Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

A summary of last week’s major macroeconomic developments and trends brought to you all on a single page at your convenience.

Monday Minutes from September 20 to September 26

Egypt sold $3 billion in three-tranche US dollar-denominated bonds of 6, 12 and 30-year notes, with a value of $1.125 billion, $1.125 billion, and $750 million respectively, the Ministry of Finance (MoF) declared.

Trade exchange between Egypt and Jordan increased by 30% reaching $370 million in H1 2021, compared to $283 million in the same period last year, Nevine Gamea, the Minister of Trade, declared.

Trade exchange between Egypt and Sweden inched up 25% from $734 million in 2020 to $913.4 million, the Cabinet stated.

Ain Sokhna Port recorded an increase of 23% of exporting volume through containers, and a 25% increase in trading in H1 2021 compared to the same period last year, Yehia Zaki, Chairman of the Suez Canal Economic Zone (SCZone) declared.

SCZone provided about 80,000 direct and indirect job opportunities, noting that the zone’s total investments amounted to about $18 billion, the Cabinet reported.

Egypt signed development financing agreements worth $1.9 billion in H1 2021 to support the private sector, compared to $3.2 billion in 2020, Rania Al-Mashat, the Minister of International Cooperation (MOIC) said.

Micro, Small & Medium Enterprise Development Agency (MSMEDA) pumped EGP 25.7 billion to support small and micro enterprises during the period from July 2016 to July 2021, the Cabinet said.

The newly launched e-invoicing system for taxes has over 2,700 registered companies, and more than 55 million recorded invoices, including 2,800 tax evasion cases of EGP 3.5 billion, the Ministry of Finance announced.

The Ministry of Trade & Industry (MTI) agrees to form a task force with the Ministry of Finance (MoF) to implement 26 incentive measures out of 100, as part of an initiative to promote industry, Minister of Trade Nevine Gamea announced.

Yara Mohamed 139 Posts

Yara has a BSC Degree in English and Translation. She recently joined the writing team of Egypt Oil & Gas, bringing along with her an experience of content marketing writing.


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