{"id":647020,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypt-wants-to-get-back-on-jpmorgans-em-indices\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"egypt-wants-to-get-back-on-jpmorgans-em-indices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypt-wants-to-get-back-on-jpmorgans-em-indices\/","title":{"rendered":"Egypt wants to get back on JPMorgan\u2019s EM indices"},"content":{"rendered":"

Goo<\/strong>d morning, frien<\/strong>ds. <\/strong>We are kicking off this shortened workweek with a packed issue, so let\u2019s dive in. <\/p>\n

WATCH THIS SPACE- <\/p>\n

#1- We\u2019re getting USD 2.9 bn from our development partners: <\/strong>Egypt is set to secure USD 2.9 bn in financing to support the state budget and enhance structural reforms from a number of development partners, including the European Union, the World Bank, the African Development Bank, Japan, the Asian Infrastructure Investment Bank, and the French Development Agency, Planning, Economic Development, and International Cooperation Minister Rania Al Mashat told reporters on the sidelines of the press conference on Thursday. The new funds are pending the necessary approvals, she added.<\/p>\n

** We have more from the press conference in the news well, below. <\/strong><\/p>\n

\n

\n

<\/a> #2- Egypt wants to get back on JPMorgan\u2019s EM indices: <\/strong>The government is \u201cstepping up efforts\u201d to be relisted<\/a> on JPMorgan\u2019s widely-tracked emerging-market sovereign bond indices, Bloomberg<\/a> reports, citing unnamed sources it says are familiar with the matter.<\/p>\n

We will soon be eligible to be considered for reinclusion. <\/strong>Egypt is now 250 days into the 12-month period before the bank can consider putting it back on its Government Bond Index-Emerging Markets. We were dropped<\/a> from the index on 31 January due to at-the-time persistent FX shortages in the country that prevented investors from repatriating returns. Egypt is hoping to get on the bank\u2019s watchlist sometime within 1H 2025, which should open the door for a decision to be made late 2025 or in 2026. <\/p>\n

This wouldn\u2019t be the first time we were put back on the list: <\/strong>We rejoined<\/a> the index in early 2022 after having been kicked out for over ten years because of the economic turmoil following the 25 January Revolution in 2011.<\/p>\n

\n

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<\/a> #3- An Egyptian-British investment conference is in the works: <\/strong>The government is planning an Egyptian-British investment conference to attract new British investments, according to a cabinet statement<\/a>. The conference will give the Madbouly cabinet to showcase the available investments in the country and attract new investors, alongside further investments from existing investors, according to the statement, which did not provide any more details.<\/p>\n

ICYMI: <\/strong>The news follows the British Egyptian Business Association\u2019s (BEBA) September<\/a>business mission to the UK<\/a>, which saw a number of our cabinet members and gov\u2019t higher ups discuss a wide array of potential investments with UK-based firms and other entities.<\/p>\n

Business conferences can generate some serious dough: <\/strong>The Egypt-EU Investment Conference in June saw Egypt ink EUR 67.7 bn worth of agreements and MoUs<\/a> \u2014 making it a potential model for investment conferences going forward.<\/p>\n

\n

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<\/a> #4- More fre<\/strong>ezones incoming:<\/strong> The General Authority for Investment and Freezones (GAFI) will set up four new freezones and have two others go live next year, GAFI boss Hossam Heiba told Asharq Business (watch, runtime: 6:28<\/a>).<\/p>\n

HAPPENING TODAY-<\/p>\n

#1- 5G services are closer than ever:<\/strong> The country\u2019s mobile network operators are inking agreements giving them access to 5G services today, one government source told Enterprise. <\/p>\n

We\u2019ve been waiting:<\/strong> Telecom Egypt received the first 5G license<\/a> in the country from the National Telecommunications Regulatory Authority back in January, after which it partnered with Chinese tech giant Huawei<\/a> to deploy 5G networks, allowing Huawei to set up 5G sites in \u201chotspot areas\u201d throughout Egypt.<\/p>\n

\n

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<\/a> #2- The House is back in session:<\/strong> MPs kick off the fifth legislative season.today, discussing and voting on an array of decisions. The House will discuss and vote on amendments to the law regulating the Sovereign Fund Egypt, which give the prime minister the responsibility of assigning out the minister in charge of the fund \u2014 the responsibility currently falls to the planning minister.<\/p>\n

