{"id":657217,"date":"2024-12-17T00:00:00","date_gmt":"2024-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/house-approves-usd-2-bn-loan-for-finmin\/"},"modified":"2024-12-17T00:00:00","modified_gmt":"2024-12-17T00:00:00","slug":"house-approves-usd-2-bn-loan-for-finmin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/17\/house-approves-usd-2-bn-loan-for-finmin\/","title":{"rendered":"House approves USD 2 bn loan for FinMin"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends.<\/strong> It\u2019s another busy morning here in Egypt led by a whole lot of very welcome manufacturing news. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Could we be looking at another electricity price hike soon? <\/strong>The Madbouly government is reviewing electricity prices in light of global changes, Electricity Minister Mahmoud Esmat told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/12\/16\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D8%B6%D8%A7%D9%81%D8%A9-4-%D8%BA%D9%8A%D8%BA%D8%A7%D9%88%D8%A7%D8%B7-%D9%85%D9%86-%D8%A7%D9%84%D9%82%D8%AF%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%AA%D8%AC%D8%AF%D8%AF%D8%A9-%D9%82%D8%A8%D9%84-%D8%A7%D9%84%D8%B5%D9%8A%D9%81\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The Electricity Ministry last <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/502d7ed8-9571-460b-ad59-c01d2e26ff5c\/our-long-awaited%253cmark%253e-electricity%253c%2Fmark%253e-rate-hikes-are-here,-capping-off-a-busy-summer-of-subsidy-reform\" style=\"\" rel=\"noopener\">hiked electricity prices<\/a> for households, businesses, and the public sector in September. Prices rose 14-40% across the board, with the sharpest increases faced by households with the heaviest consumption. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2-<\/strong> <strong>Four new logistics zones in the making: <\/strong>The Supply Ministry\u2019s Internal Trade Development Authority (ITDA) is planning to set up four logistics zones across the country during 1H 2025 with investments ranging from EGP 18-20 bn, authority head Heba El Sayed told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1868723430012358776\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The authority is looking to kick off more projects in partnership with foreign investors, particularly from the UAE and Saudi Arabia. <\/p>\n<p class=\"tag-border-left\">IN THE HOUSE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>The House approved a USD 2 bn loan<\/strong> from Emirates NBD, Standard Chartered, and a number of other banks. The funds will go to the Finance Ministry to help meet the basic needs of Egyptians amid ongoing geopolitical tension. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MPs also gave preliminary approval to two draft bills on maritime <\/strong><strong>inspection fees and maritime trade<\/strong>, with a final vote set for a later session. The first bill will update fee structures (no word on how much of an increase folks could be facing), while the second will regulate the process of a vessel acquiring the Egyptian nationality. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda today: <\/strong>Investment Minister Hassan El Khatib will deliver a statement on the ministry\u2019s efforts to attract investors and make Egyptian exports more competitive. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1- Investors still have the chance to subscribe to Catalyst SPAC capital increase: <\/strong>Investors have until Thursday to subscribe to Impact investor Catalyst Partners\u2019 SPAC, Catalyst Partners Middle East\u2019 (CMPE) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/add97eb5-5ab0-4599-be02-6e95269ae6e2\/egypt%25e2%2580%2599s-first-spac-looks-to-acquire-qardy-through-share-swap\" style=\"\" rel=\"noopener\">capital increase<\/a>. The SPAC wants to raise its capital to EGP 235 mn by offering 22.5 mn shares \u2014 valued at EGP 10 per share. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demand is high: <\/strong>The offering was fully covered during its first day, sources close to the transaction told EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- It\u2019s day two of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/x.com\/D8org\/status\/1868576590147293665\" style=\"\" rel=\"noopener\">D-8 Organization for Economic Cooperation meeting<\/a><\/strong>, which Egypt is hosting. The meeting is taking place in the lead up to the Session of the D-8 Council of Foreign Ministers \u2014 being held tomorrow \u2014 and the D-8 Summit \u2014 being held on Thursday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The D-what? <\/strong>The so-called Developing Eight, founded back in the mid-1990s, includes Egypt, Turkey, Indonesia, Iran, Malaysia, Nigeria, Bangladesh, and Pakistan.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another cool day in Cairo, with a high of 22\u00b0C and a low of 11\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s just as cold in Alexandria<\/strong>, with a high of 21\u00b0C and a low of 11\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a busy morning in the international pages<\/strong>, with a number of business and political headlines worth noting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.defense.gov\/News\/News-Stories\/Article\/Article\/4005902\/centcom-strikes-isis-new-carrier-group-enters-region\/\" style=\"\" rel=\"noopener\">US forces struck Isis targets in Syria<\/a><\/strong><strong>, killing 12 in a precision air raid<\/strong> aimed at disrupting the group\u2019s resurgence. The strikes targeted \u201cformer Regime and Russian controlled areas ensuring pressure is maintained on Isis,\u201d the US Centcom <a target=\"_blank\" href=\"https:\/\/x.com\/CENTCOM\/status\/1868708397149036782\" style=\"\" rel=\"noopener\">said<\/a> following the attack. The Centcom vowed continued action to ensure Isis doesn\u2019t exploit current instability in Syria. