Back to the complete issue
Wednesday, 14 December 2016

What we’re tracking on 14 December 2016

Fallout from this weekend’s Cathedral bombing continues, with an MP claiming the House has “given the government a 30-day deadline” to join a “parliamentary revolution” against terrorism. We have more in Speed Round, below.

IFC chief in Cairo today, to meet El Sisi and confirm USD 10 mn investment in Algebra VC fund: International Finance Corporation Executive VP and CEO Philippe Le Houérou, in Egypt for a two-day visit, will meet President Abdel Fattah El Sisi today. According to Al Mal, Le Houérou will also meet with cabinet members and business leaders.

Le Houérou will sign three agreements for infrastructure development and improving access to finance for small businesses and young entrepreneurs, according to the IFC. One of the agreements he is expected to sign today is IFC’s USD 10 mn commitment to Algebra Ventures new venture capital fund, which expect will close in the USD 50 mn neighborhood. The fund has also landed commitments from the Egyptian-American Enterprise Fund and Cisco, as we have previously reported. Le Houérou should also be signing an agreement today with Hassan Allam for infrastructure development assistance, according to Youm7.

The House of Representatives is expected to vote on what we’re dubbing “part 1” of the Press and Media Act today, after voting to approve the law in principle yesterday, state-owned Al Ahram reports. As we noted earlier this week, the Media Act was divided into two bills: one to set up three regulators to police the media (Part 1), and one to establish regulations and guidelines for working in media (Part 2). The law, clearly on the fast track, has not just journalists in the independent press but members of the state-owned media and the current media regulation apparatus reeling.

It’s interest rate day in America, with Fed fund futures showing “a 97 percent probability that the Fed will lift rates by a quarter of a percentage point at the end of its two-day policy meeting” today, Reuters reports. The challenge now: Managing expectations at the start of the Trump era, the WSJ suggests, noting, “A rallying stock market, rising bond yields and the return of inflationary pressures are creating new challenges for the Federal Reserve … with investors already looking past an expected increase in the benchmark rate and focusing on any signals about a more aggressive policy in the months and years ahead.”

The two-day National Conference for Egyptian Scientists and Experts Abroad will kick off in Hurghada today.

** We have two conference reports for you this morning: Our wrap of RiseUp 2016 is here, and we have a quick report on Business News’ Automotive Summit in a spotlight, below.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.