The news flow this morning is dominated by comments from Prime Minister Moustafa Madbouly that hinted at upcoming price hikes to subsidized bread, fuel, and electricity. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> Ministries to start clearing a quarter of our arrears next week: <\/strong>The Madbouly cabinet will begin paying back 20-25% of arrears owed to foreign partners next week, Prime Minister Moustafa Madbouly said yesterday<\/a>. The payments will be made provided that the government and international partners agree on a payment schedule over a specific period of time, Madbouly added. <\/p>\n

Remember: <\/strong>The central bank is expected to pour USD 6 bn<\/a> of the Ras El Hekma proceeds into the banking sector, providing sufficient hard cash in the system for banks to help clear arrears and start opening up their FX allocations outside of those importing essential goods.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- Israel-Hamas negotiations resume in Cairo: <\/strong>We\u2019re due to host a fresh round of ceasefire and hostage swap negotiations today, CNN<\/a> and Reuters<\/a> reported, citing anonymous sources. Egyptian and Qatari officials will mediate the talks, with participation from the US.<\/p>\n

\n

<\/a> #2- A new wind farm inaugurated: <\/strong>The Electricity Ministry will inaugurate a 252-MW wind farm in the Gulf of Suez, which is set to power some 1.08 mn residential units and reduce 2.4 mn tons of CO2, local media reports<\/a>. <\/p>\n

\n

#3- It\u2019s day two of the Avior-HC Egypt virtual confe<\/strong>rence<\/strong>, which aims to connect 25 EGX-listed companies with financial institutions from the US, Canada, Europe, South Africa, and Egypt, according to a statement (pdf)<\/a>. The four-day event will run until Thursday.<\/p>\n

HAPPENING TOMORROW- <\/p>\n

#1- The two-day <\/strong>Solar & Storage Live MENA<\/a><\/strong> conference will kick off in Cairo tomorrow<\/strong>, and bring together those working in utilities and independent power producers with financiers, government bodies, regulators, distributors, contractors, and more to shape the future of the region\u2019s energy sector. Register for the event here<\/a>.<\/p>\n

\n

#2- Day one of GITEX Africa 2024: <\/strong>The second edition of the tech summit GITEX Africa<\/a> will kick off tomorrow in Morocco, bringing together over startups, entrepreneurs, and government officials, tech leaders, and industry experts from 130 countries. Check out the full agenda here<\/a>.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

<\/a> El Sisi will be in China:<\/strong> President Abdel Fattah El Sisi \u2014 along with his Emirati, Tusniain, and Bahraini counterparts \u2014 will head to China this week to attend the China-Arab forum, according to a statement<\/a> from China\u2019s foreign ministry spokesperson.<\/p>\n

PSA- <\/p>\n

WEATHER- It\u2019s getting cooler in Cairo today<\/strong>, with a high of 32\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s even cooler in Alexandria<\/strong>, with a high of 26\u00b0C and a low of 19\u00b0C.<\/p>\n

\n
\n
\n
\n

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

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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

One story is on every front page this morning: Israel\u2019s deadly strike in Rafah<\/strong> and Israeli troops exchanging fire with Egyptian forces at the Rafah crossing. <\/p>\n

There\u2019s been a global outcry after Israel killed at least 45 people in a Rafah tent camp.<\/strong> Even its closest allies in the US have piled on, though two US officials told Axios<\/a> that the Biden administration is still deciding whether the attack crosses a red line. European Union foreign ministers have for the first time \u201cengaged in \u2018significant\u2019 discussion on sanctioning Israel if it doesn\u2019t comply with international humanitarian law,\u201d Politico<\/a> reports, citing remarks by Irish Foreign Minister Miche\u00e1l Martin. <\/p>\n

PRESENTED WITHOUT COMMENT- A \u201ctragic mistake,\u201d says Netanyahu:<\/strong> Addressing the Israeli Parliament yesterday, Prime Minister Benjamin Netanyahu said that the deaths were due to a \u201ctechnical failure\u201d and came despite Israel\u2019s \u201cimmense efforts to avoid harming the non-involved\u201d (watch, runtime: 0:45<\/a>). <\/p>\n

The news is everywhere this morning:<\/strong> Reuters<\/a> | Financial Times<\/a> | New York Times<\/a> | Times of<\/a>Israel<\/a> | Associated Press<\/a>.<\/p>\n

