New recycling tender + banks ❤️ government paper
The Local Development Ministry launched a tender for the construction of four solid waste recycling and treatment facilities in Daqahliyah and Kafr El Sheikh governorates, it said in a statement. The facilities will be able to process up to 600 tons of waste a day. This comes as part of the EBRD-funded project to clean the Kitchener Drain of pollution. Companies have one month to bid for the project.
Banks really want that government paper: The central bank received a record EGP 642 bn in bids from banks at its weekly deposit auction yesterday. Economic analyst Hany Geneina tells Bloomberg Asharq that the huge volumes were triggered by the central bank’s decision to hike the reserve ratio last week, a move which will restrict banks’ abilities to lend and curtail interest income. Banks submitted bids worth about EGP 50 bn for deposits at auctions in the first quarter of this year and the figure has steadily climbed since then after the interest rate hike that accompanied the March 2022 devaluation.
Egypt has submitted its candidacy for one of the 13 African seats on the board of the International Telecommunication Union (ITU) for 2022-2026, the Communications Ministry said. Elections will take place during the ITU Plenipotentiary Conference taking place in Bucharest, Romania, between 26 September and 14 October. Egypt sat on the ITU board for the 2018-2022 period.