Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.

June 8 Coverage to June 14:

The Central Bank of Egypt (CBE) announced that the annual headline inflation rate recorded 4.8% in May compared to 4.1% in April.

The French government will allocate about EUR 1.7 billion for transport, housing, electricity, and wholesale markets projects in Egypt as part of its new agreement between the two countries.

Egypt and France signed an agreement to re-establish the French University in Egypt with EUR 12 million in funding and EUR 2 million grant.

Egypt and France signed a EUR 150 million deal on a budget support program provided by the French Development Agency to finance the social security sector in Egypt.

The remittances from Egyptians abroad increased by 8.5% from July 2020 to March 2021 compared to the same period in the previous fiscal year (FY) 2019/20.

The Ministry of Planning and Economic Development (MPED) announced that the current cooperation portfolio between Egypt and the International Islamic Trade Finance Corporation (ITFC) amounted to about $12.5 billion. 

MPED targets doubling green public investments from 15% of total public projects in FY 2020/21 to 30% in FY 2021/22 and 50% in FY 2024/25.

Ministry of Local Development stated that Egypt invested in Beni-Suef about EGP 105 billion from 2014 to 2021 in transportation, electricity, local development, and other vital sectors.

The Ministry of Local Development revealed that the total allocated public investments to Upper Egypt reached EGP 374 billion in the past seven years.

Egypt implemented over 320 agriculture development projects of more than EGP 40 billion during the past seven years.


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