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.

October 18 Coverage to October 24:

Fitch Ratings maintains Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at “B+” with a “stable” outlook.

Egyptian exports increased by 31.5% to $2.94 billion during July 2021, compared to $2.24 billion during the same month in 2020, Central Agency for Public Mobilization and Statistics (CAPMAS) declared.

Suez Canal Authority (SCA) ranked the second most important logistics company in the Middle East and North Africa (MENA) region during 2021, the Information and Decision Support Center (IDSC) revealed.

Suez Canal achieved revenues of $3 billion during H1 2021 increasing by 8.6%, compared to the same period in 2020, IDSC stated.

The Egyptian House of Representatives approved four development financing agreements worth $255 million with two international partners to support the state’s development efforts, the Ministry of International Cooperation (MOIC) disclosed.

Egypt and Saudi Arabia are financially developing the electric connection between them that will be funded with $484 million from three entities, Minister of International Cooperation, Rania Al-Mashat declared.

The European Bank for Reconstruction and Development (EBRD) invested EUR 1 billion for funding 21 projects in Egypt during 2020 representing 47% of its total investments in the South and East Mediterranean region, MOIC announced.



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