{"id":657130,"date":"2024-12-16T00:00:00","date_gmt":"2024-12-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/16\/house-approves-eur-1-bn-package-from-the-eu\/"},"modified":"2024-12-16T00:00:00","modified_gmt":"2024-12-16T00:00:00","slug":"house-approves-eur-1-bn-package-from-the-eu","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/16\/house-approves-eur-1-bn-package-from-the-eu\/","title":{"rendered":"House approves EUR 1 bn package from the EU"},"content":{"rendered":"

Good morning, all.<\/strong> We have a packed issue for you this morning, so let\u2019s jump right in. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- Investors can subscribe to CMPE\u2019s capital increase: <\/strong>Investors have between today and Thursday to subscribe to Impact investor Catalyst Partners\u2019 SPAC, Catalyst Partners Middle East\u2019 (CMPE) capital increase. The SPAC wants to raise its capital to EGP 235 mn by offering 22.5 mn shares \u2014 valued at EGP 10 per share. CPME is already gearing up for its first acquisition \u2014 we have the details in the news well below. <\/p>\n

<\/a> #2- It\u2019s day one of the Debt Management Forum for Africa: <\/strong>The African Development Bank\u2019s two-day Africa Debt Management Forum<\/a> kicks off today in Abuja, Nigeria. The forum brings together Africa finance ministers, central bank governors, debt managers, and experts to discuss debt sustainability and economic productivity. <\/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

PSA- <\/p>\n

WEATHER- <\/strong>It\u2019s another chilly day in Cairo, with a high of 21\u00b0C and a low of 11\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s just as cold in Alexandria<\/strong>, with a high of 21\u00b0C and a low of 12\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

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at what the feeder industries need to strengthen local manufacturing. Check out the story here<\/a>.<\/p>\n

SOCIAL SECURITY- <\/p>\n

<\/a> More support for irregular workers: <\/strong>The Labor Ministry has doubled the bonuses disbursed to registered irregular workers to EGP 1k, starting with the bonus to be paid out for Coptic Christmas next month, according to a statement<\/a>. These bonuses are paid out six times a year on religious holidays as well as Labor Day. This increase in bonuses will cost the state some EGP 1.5 bn annually.<\/p>\n

IN THE HOUSE- <\/p>\n

<\/a> MPs approved a EUR 1 bn <\/strong>macro-financial assistance package<\/a><\/strong> from the <\/strong>EU<\/strong>, which marks the first phase of a EUR 5 bn set of concessional loans running through 2027 as part of a wider EUR 7.4 bn package<\/a> from the EU announced in March. The funds will go towards alleviating external financing constraints, easing the government\u2019s balance of payments and budget needs, and boosting FX reserves against the backdrop of regional geopolitical tensions. The package got the thumbs up from the cabinet in August. <\/p>\n

ALSO APPROVED- House greenlit USD 500 mn financing program <\/strong>between GASC and the Abu Dhabi Exports Office to facilitate wheat supplies for the authority. The financing will be granted in the form of a revolving USD 100 mn program that will be renewed for five year\u2019s time. \u201cThe agreement aims to shore up Egypt\u2019s strategic wheat reserves,\u201d Finance Minister Ahmed Kouchouk told MPs. <\/p>\n

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

It\u2019s a mixed bag in the global press this morning<\/strong>, with major geopolitical shifts in the Middle East, a downbeat warning on the USD, and a once-in-a-century storm all getting ink. <\/p>\n

Israel announced plans to expand its population in the Golan Heights, citing the strategic <\/strong>importance of the area. <\/strong>Israeli Prime Minister Benjamin Netanyahu reaffirmed Israel\u2019s commitment to increase its presence in the occupied Golan Heights despite international backlash \u2014 \u201cstrengthening the Golan is strengthening the State of Israel, and it is especially important at this time. We will continue to hold onto it,\u201d he said in a statement. (Reuters<\/a> | BBC<\/a> | Financial Times<\/a> | Washington Post<\/a>) <\/p>\n

MEANWHILE - Cyclone Chido hits Mayotte:<\/strong> The most powerful storm to hit the French Indian Ocean area of Mayotte in over a century, Cyclone Chido hit the French archipelago last night leaving hundreds dead before heading to Mozambique. In Mayotte local officials fear the death toll could reach thousands as emergency crews struggle with destroyed infrastructure and disrupted communications. (Reuters<\/a> | BBC<\/a> | CNN<\/a> | The Guardian<\/a> | New York Times<\/a>) <\/p>\n

AND- German Chancellor Olaf Scholz is hoping to lose a confidence vote today <\/strong>in the Bundestag in a bid to trigger snap elections on 23 February.<\/p>\n

