Monday Minutes: Economic Snapshot

A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.

July 14 to July 20 Coverage:

Afreximbank paid out $3.55 billion to the Egyptian banking sector under its Pandemic Trade Impact Mitigation Facility (PATIMFA) since the start of COVID-19 in March. The bank has also provided $300 million to NBE to support activities aimed at expanding intra-African trade. 

EIB allocated EUR 1.1 billion to improve urban transportation that will transform public transport in cities across Egypt.

Egypt Kuwait Holding (EKH) will resume its $20 million buyback program to purchase 14.85 million of its shares from the EGX.

The state allocated EGP 260 million in investments towards Beheira development plan per the Hayat Kareema project, according to the Cabinet.

The Cabinet approved a $95 million facility from the OPEC Fund for International Development to support SMEs and a $50 million facility from IBRD to support the state’s efforts to combat COVID-19 pandemic.

MOIC applied for an urgent grant of medical equipment from Japan valued at approximately about $9 million.

The Egyptian Customs Authority collected more than EGP 3 billion in customs duties, taxes, and other charges at Port Said Customs in June.

Futek Lighting will invest EGP 60 million in medical devices, according to Al-Shorouk.