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.
May 17 Coverage to May 23:
The Ministry of International Cooperation (MOIC) allocated $3.2 billion development financing to private sector companies and small and medium enterprises (SMEs) in 2020.

Egypt in cooperation with 32 companies from 12 countries invested in clean and sustainable energy projects, with more than $2 billion in 2020, MOIC stated.

Egypt’s microfinance portfolio increased to EGP 47 billion directed to four million customers in December 2020 due to the Central Bank of Egypt (CBE) initiatives, according to MOIC.

The current portfolio between Egypt and South Korea worth $473 million supporting several sectors , MOIC declared.
South Korea sent three shipments of medical supplies worth $900,000 to Egypt in 2020 to combat COVID-19 repercussions, MOIC stated.

Egypt and Germany have signed agreements for Germany to fund EUR 57.5 million to implement six projects in Egypt’s various sectors , according to MOIC.

The Sovereign Fund of Egypt (TSFE) and EFG Hermes Holding S.A.E have signed agreements to acquire 76% of the Arab Investment Bank (AIB) capital, Ministry of Planning and Economic Development (MPED) announced.

The Egyptian economy is the second among ten countries in the world achieving a positive growth rate of 3.6%, initial surplus of 1.8% , and a reduced debt to GDP ratio to 88%, Ministry of Finance reported.


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