AND- <\/strong>MPs will also discuss and vote on a EUR 2 mn grant from the European Investment Bank, which will help the Housing Ministry implement a number of national wastewater management projects.<\/p>\n

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\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

PSA- <\/p>\n

WEATHER- <\/strong>It\u2019s another cool day in Cairo, with a high of 32\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s cooler in Alexandria<\/strong>, with a high of 29\u00b0C and a low of 20\u00b0C.<\/p>\n

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

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

CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> The CIT Ministry is planning to launch a specialized AI business incubator early next <\/strong>year<\/strong>, CIT Minister Amr Talaat said<\/a>. The incubator, one of several set to be launched, will offer technical guidance and computing resources to support startups<\/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

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

It\u2019s exactly one year since Hamas\u2019 attacks on Israel triggered a deadly and<\/strong> ongoing campaign in Gaza<\/strong> that has since seen thousands of Palestinians killed \u2014 with the estimate for the exact number of deaths contested by multiple sources as many remain missing or under rubble. The UN estimates over 42 mn tons of rubble, which could take more than a decade to clear, Reuters<\/a> reports. <\/p>\n

Israel\u2019s military marked the eve of the anniversary of the start of the war with an aerial and ground offensive in Gaza<\/strong>, said to be the largest in months, killing 26 people in Deir al Balah through two attacks on a school and mosque that are now shelters for the displaced, Reuters<\/a> reports separately. It also struck Jabaliya in northern Gaza, dropping leaflets to tell residents they\u2019re attacking the area. In Lebanon<\/strong>, Israel bombarded Beirut overnight, while Hezbollah struck a military base near Haifa in Israel, the Guardian<\/a> reports. <\/p>\n

IN THE BUSINESS PRESS- It\u2019s relatively quiet, typical for the start of a new week, but only for a little while as earnings season kicks into gear <\/strong>with 3Q figures set to trickle in as of 11 October. Speculations and forecasts are already making headlines, with Reuters<\/a> taking note of an expected weakening recovery in Samsung\u2019s earnings and of UBS\u2019 forecast<\/a> of an average 4.7% growth in S&P 500 earnings this quarter. <\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We take a deep dive into the financial literacy programs equipping Egypt\u2019s workforce for future employment.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. We are kicking off this shortened workweek with a packed issue, so let\u2019s dive in. WATCH THIS SPACE- #1- We\u2019re getting USD 2.9 bn from our development partners: Egypt is set to secure USD 2.9 bn in financing to support the state budget and enhance structural reforms from a number of development […]<\/p>\n","protected":false},"author":1,"featured_media":647021,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[102,72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-capital-markets","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"dcf991e8-4a1f-452f-a564-0799601e83e5","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/449.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt wants to get back on JPMorgan\u2019s EM indices","related_issue":[647018],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3"},"yoast_head":"\nEgypt wants to get back on JPMorgan\u2019s EM indices - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypt-wants-to-get-back-on-jpmorgans-em-indices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt wants to get back on JPMorgan\u2019s EM indices\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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AfDB will provide 20 mn African smallholder farmers with seeds and fertilizers to help them produce around 38 mn tons of food, it said.\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546375,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/canal-sugar-company-gets-egp-12-5-bn-syndicated-loan-for-sugar-beet-factory\/","url_meta":{"origin":647020,"position":1},"title":"Canal Sugar Company gets EGP 12.5 bn syndicated loan for sugar beet factory","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"Canal Sugar Company has secured loans worth EGP 12.5 bn from a consortium of 10 banks led by the National Bank of Egypt (NBE) to help finance its USD 1 bnsugar beet processing facility in West Minya, according to a press release (pdf) from the NBE. 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Revenues during the quarter were up 33% to EGP 681.4 mn from EGP 510 mn last year.MB Engineering recorded a net income of EGP 1.4\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645390,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/19\/what-were-tracking-on-19-july-2017\/","url_meta":{"origin":647020,"position":3},"title":"What we\u2019re tracking on 19 July 2017","author":"enterpriseam admin","date":"19 July 2017","format":false,"excerpt":"CIB confirmed to Reuters\u2019 Ehab Farouk yesterday it is allowing clients to buy up to USD 2k each month without requiring any proof of travel, but that any additional sums require documentation. 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