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.

February 16 Coverage to February 22:

The unemployment rate fell to 7.2% in Q4 2020, a slight decline of 1.4%  from 7.3% in Q3 2020, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The Central Bank of Egypt (CBE) pledged EGP 2 billion to back the credit guarantee schemes issued by the Credit Guarantee Company (CGC) to banks under the CBE’s EGP 50 billion initiative to support the renovation of hotels.

The total trade volume between Egypt and Japan recorded $1.3 billion, indicating a 22% growth year-on-year (YoY) during 2020.

Egypt will receive a $240 million loan from the Japan International Cooperation Agency (JICA) to fund development plans in the energy sector and support the state budget.

The Ministry of Planning and Economic Development (MPED) completed 424 development projects in Assiut valued at EGP 17.5 billion in FYs 2018/19 and 2019/20.

The International Finance Corporation (IFC) will lend $30 million to the Egyptian division of Pasabahce to help it grow exports and improve energy practices.

The Ministry of Social Solidarity (MOSS) increased Nasser Social Bank’s Family Insurance Fund from EGP 511 million in FY 2019/20 to EGP 528 million, indicating an EGP 17 million increase.

The state allocated more than EGP 5.3 billion towards the irregular employment grant from the beginning of the pandemic until February 2021.



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