<\/a> AND- An Egyptian officer was shot dead <\/strong>during an exchange of fire between Israeli and Egyptian forces yesterday. The Egyptian Armed Forces are investigating<\/a>, a military spokesman said. The two sides are in talks to de-escalate, according to a statement from the Israeli side picked up by the Financial Times<\/a>. <\/p>\n

Expect Egypt to remain firmly engaged as a mediator <\/strong>as diplomats resume shuttle diplomacy this week on a potential ceasefire in Gaza. <\/p>\n

MEANWHILE- It\u2019s crickets in the global business press this morning.<\/strong> Both US and UK markets were closed yesterday for national holidays. <\/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 look at why eco-industrial parks may not just be cleaner and greener, but also more profitable too.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, ladies and gentlemen. The news flow this morning is dominated by comments from Prime Minister Moustafa Madbouly that hinted at upcoming price hikes to subsidized bread, fuel, and electricity. 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Government efforts to support exporters with subsidies and pay off arrears helped to drive the increase in revenues, a cabinet statement cited Trade Minister Nevine Gamea as saying.This is a significant increase on 2020,\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/22.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543775,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/9-economic-growth-hedging-wheat-and-privatization-get-air-time-in-pms-presser\/","url_meta":{"origin":620869,"position":1},"title":"9% economic growth, hedging wheat, and privatization get air time in PM\u2019s presser","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Egypt\u2019s economy grew at a 9% clip in 1H2021-2022, with 8.3% growth during the second quarter of the current fiscal year, Prime Minister Moustafa Madbouly said at a presser yesterday (watch, runtime: 1:09:38). By comparison, our GDP growth came in at 1.3% in 1H2020-2021, Planning Minister Hala El Said said,\u2026","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\/2022\/2\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569164,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/16\/exporters-owed-less-than-egp-5-mn-to-receive-overdue-subsidies-without-delay-egypts-trade-minister\/","url_meta":{"origin":620869,"position":2},"title":"Exporters owed less than EGP 5 mn to receive overdue subsidies without delay- Egypt\u2019s trade minister","author":"enterpriseam admin","date":"16 February 2020","format":false,"excerpt":"Exporters owed less than EGP 5 mn in overdue subsidies will receive their full arrears without delay, Trade Minister Nevine Gamea said at a media roundtable yesterday, according to Hapi Journal. The trade and finance ministries will also be paying out over the next few days an additional 10% to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568679,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/madbouly-directs-officials-to-speed-up-overdue-payments-for-egyptian-exporters\/","url_meta":{"origin":620869,"position":3},"title":"Madbouly directs officials to speed up overdue payments for Egyptian exporters","author":"enterpriseam admin","date":"30 January 2020","format":false,"excerpt":"Madbouly directs officials to speed up overdue export subsidy payments: Larger exporters will receive an additional 10% of their outstanding export subsidy dues and smaller companies owed less than EGP 5 mn will get their dues paid in full, under a decision taken yesterday by Prime Minister Moustafa Madbouly. The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/768.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572752,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/madbouly-says-no-new-residential-buildings-in-certain-urban-zones\/","url_meta":{"origin":620869,"position":4},"title":"Madbouly says no new residential buildings in certain urban zones","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"The government will no longer permit residential construction in certain urban neighborhoods that have reached their maximum population density following over 40 years of indiscriminate urbanization, Prime Minister Moustafa Madbouly said yesterday, without naming the neighborhoods in question. Please (pretty please?) let Maadi be one of those.","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596741,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/el-sisi-meets-jordanian-prime-minister-omar-al-razzaz\/","url_meta":{"origin":620869,"position":5},"title":"El Sisi meets Jordanian Prime Minister Omar Al Razzaz","author":"enterpriseam admin","date":"7 July 2019","format":false,"excerpt":"President Abdel Fattah El Sisi held talks on economic cooperation with Jordanian Prime Minister Omar Al Razzaz in Cairo last week, according to an Ittihadiya statement. The meeting came as Al Razzaz and Prime Minister Moustafa Madbouly held the Egyptian-Jordanian Higher Committee meeting, during which the two sides signed a\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"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\/620869","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=620869"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620869\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620867"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620870"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620869"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620869"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}