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.

April 20 Coverage to April 26:

Egypt’s economy is expected to grow at 3.1% during the current fiscal year (FY) 2020/21. Meanwhile, Egypt’s Gross Domestic Product (GDP) is expected to grow by 5.3% during FY 2021/22, according to BNP Paribas’ economic research report.

The European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development (the OPEC Fund), the African Development Bank (AfDB), the Green Climate Fund (GCF), and Arab Bank signed a $114 million financing package with ACWA Power for the construction of the largest private solar plant in Egypt.

The government expects investments in Egypt to reach a total of EGP 1.25 trillion in FY 2021/22.

The Ministry of Planning and Economic Development (MPED) targets investment growth of 125% in “productive industries”, while investments in developing the country’s human capital will grow 70% in FY 2021/22.

Egypt plans to grow green projects to reach 30% of the state’s projects in the next two years.

The state collected over EGP 37 million through online payment on the Local Gate Service (LGS), the newly established virtual portal for providing online governmental services.

Egypt’s Evergrow has signed a $400 million loan agreement with a syndicate of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE). 



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