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.

July 7 to July 13 Coverage:

CBE’s annual core inflation rate recorded 0.95% in June, compared to 1.5% in May.

Egypt’s net international reserves recorded $38.2 billion in June 2020, increasing by $2.2 billion from May, according to CBE.

Mars Wrigley’s Egypt Market Director Dalia Salib stated that the company has invested $200 million in Egypt, according to the Cabinet.

Investments of Hayah Karima initiative in Sohag were estimated at about EGP 630 million, reaching about 500,000 beneficiaries, according to the Cabinet.

Cotton and Textile Industries Holding Company alongside Misr Spinning and Weaving Company will build the largest textile factory in the world, with a production capacity of 30 tons of cotton per day and valued at EGP 780 million, according to the Cabinet.

MOIC and Canada signed two agreements valued at CAD 14 million to be allocated towards the health sector, socio-economic support, and women empowerment, under the bilateral development assistance program.

MOIC signed six new grant agreements valued at $90 million with USAID  which will directed towards sectors of education, higher education, scientific research and technology, health, agriculture, commerce, and investment.

The Arab Investment and Export Credit Guarantee Corporation affirmed that Egypt was the top destination for FDI in the Arab region in 2019, with about $13.7 billion, according to MPED

FDI inflows to Egypt in 2019 represented 23% of the total inflows to the Arab region, increasing by 7% compared to 2018’s and with an average value of about $98 million per project, according to MPED.


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