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 22 to June 29 Coverage:

The IMF approved a 12-month Stand-By Agreement (SBA) for Egypt, with total access of about $5.2 billion to address the balance of payments financing needs arising from the COVID-19. 

EBRD will provide NBE with a $100 million loan for on-lending to SMEs impacted by COVID-19.

CBE will leave the overnight deposit rate, overnight lending rate, and the rate of the main operation, and the discount rate without change at 9.25%, 10.25%, 9.75%, and 9.75%, respectively.

UNICEF will provide about $17 million in support of the Egyptian government’s efforts to combat the coronavirus pandemic, according to MOIC.

Egypt remains the largest recipient of foreign direct investment (FDI) in Africa in 2019, with FDI inflows increasing by 11% to reach $9 billion, MPED stated.

The IMF expects the Egyptian economy to be among the top 30 economies worldwide representing 83% of the world’s gross domestic product (GDP), according to MPED.

P&G plans to invest $50 million in Egypt by the end of 2021 to expand production capacity, according to the Cabinet.

The Saudi Grant Management Committee’s board gave approval on the financing of five projects in Egypt with a total fund of EGP 200 million, according to the Cabinet. 

The Cabinet stated that Egyptian merchandise exports to Jordan increased by 27.5% in Q1 2020 recording $120.9 million compared to $94.8 million in Q1 2019.

The merchandise trade balance between Egypt and Jordan achieved a surplus of 50.8% in favor of Egypt in Q1 2020 amounting to $93.5 million, compared to $62 million in Q1 2019, according to the Cabinet. 

Proparco granted a $20 million finance facility to T&C Garments, an Egyptian-Turkish JV specialized in manufacturing denim clothes for export, to support thousands of jobs over the coming years. 



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