Back to the complete issue
Tuesday, 5 April 2022

Egypt in the News: Helping hands from our friends in the Gulf and at the IMF

Budgets and international backing are getting attention in the foreign press this morning: Reuters is picking up on pledges from the UAE, Qatar and Saudi Arabia of up to USD 22 bn in investment and central bank deposits to support Egypt’s finances through the fallout from the war in Ukraine.. The newswire also names Egypt in an analysis of “frontier economies” facing risks on the back of the volatility stirred up by the war. Meanwhile, rights groups have urged the IMF to prioritize social protection during ongoing talks with Cairo on a new financial package.

Also making headlines:

  • PHOTO ESSAY- “Give us our daily bread”: Cairo-based photojournalist Hamada Elrasam captures the lives of Egyptians struggling with rising food prices caused by the Ukraine war. (The Guardian)
  • Egypt is trying to consolidate ties in East Africa amid its rift with Ethiopia over the disputed Grand Ethiopian Renaissance Dam. (The Africa Report)
  • Egypt’s banks increase focus on consumer finance. (Euromoney)
  • More love for Khazna’s big USD 38 mn round. (TechCrunch)

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.