A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
October 19 to October 25 Coverage:
The Deutsche Bank expects Egypt’s economy to grow by 3.5% during the current fiscal year (FY) 2020/21, according to the Ministry of Planning and Economic Development (MPED).
Egypt was ranked first in Africa and fourth in the Arab region in COVID Recovery Index (CERI) by scoring 51.23 points out of 100, according to Horizon Group report in September.
The Minister of Planning and Economic Development, Hala Al Saeed, announced that the government allocated EGP 28 billion of investments for the transportation sector in 2020, compared to EGP 26 billion in 2019, to reduce deaths caused by road accidents by 44% to reach 7,000 in 2020.
The MPED reported that Indonesia invested $111.6 million in 22 projects in Egypt and ranked 55th in the list of countries investing in Egypt.
The Minister of Trade and Industry, Neveen Gamea, declared that trade exchange between Egypt and the US amounted to $8.62 billion during 2019 compared to $7.53 billion in 2018.
Neveen Gamea, the Minister of Trade and Industry, said that the US’ investments in Egypt are worth $21.8 billion in the different sectors of industry, service construction, finance, agriculture, tourism, telecommunication and information technology.
The Minister of Trade and Industry, Neveen Gamea, stated that the Egyptian exports to Sudan increased by 19% reaching $496 million in 2019 compared to $418 million in 2018.
Rania Al Mashat, the Minister of International Cooperation, signed a Japanese grant with Masaki Noke, the Ambassador of Japan in Egypt of JP¥ 1 billion, which is equivalent to $9.5 million to be directed for supporting the health sector in Egypt in facing COVID-19 pandemic.
The Ministry of International Cooperation (MOIC) reported that the current cooperation portfolio between Egypt and Japan is worth $2.48 billion invested in 13 projects.