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.

December 6 Coverage to December 13:

The Central Bank of Egypt (CBE) announced that the annual headline inflation rate recorded 5.7% in November, compared to 4.5% in October.

The Minister of International Cooperation, Rania Al Mashat, had signed development funds of EUR 715.6 million in several development sectors with the Agence Française de Développement (AFD).

Egypt’s current economic cooperation portfolio with France amounted to EUR 7.5 billion since 1974, through more than 42 cooperation protocols in various sectors, the Ministry of International Cooperation (MOIC) reported.

The European Bank of Reconstruction and Development (EBRD) provided a loan of $ 4.2 million to TAQA PV Solar Energy, as part of a financing package of up to $10 million, to support the first green private- to- private projects in Egypt.

The Minister of International Cooperation, Rania Al Mashat and the European Union (EU) signed a new amendment to the “Health Sector Policy Support Programme II” of EUR 89 million to support healthcare services during the pandemic.

MOIC stated that Egypt’s current cooperation total portfolio with the EU reached about EUR 1.35 billion in form of grants.

The Export Development Bank of Egypt (EBE)’s net profit reached EGP 1.14 billion in the fiscal year (FY) 2019/20 with total assets of EGP 56.7 billion, as stated by the Ministry of Trade and Industry (MTI).

Egypt- Common Market for Eastern and Southern Africa (COMESA) trade exchange volume increased to EGP 3.9 billion in 2019, compared to EGP 3.2 billion during 2018, according to MTI.

The Egyptian exports to Russia reached $436.4 million during the first nine months of 2020, compared to $406.7 million during the same period of 2019, increasing by 7.3%, according to MTI.

Total Russian investments in Egypt reaches $1.17 billion including 480 projects most of which are in the oil and gas sector, Minister of Trade and Industry, Neveen Gamea, announced.



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