In an exclusive interview, Nicholas Papadopoulos, a Cypriot presidential candidate and the leader of the Democratic Party of Cyprus, discussed the possibility of building a natural gas pipeline between Cyprus and Damietta. This pipeline, he noted, would allow Cypriot gas to be processed in the Damietta LNG plant for re-export, benefitting both countries.

In a further sign of international cooperation, President Abdel Fattah El Sisi approved a nuclear-cooperation agreement with Saudi Arabia for the peaceful use of nuclear energy. The agreement covers cooperation for nuclear security and safety.

Even as Egypt presses its energy sector forward through international agreements, it is taking a breather and slowing the pace of its subsidy cuts. The Finance Minister, Amr El Garhy, noted that the government has no plans to cut fuel subsidies during FY 2017/2018. His statement followed the release of an IMF report calling for additional cuts to Egypt’s energy subsidies.

In another indication that Egypt’s reform agenda will take longer than originally projected, the IPO of Enppi has been pushed back until the first quarter of 2018, according to the Minister of Investment and International Cooperation, Sahar Nasr. The IPO was originally projected for sometime this year.

Despite these hiccups in the reform process, Egypt has made considerable progress in opening its energy markets. Since 2013, Egypt has signed 83 new E&P contracts, the Minister of Petroleum and Mineral Resources, Tarek El Molla noted. He attributes these contracts to the renewed confidence of IOCs in the Egyptian government because of its reform agenda.

In another positive sign that the international community has noticed Egypt’s reform efforts, the World Bank’s International Finance Corporation (IFC) will triple its funding to Egypt and invest $1 billion in the country during the current fiscal year. Out of the $1 billion, as much as $700 million may be directed toward renewable energy projects.

In addition to the IFC support for renewable energy development, EBRD and ICD will provide $57 million in financing for a solar plant in Aswan. Upon completion, the plant will generate 50 MW of energy. The EBRD loan is part of the bank’s plan to provide $500 million to support renewable energy projects in Egypt.

Egyptian companies have also garnered international attention. Nasdaq Dubai proposed that AMOC cross list some of its shares on the Dubai stock market. The Egyptian firm has yet to reply to the offer, according to Al Mal News’ sources, but a meeting between representatives of AMOC and Nasdaq Dubai is set to occur shortly.

Egyptian debt held by foreign lenders rose 42% to $79 billion during FY 2016/2017, according to the CBE, Amwal Al Ghad reports.

The CBE left interest rates unchanged at its meeting last Thursday. The overnight deposit rate will remain 18.75%. The overnight lending rate and the discount rate also remained steady at 19.75% and 19.25%.

Egypt approved an approximately $7 billion Eurobond program, according to the Egyptian Prime Minister, Sherif Ismail, Amwal Al Ghad reports.

The US agreed to provide $121.6 million to support Egypt’s economic reform and development plans, Al Ahram Online reports.

Egypt’s exchange rate at customs will remain at EGP 16 per $1, the Finance Minister, Amr El Garhy, said, according to Amwal Al Ghad.

Egypt is now ranked the 100th in the World Economic Forum’s Global Competitiveness Index, climbed 15 places. It is now ranked out of 137 countries.

Egypt’s population has risen to over 104.2 million, according to CAPMAS. Out of this figure, 94.98 million Egyptians live in Egypt and approximately 9.4 million live abroad, Amwal Al Ghad reports.

Egypt extended its tariffs on Chinese, Turkish, and Ukrainian steel rebar until December 6th, Al Ahram Online reports.

The government, according to Ahram Online, approved the devaluation of phone recharging cards by 36%.