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cdd9f143-f9f2-44ec-b9a3-f06ffff06eba\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-syria-news-16-december-2024-4ed0ec24506a1b78f0561ed0cc8f0994\" style=\"\" rel=\"noopener\">AP<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OVER IN CANADA- Canada\u2019s Deputy Prime Minister and Finance Minister Chrystia <\/strong><strong>Freeland abruptly resigned<\/strong> after clashes with Prime Minister Justin Trudeau over fiscal policy and US trade threats as president-elect Donald Trump prepares to step into the White House. Freeland\u2019s exit, framed by some as a \u201cleadership crisis,\u201d leaves Trudeau politically vulnerable as his government faces lower approval ratings ahead of next year\u2019s elections. Her resignation follows the departure of several other key ministers, amplifying pressure on Trudeau to step down. Trudeau has tapped close friend Dominic LeBlanc to replace Freeland. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/americas\/canadas-finance-minister-resigns-2024-12-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/12\/16\/world\/canada\/chrystia-freeland-resigns-canada-finance-minister.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/06a51169-79f5-42b4-8117-4a483b8efe24\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/finance-minister-chrystia-freeland-resigns-trudeau-a8355a62870edd962fee8138dc6bfc77\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.economist.com\/the-americas\/2024\/12\/16\/a-crushing-blow-for-the-justin-trudeau-show\" style=\"\" rel=\"noopener\">The Economist<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2024\/12\/16\/canada-chrystia-freeland-resigns\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/americas\/canadas-finance-minister-chrystia-freeland-resigns-from-cabinet-c549f77f\" style=\"\" rel=\"noopener\">WSJ<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Scholz loses confidence vote: <\/strong>German Chancellor Olaf Scholz lost a confidence vote in the country\u2019s parliament, putting the country on track for an early election next February. The vote follows the collapse of his coalition government after a fallout with his former finance minister. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: Scholz wanted the confidence vote to fail so that he could call early elections. <\/strong>Friedrich Merz\u2019s conservative CDU currently leads in polls. (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/12\/16\/german-chancellor-olaf-scholz-loses-confidence-vote.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/german-chancellor-scholz-ask-parliament-clear-way-new-elections-2024-12-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/dec\/16\/german-chancellor-olaf-scholz-loses-confidence-vote-triggering-early-elections\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2024\/12\/16\/olaf-scholz-confidence-vote-germany-election\/\" style=\"\" rel=\"noopener\">The Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20241216-under-fire-scholz-to-trigger-german-elections-with-confidence-vote\" style=\"\" rel=\"noopener\">France 24<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-16\/germany-faces-political-standstill-as-campaign-season-kicks-off?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** 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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We look at what Egypt is doing to up its energy efficiency to help meet climate goals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 told Al Arabiya. Remember: The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":657218,"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-657217","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":"3422acfc-009b-4e39-99fa-3a58603a1bae","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/12\/1565.jpg","photo_position":"above","homepage_title":"","full_issue_title":"House approves USD 2 bn loan for Egypt\u2019s FinMin","related_issue":[657215],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.f90b08ce-1bd6-47a6-9819-22e86982e8c4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>House approves USD 2 bn loan for FinMin - 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\/17\/house-approves-usd-2-bn-loan-for-finmin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House approves USD 2 bn loan for FinMin\" \/>\n<meta property=\"og:description\" content=\"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 told Al Arabiya. 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We have a packed, M&A-heavy issue for you to close out the week, so let\u2019s jump into it. WHAT\u2019S HAPPENING TODAY- Expect to hear more about the Madbouly government\u2019s plans to ration electricity today: The cabinet will announce the full details of\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":548625,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-morning-cbe-odds-on-to-hike-rates-this-thursday-kenya-has-a-new-president\/","url_meta":{"origin":657217,"position":1},"title":"THIS MORNING: CBE odds-on to hike rates this Thursday + Kenya has a new president","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Good morning, friends, and welcome to a big news morning. There\u2019s plenty of good news today, including the first tentative sign of renewed foreign appetite for Egyptian debt and another boost to our regional energy hub ambitions (from The Company Formerly Known As Delek and a compatriot).Also notable: Six of\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":552160,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-evening-auf-group-snaps-up-75-5-of-modern-international-confectionery-its-a-mixed-bag-out-in-the-international-press\/","url_meta":{"origin":657217,"position":2},"title":"THIS EVENING: Auf Group snaps up 75.5% of Modern International Confectionery + It\u2019s a mixed bag out in the international press","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Happy hump day, ladies and gentlemen. It\u2019s a mixed day on the news front today \u2014 not too busy here at home, but not quite what we would call a \u201cslow\u201d day.THE BIG STORY TODAY Auf Group grabs local snacks player: Egyptian healthy food company Auf Group acquired a 75.5%\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599034,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/17\/what-were-tracking-on-17-june-2019\/","url_meta":{"origin":657217,"position":3},"title":"What we\u2019re tracking on 17 June 2019.","author":"enterpriseam admin","date":"17 June 2019","format":false,"excerpt":"We\u2019re particularly happy to kick off this morning\u2019s Speed Round with a run of investment and M&A news. 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