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Sunday, 22 May 2016

What we’re tracking in the week of 22 May

The House of Representatives will vote to approve a USD 243 mn loan from the Arab Monetary Fund on Tuesday 24 May, said House Economic Committee member Amr Al Gohry. The loan, which carries a 1.2% interest rate, will be used to shore up FX reserves. The committee will discuss the CBE report on Monday ahead of sending it to parliament for the vote. Al Gohry noted that the committee has requested further details on how the CBE plans to pay back the USD 1.6 bn it has loaned from the fund since its formation, with the CBE promising to respond today.

Sir Suma in town to ink EUR 320 mn in agreements: European Bank for Reconstruction and Development President Sir Suma Chakrabarti will arrive in Cairo on Wednesday, 25 May to sign EUR 320 mn in loan agreements with the government. The loans will help finance transportation, irrigation, and water infrastructure development projects, Al Borsa reports.

With just over two weeks to go before the Holy Month is due to begin (probably on 7 June), we’re looking at the usual pre-Ramadan crush of conferences this week and next:

  • On 25-26 May (Wednesday-Thursday) The Middle East and North Africa Solar Conference and Expo MENASOL 2016 kicks off at the Hyatt Regency in Dubai.
  • Also on Wednesday: The FAO and EBRD conference “Securing the future of Baladi bread: how Egyptian public-private partnerships can help deliver tomorrow’s food security,” Sofitel El Gezirah, Cairo. Register here.
  • The second Africa and Middle East conference on software engineering (AMECSE) is happening at Intercontinental Citystars in Cairo on 28-29 May.
  • The two-day Middle East Regional Forum Egypt kicks off on Monday 30 May at The Movenpick Hotel & Casino Cairo-Media City in Cairo.
  • N Gage’s Investment Regulation Forum in cooperation with Pepsico kicks-off on 29 May (Sunday) at the Four Seasons Nile Plaza, Cairo. Register here.
  • On 1-2 June (Wednesday and Thursday) the Cisco Connect Egypt 2016 is taking place at Cairo’s Royal Maxim Palace Kempinski. You can go ahead and tap here to register.
  • Right after, the first annual EBRD Research Symposium on the Economics of the Middle East and North Africa takes place on 2-3 June (Thursday-Friday) at the EBRD headquarters in London.
  • Oh, and OPEC meets on Thursday, 2 June. Don’t expect an agreement to reduce output.

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