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 15 to June 22 Coverage:

MoF has drafted the new budget for FY 2020/21 at EGP 2.2 trillion. Whereas MOHP will have EGP 258.5 billion, EGP 241.6 billion is allocated to the Ministry of Education and EGP 122 billion to the Ministry of Higher Education.

MoF will subsidize petroleum products with EGP 28.2 billion and natural gas delivery with EGP 3.5 billion in FY 2020/21.

MoF plans to increase the tax exemption limits by 60%, as well as increasing government investments to EGP 280.7 billion in FY 2020/21.

MPED allocated EGP 47.1 billion towards the development of Upper Egypt in FY 2020/21, an increase of 46% compared to FY 2019/20.

Upper Egypt accounts for about 25.1% of the total targeted government investments during FY 2020/21, according to MPED.

MPED allocated EGP 6.51 billion to Aswan, EGP 6.1 billion to the Red Sea, EGP 6 billion to Qena, EGP 5.45 billion to Sohag, and EGP 2.8 billion to Luxor in FY 2020/21 budget.

The agriculture and irrigation sector budget for FY 2020/21 was set at EGP 34.5 billion compared to EGP 33.9 billion with a 2% increase for FY 2019/20. Meanwhile, MWRI’s budget was estimated at EGP 8.32 billion, according to the Cabinet.

EBRD has approved a $100 million loan to CIB to support SMEs and corporations through the pandemic.

AFDB approved a EUR 225 million loan to finance Egypt’s Electricity and Green Growth Support Program (EGGSP), according to MOIC.

Hassan Allam Holding signed an $89 million debt financing package with Ghazanfar Group’s Afghan Power Plant Company to develop a 59 MW gas power plant in northern Afghanistan’s Mazar Sharif.


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