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.

January 19 coverage to January 25

The Minister of Planning and Economic Development, Hala El Said, approved allocating EGP 450 million for roads and bridges in fiscal year (FY) 2020/21.

El Said pointed out that Egypt’s ranking in the Road Quality Index jumped from 118th in 2014 to 28th in 2019, according to the Global Competitiveness Reports.

El Said approved EGP 200 million for two ministries; the Ministry of Electricity and Renewable Energy; and the Ministry of Housing, Utilities and Urban Communities for FY 2020/21, directing EGP 100 million for each ministry for the Ring Road development plan.

The Minister of International Cooperation, Rania Al-Mashat, stated that the development financing in Sinai is directed mainly towards the housing and utilities sector by 49%,  the transportation sector by 24%, and higher education and scientific research by 11%.

The Ministry of International Cooperation (MOIC) directed $3.07 billion to the Sinai Peninsula development program through Arab funds.

The Minister of Manpower, Mohamed Safaan, stated that the government has paid EGP 2.1 million as grants for 4,238 irregular workers in Qena.

The National Bank of Egypt (NBE) announced that its customer deposits portfolio reached EGP 1.8 trillion at the end of December 2020, and aims for the retail loan portfolio to reach EGP 143 billion by the end of December 2021.





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