IN BUSINESS NEWS- Trump policies will likely change how investors feel about the USD<\/strong>, Bloomberg<\/a> writes, explaining that the greenback will likely face pressures next year on the back of president-elect Donald Trump\u2019s policies and upcoming rate cuts. Major banks like Morgan Stanley and JPMorgan Chase see the USD peaking mid-2025 before falling. <\/p>\n

PLUS- <\/strong>It\u2019s interest rate week in the United States, with the Federal Reserve set to hold its final meeting of the year on Tuesday and Wednesday. The Bank of England and the Bank of Japan will follow suit on Thursday.<\/p>\n

Expect the Fed to sound a note of caution. <\/strong>The expectation since Donald Trump cruised to victory last month is now for fewer rate cuts over a longer period of time. A quarter-point cut this week seems fairly likely (though less so than before US voters returned The Donald to office), but the swaps market is pricing in just 0.75 bps worth of cuts by next September, suggesting we could see as few as two 0.25 bps cuts next year. The FT<\/a> has more on what to expect from the three meetings.<\/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 dive into the government\u2019s plan for national universities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, all. We have a packed issue for you this morning, so let\u2019s jump right in. HAPPENING TODAY- #1- Investors can subscribe to CMPE\u2019s capital increase: Investors have between today and Thursday to subscribe to Impact investor Catalyst Partners\u2019 SPAC, Catalyst Partners Middle East\u2019 (CMPE) capital increase. The SPAC wants to raise its capital […]<\/p>\n","protected":false},"author":1,"featured_media":657131,"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":[72,274,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-house-of-representatives","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"67130f62-45da-4f4b-897d-ddc0ede24528","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/1696.jpg","photo_position":"above","homepage_title":"","full_issue_title":"House approves EUR 1 bn package from the EU","related_issue":[657128],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.ebb9741a-c939-4749-bb0c-ed8910983a81.mp3"},"yoast_head":"\nHouse approves EUR 1 bn package from the EU - 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\/12\/16\/house-approves-eur-1-bn-package-from-the-eu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House approves EUR 1 bn package from the EU\" \/>\n<meta property=\"og:description\" content=\"Good morning, all. We have a packed issue for you this morning, so let\u2019s jump right in. HAPPENING TODAY- #1- Investors can subscribe to CMPE\u2019s capital increase: Investors have between today and Thursday to subscribe to Impact investor Catalyst Partners\u2019 SPAC, Catalyst Partners Middle East\u2019 (CMPE) capital increase. 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share","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657136,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/16\/catalyst-partners-spac-looks-to-acquire-qardy-through-share-swap\/","url_meta":{"origin":657130,"position":1},"title":"Catalyst Partners\u2019 SPAC looks to acquire Qardy through share swap","author":"enterpriseam admin","date":"16 December 2024","format":false,"excerpt":"Qardy is Egypt's first online lending marketplace connecting financial institutions with MSMEs","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644471,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/26\/catalyst-partners-middle-east-gets-fra-greenlight-to-launch-egypts-first-spac\/","url_meta":{"origin":657130,"position":2},"title":"Catalyst Partners Middle East gets FRA greenlight to launch Egypt\u2019s first SPAC","author":"enterpriseam admin","date":"26 September 2024","format":false,"excerpt":"The SPAC will have a month to apply to list on the EGX","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":672499,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/25\/egypts-first-spac-raises-capital-more-than-10x-to-over-egp-3-bn\/","url_meta":{"origin":657130,"position":3},"title":"Egypt\u2019s first SPAC raises capital more than 10x to over EGP 3 bn","author":"enterpriseam admin","date":"25 September 2025","format":false,"excerpt":"The EGP 2.8 bn hike was executed via share swap to complete its first acquisitions","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/9\/1523.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657217,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/house-approves-usd-2-bn-loan-for-finmin\/","url_meta":{"origin":657130,"position":4},"title":"House approves USD 2 bn loan for FinMin","author":"enterpriseam admin","date":"17 December 2024","format":false,"excerpt":"Good morning, friends. It\u2019s another busy morning here in Egypt led by a whole lot of very welcome manufacturing news. WATCH THIS SPACE- #1- Could we be looking at another electricity price hike soon? The Madbouly government is reviewing electricity prices in light of global changes, Electricity Minister Mahmoud Esmat\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\/2024\/12\/1565.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555638,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/22\/spac-me-the-regs-are-out\/","url_meta":{"origin":657130,"position":5},"title":"SPAC me, the regs are out","author":"enterpriseam admin","date":"22 November 2021","format":false,"excerpt":"We\u2019re one step closer to Egyptian SPACs after the Financial Regulatory Authority (FRA) yesterday issued the rulesand regulations (pdf) for investors looking to establish local blank-check firms. Announced (pdf) by the regulator yesterday, the framework sets out the capital requirements, shareholder structure and regulatory responsibilities SPAC founders will need to\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657130","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=657130"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657130\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657131"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657130"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657130"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}