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.

March 16 Coverage to March 22:

The Central Bank of Egypt (CBE) maintained its overnight deposit rate, overnight lending rate, the rate of the main operation, and the discount rate at 8.25%, 9.25%, 8.75%, and 8.75%, respectively. 

The African Development Bank (AFDB) forecasts Egypt’s economic growth to increase by 3% in 2021.  

The European Bank for Reconstruction and Development (EBRD) loaned a $100 million financing package to Banque du Caire for trade financing and on-lending to local micro, small and medium-sized companies (MSMEs).

The Cabinet approved a $50 million loan by the Arab Fund for Economic and Social Development (AFESD) to finance SMEs in the private sector.

Sharbatly Group plans to invest $2.5 billion in Egypt over the next five years.

Egypt will allocate EGP 320 million to establish a water treatment plant in New Azab, Fayoum.

The minimum wage for civil servants will be raised by 20% to EGP 2,400 from EGP 2,000 per month as of the next fiscal year (FY) 2021/22.

Alexandria’s customs authority collected EGP 1.9 billion on import certificates in February, in addition to about EGP 5.8 billion collected value-added taxes (VAT) and other fees for these certifications.  


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