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.

September 28 to October 5 Coverage:

The IHS Markit Egypt Purchasing Managers’ Index (PMI) rose to 50.4 in September from 49.4 in August in the non-oil private sector economy.

The European Bank for Reconstruction and Development (EBRD) expects a 2% growth in Egypt’s economy, stating that it is the only economy across all of the EBRD regions likely to escape recession in 2020. 

The World Bank approved a $200 million project to improve air quality and combat climate change in Greater Cairo.

The European Investment Bank (EIB) has signed a $22 million deal with LCP Fund II to contribute to Egypt’s private sector development with capital investments in small, and medium enterprises (SMEs) and mid-market companies.

Egypt sold $750 million in five-year green bonds, at a yield of 5.25% after gathering more than $3.7 billion of investor bids.

Banque du Caire received a loan of $15 million from the SANAD Fund for MSME (SANAD). The loan will be directed towards micro, small, and medium enterprises (MSMEs), agricultural producers, and microfinance institutions (MFIs) in Egypt.

The Hungarian Export-Import Bank Plc. (Eximbank) has invested EUR 100 million to finance industrial projects with Egyptian local partners, the Cabinet stated.

The trade balance between Egypt and Hungary amounted to $354 million in 2019 compared to $266 million in 2018; with Egyptian exports reaching $171 million in 2019, against $140 million in 2018,  an increase of 22%.

Ministry of Planning and Economic Development (MPED) allocated EGP 47 billion in public investments to Upper Egypt during the fiscal year (FY) 2020/21; denoting a 50% increase over FY 2019/20 budget.


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