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 9 to June 15 Coverage:

MPED allocated EGP 8.5 billion for the establishment of 13 industrial parks in various governorates to serve small and medium enterprises (SMEs).

The number of employees working in SMEs’ sector reached 5.8 million; representing 43.1% of employment in the private sector, according to MPED.

CAPMAS reported that the monthly core inflation rate increased by 0.1% in May and the annual core inflation recorded 5% in May 2020 compared to 13.2% in May 2019.

Non-petroleum imports have decreased by 21.2% from January to April in 2020, whereas non-petroleum exports have decreased by 1.8%, according to CAPMAS.

Unilever’s investments in Egypt amounted to about EGP 7 billion, including EGP 1.5 billion which have been invested since November 2016 to modernize and increase the company’s production capabilities, according to the Cabinet. 

The Cabinet stated that over EGP 3 billion were disbursed from the Export Development Fund to cover exporting companies’ arrears’ during April, May, and June 2020; rounding up the total money spent on arrears since July 2019 to about EGP 5.2 billion. The fund provides cash liquidity to the exporting companies during the coronavirus crisis, so that they can pump them into production.

MOIC has said that $249 million from the Arab Fund for Economic and Social Development (AFESD) will be allocated to finance the establishment of Bahr El-Baqar drainage system project.

The House of Representatives approved a $1.74 million grant agreement submitted by the World Bank and the International Development Association (IDA) which aims to improve the investment climate in Egypt, according to MOIC.

MOIC signed three financing agreements with the European Investment Bank in the sewage sector and transportation, with a total value of EUR 122.7 million.

Smart Paper Co. plans to invest over EGP 1 billion in a food processing complex in Beheira, according to Al Mal.


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