Monday Minutes: Economic Snapshot

Monday Minutes: Economic Snapshot

A summary of the major macroeconomic updates and indicators brought to you on one page for your convenience.

August 11 to August 24:

The unemployment rate recorded 9.6% of the total labor force in Q2 2020, increasing by 1.9% than Q1 2020, according to the Central Agency for Public Mobilization and Statistics (CAPMAS.)

The Central Bank of Egypt (CBE) left its interest rates unchanged with the overnight deposit rate, overnight lending rate, the rate of the main operation, and discount rate at 9.25%, 10.25%, 9.75%, and 9.75% respectively.

Annual headline inflation recorded 4.2%, while the annual core inflation recorded 0.7% in July, according to CBE.

The European Investment Bank (EIB) is considering a EUR 750 million loan to Banque Misr to finance the Small and medium-sized enterprises (SMEs) affected by COVID-19 crisis.

The European Bank for Reconstruction and Development (EBRD) approved a financing package of $200 million to Banque Misr to support private businesses and trade in Egypt.

BLOM Bank plans to sell its Egypt assets due to the current financial crisis in Lebanon, and CBE will conduct the due diligence process soon. 

The Ministry of Finance (MoF) allocated EGP 12.7 billion towards Egypt’s digital transformation plan, EGP 122 billion towards the higher education sector, and EGP 60.4 billion for scientific research in FY 2020/21 budget.

The New and Renewable Energy Authority (NREA) inked an EGP 4.3 billion agreement with a consortium led by Denmark’s Vestas to construct a 250 MW wind farm in the Gulf of Suez, according to the Cabinet.

Diarna Exhibition earned EGP 1 million in sales during the five-day event, according to the Cabinet.

The Ministry of Water Resources and Irrigation allocated EGP 8.4 billion for the canal rehabilitation project which will cover 1.2 million acres in 19 governorates.

The state disbursed EGP 699.10 million worth of total allowances from the emergency fund to the affected establishments until June, according to the Ministry of Manpower.

The banking sector contributed EGP 180 billion to SME’s initiative, which helped 120,000 companies and about 1 million beneficiaries, according to the Spokesman of Egyptian Presidency Bassem Rady.

Banque Misr bought an additional 9% stake in CI Capital to become the biggest shareholder in the investment bank with 24.7%, Reuters reported.

ValU seeks an EGP 250 million credit facility from several banks to double the company’s bank financings to EGP 500 million, according to Al-Mal.

Benya Capital inked a deal exceeding $1 billion with AOI to build the largest fiber optic cable factory in Africa and the Arab region, which will be located in SCZone, Al-Shorouk reported.



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