A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
January 26 Coverage to February 1:
Egypt remained the top recipient of foreign direct investment (FDI) in Africa in 2020, attracting $5.5 billion despite a decrease of 39%, according to the United Nations Conference on Trade and Development (UNCTAD).
Egypt’s Growth Domestic Product (GDP) is expected to rise to 5.4% in 2021, according to the UN’s World Economic Situation and Prospects 2021 report.
Egypt ranked second in outbound merger and acquisition (M&A) transactions in both H2 2020 and the full year.
Investments of new projects contracted by industrial developers in Ain Sokhna Industrial Zone in 2020 have amounted to $1.077 billion, according to the Suez Canal Economic Zone (SCZone).
The Ministry of Planning and Economic Development (MPED) approved EGP 131 million to bolster the Ministry of Communications and Information Technology’s plan for the fiscal year (FY) 2020/21 and support digital transformation projects.
MPED allocated EGP 46.5 billion towards Cairo’s public investments in FY 2020/21 plan; indicating an increase of 41% over FY 2019/20 plan.
MPED allocated EGP 6.37 billion of public investments to Sharkia governorate in FY 2020/21 plan.
Trade exchange volume between Egypt and Switzerland in 2020 reached about $960 million due to the increase in Egyptian exports to the Swiss market.