Production inputs and raw materials will be exempt from a CBE rule handed down in February that has required the vast majority of importers to use letters of credit (L/Cs) to cover imports.

Urban inflation recorded 13.1% YoY in April, higher than our expectations of 11.4% for the month; We expect the CBE to raise interest rates by 200bps in its upcoming meeting on 19 May. 

Egypt is seeking USD2.48 billion in financing from the WB within 9 programs it submitted to the bank. 

Minister of International Cooperation discussed with the Italian Ambassador in Cairo the possibility of extending the third tranche of the Egyptian-Italian debt swap program for development and launching a fourth tranche. 

Exports of building materials increased by 37% YoY during 1Q2022, to record USD1.94 billion.

The government intends to fully digitize payroll disbursement among public sector employees by the end of this year (EFIH). 

EKHO's subsidiary Kahraba intends to add 20 MW of capacity to its 40 MW Borg El Arab power plant. 

French tour operator, Ovoyages, is operating a weekly flight from Paris to Sharm El Sheikh starting 10 July 2022. 

A consortium of European terminal logistics firms will invest USD500 million to build a new container terminal at Damietta Port.