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.

November 22 – November 29 coverage

The International Monetary Fund (IMF) and the World Bank (WB) expects Egypt’s economic growth to reach 5.8% in fiscal year (FY) 2022/23. 

Finance Minister Mohamed Maait stated that Egypt’s economy is expected to grow between 2.8 and 4% in FY 2021/22.

Egypt’s Ministry of International Cooperation (MOIC) and Germany agreed to launch the third tranche of “Debt Swap Program for Development” worth EUR 80 million, according to the ministry’s press release.  

The Ministry of Planning and Economic Development  (MPED) has announced the completion of the implementation of 20 development projects in the agricultural sector for a total of $4.3 billion in FY 2019/20, representing a 86% increase compared to FY 2018/19. 

The Suez Canal Economic Zone (SCZone) and the Sovereign Fund of Egypt (SFE) signed an agreement to establish the National Egyptian Company for Railroad Industries (NERIC) by about $ 10 billion, according to MPED’s press release

Etisalat’s CEO, Hazem Metwally announced that Etisalat will invest EGP 5 billion to renovate the company’s infrastructure and invest in advanced technologies in Egypt in 2021.

Egypt’s exports to other countries in the world have exceeded a quarter-trillion dollars over the last 10 years, to reach $276 billion. 

The Information and Decision Support Center (IDSC) has announced that $40 million has been allocated for research and exploration in the South Valley region since 2018. During this time, raw materials and mineral products exports  have reached $246 million.



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