On the horizon
IMF Mission Chief to Egypt Chris Jarvis is set to visit Cairo sometime next month to assess progress on Egypt’s economic reform program. The USD 1.25 bn second tranche of the funding should be disbursed by 15 March, contingent on the results of the review. Meanwhile, CBE Governor Amer met with the House of Representatives economic subcommittee yesterday. He said the USD 2.75 bn first tranche of the IMF funding was added to the central bank’s reserves and not used to pay any debts, according to Al Borsa. He added that foreign investment in T-bills grew to EGP 10.2 bn since the EGP was floated in November, Al Mal reported. Amer said the trade deficit remains large — with imports coming in at USD 57 bn and exports reaching USD 19 bn — and that more efforts are needed to strengthen Egypt’s exports, reduce imports, and strengthen sectors including tourism and agriculture.
Applications to Flat6Labs Cairo are open to entrepreneurs now: Flat6Labs accelerator program selects up to 10 companies to join it each cycle, puts them on track to become a full-fledged scalable startup, and provides them with up to EGP 1 mn in funding. Companies that have completed previous Flat6Labs cycles include Instabug and Pushbots. You can apply here.