A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
June 27 Coverage to July 4:
Egypt’s balance of payments (BoP) posted a surplus of about $1.8 billion during the Q3 of FY 2020/2021 (July-March), which concluded in last June, Central Bank of Egypt (CBE) reported.
Egyptian non-petroleum exports inched up by $1 billion to reach $14.6 billion during Q3 of FY 2020/2021 (July-March), CBE’s announced in a press release.
Egyptian expats’ remittances increased by 8.5% to $23.4 billion during the Q3 of FY 2020/2021 ( July-March), CBE declared.
The CBE announced that Egypt’s portfolio investment recorded a net inflow of $16 billion during the Q3 of FY 2020/2021 (July-March).
Egypt placed the second most attractive destination for foreign direct investment (FDI) inflows in the Arab region during 2020, acquiring 14.5% of total investments headed to the region, which represents $40.5 billion, Minister of Planning and Economic Development, Hala El-Said, stated.
The development partnerships between Egypt and the Islamic Development Bank Group (IsDb) reached $12.7 billion through financing 338 projects, the Minister of Planning and Economic Development, Hala El-Said, announced.
Egypt ranks 3rd among the top ten countries benefiting from the credits of IsDb, the Minister of Planning and Economic Development, Hala El-Said, said.
The National Wages Council (NWC) set a mandatory minimum wage for workers in the private sector at EGP 2,400 – with 7% as a periodic bonus– starting from January 2022, the Minister of Planning and Economic Development stated.
Egypt executed projects with a total value of EGP 2.4 trillion covering 22 governorates across the country during the period from FY 2014/2015 through end of FY 2020/2021, the Minister of Planning and Economic Development, Hala El-Said revealed.
Saudi Arabia’s investments in Egypt recorded about $30 billion through 6,000 working companies, according to the Minister of International cooperation (MoIC).
The Saudi Arabia Grant Management Committee provided Egypt with a $200 million grant to support micro, small and medium-sized Enterprises (MSMEs), MOIC stated.
The Saudi Arabia Grant Management Committee will provide a package of grants at EGP 70 million, EGP 100 million, and EGP 100 million to Banque Misr, the Industrial Development Bank (IDB), Banque du Caire respectively for financing purchasing medical equipment, financing clean energy projects and MSMEs, MoIC noted.
Multilateral and bilateral partners supported the Egyptian private sector by $1.8 billion during the H1 of FY 2020/21, the Minister of International Cooperation, Rania Al-Mashat, declared.