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Wednesday, 11 January 2023

Oil Ministry projects won’t freeze FX spending -El Molla

ENERGY-

Oil Ministry projects are excluded from the government’s decision to ration FX spending, Minister Tarek El Molla told CNBC in an interview (watch, runtime: 10:08) The Oil Ministry’s partner companies tend to cover upfront investments in new oil and gas projects rather than the ministry itself, El Molla added. The Madbouly government directed on Monday that all but “essential” ministries make budget cutbacks until the end of the current fiscal year and limit spending on some national projects that require FX.

KarmSolar has secured EGP 83 mn in funding from our friends at HSBC to develop a solar grid in Farafra, the company’s second microgrid after the Marsa Alam Solar Grid, according to a statement (pdf). The solar energy player received debt financing for the first phase of the project from HSBC with Ezdahar’s support. Karmsolar is aiming to get the facility up and running by 3Q 2023, and have so far signed up Juhayna and Nawa for Agricultural Investment as offtakers.

SOCIETY-

US non-profit group Population Council will conduct a family planning study starting in February alongside Capmas and the Planning Ministry, the National reports. The study will poll 17k Egyptians on their opinions regarding a variety of population-related topics. Despite Egypt bringing down its fertility rate from 3.5 births per woman in 2014 to 2.8 in 2021, the population of the Arab world’s most populous country grew by 1.6 mn in 2022 and is expected to hit 160 mn by 2050. Egypt is one of eight countries projected to drive more than half of the projected increase in global population up to 2050, according to the UN.

TOURISM-

Marsa Alam Airport received its first charter flight from Milan’s Malpensa Airport yesterday, operated by Hungarian budget airline Wizz Air, according to a Tourism Ministry statement. Flights are scheduled to run twice weekly on the route.

TRADE-

The government will establish a new EGP 2.5 bn logistics and commercial zone in Beni Suef, according to Al Mal. Local media had previously reported that the General Authority for Land and Dry Ports is conducting a feasibility study to decide whether to establish a logistics area alongside the Beni Suef dry port.

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