This has led to an inflationary wave in most countries of the world, and these repercussions strongly affected global banks, as four banks declared bankruptcy in only three months. Daily News Egypt surveyed the market about the impact of all these changes on the banking sector shares listed on the Egyptian Exchange. He explained that it is a natural sequence of events and will not affect the stock market, but it may affect the transactions of foreigners in the Egyptian market. She explained that the banking sector represents about 25% of the total market capital in the Egyptian Exchange, and the banking sector is still one of the promising sectors in the Egyptian Exchange. According to the Egyptian Exchange data, the Egyptian banking sector is trading at a profitability multiple of 4.78 times, while the market is trading at a profitability multiple of seven times.

Morgan Stanley, the global stock index company, has revealed an unusual review of the Egyptian economy in its MSCI indices recently as investors in the Egyptian market suffer from the shortage of foreign liquidity. Morgan Stanley indicated that it will not implement any adjustments in the framework of the upcoming index review for any securities in Egypt classified for listing on the MSCI indices and related composite, derivative and special indices. MSCI indices criteriaEntering the MSCI indices requires meeting several criteria, on top of which are the daily trading volume and the percentage of free trading, in addition to the market value of the listed companies, and there are 3 companies already. He explained that this is the main reason behind expectations that the revision of the Stanley index will not affect trading in the Egyptian market. Problems of foreign investors in EgyptAmr El Alfy, head of the research department at Prime Holding, said that the MSCI report is just an expression of the problems of foreign investors in Egypt, such as the difficulty of exiting and making remittances, adding that although it is negative news that will lead to a decrease in foreign investments in the short term.

The Chamber of Tourism will start implementing e-payment services at the ticket counter of museums and archaeological sites, using bank cards or Meeza cards, starting May 15. According to the Tourism Chamber, all tickets for archaeological sites and museums in Egypt will be available for booking through the ministry’s website. The new service aims to improve the experience of Egyptian and foreign visitors prevent fake tickets, and implement the Ministry of Tourism and Antiquity’s digital transformation strategy.

Rania Al-Mashat, Egypt’s Minister of International Cooperation, said that the new financing scheme with Alexbank boosts SMEs financing to enhance the efficiency and investments of renewable energy in industrial, commercial, and agricultural sectors. “The EIB works with leading banks around the world to accelerate investment that cuts carbon emissions and harnesses renewable energy. This new partnership with Alexbank will enable Egyptian businesses to embrace green energy, cut energy bills and contribute to climate action. The new $15m EIB framework loan agreed with Alexbank is part of the broader GEFF that provides financing for business investment through local financial partners. In Egypt, the GEFF initiative provides both finance and best-practice advice to help private sector business to improve competitiveness.

The two sides discussed the latest developments in the agreement on the executive programme 2023-2025 of the memorandum of understanding signed between the two countries in 2015, for cooperation in a number of fields, including environmental monitoring, environmental assessment of projects, integrated coastal zone management, climate change, air quality, training, capacity building, nature protection, and environmental education. For her part, Al-Makhzoumi affirmed her aspiration to consolidate bilateral cooperation with Egypt in the field of environment, to benefit from Egyptian expertise in environmental and climate files, to build Somali national capacities in the field of environment and to exchange experiences and expertise, as the new Ministry of Environment and Climate Change is currently being restructured, institutional systems and necessary cadres are being developed, and a strategy is being prepared for the next ten years. Fouad expressed her desire to provide all the expertise required to support the Somali Ministry of Environment and train Somali cadres in the various priority environmental fields, especially air, water and soil quality. The two parties also discussed cooperation in the field of waste management, where Fouad pointed out the possibility of benefiting from Egypt's experience in establishing the Waste Management Regulatory Authority affiliated with the Ministry of Environment as an entity responsible for planning the waste management system of all kinds at the level of the republic and regulating the relations between the actors in the implementation of the system and the private sector, in addition to monitoring the implementation of the system and building on it in developing the Somali national strategy for waste management,In the climate change file, Fouad expressed her willingness to support the Somali side in the process of preparing the national strategy for climate change, based on Egypt's experience in issuing the National Strategy for Climate Change 2050, and the updated national contribution plan for Egypt. The Somali Minister of Environment confirmed that her ministry is currently working to update the national contribution plan to present it before the upcoming climate conference COP28, expressing her aspiration to benefit from the Egyptian experience in its preparation.

It indicated, in its monthly report issued on Wednesday, that the monthly urban inflation rate also declined to 1.7% in April, compared to 2.7% in March. The agency indicated that the annual inflation rate for the entire republic was 31.5% in April 2023, compared to 33.9% in the previous March, 14.9% in April 2022. Moreover, the monthly core inflation, computed by the Central Bank of Egypt, recorded 1.7% in April 2023 compared to 2.4% in the same month of the previous year and 2.5% in March 2023. Accordingly, the annual core inflation rate recorded 38.6% in April 2023, compared to 39.5% in March 2023. Abdullah stressed that the central bank did not and will not hesitate to use monetary policy to confront inflation.

More doctors and nursing teams providing psychological services to Egyptian returnees and displaced Sudanese citizens coming to Egypt have been dispatched at the hospitals of the General Secretariat for Mental Health and Addiction Treatment, the Ministry of Health and Population announced. Since the Sudanese crisis, a clinic has been equipped to provide psychological support for children, women and all those coming from Sudan, according to the official spokesperson for the Ministry of Health Hossam Abdel Ghaffar. He added that services of the emergency psychological support teams have been improved at the al-Sadaqa Hospital, Abu Simbel International Hospital, and Aswan Hospital for Mental Health, to better receive Sudanese and Egyptians who arrived at the borders of of Egypt. Abdel Ghaffar said that hotline 16328 of the General Secretariat for Mental Health and Addiction Treatment provides psychological support services, in addition to the services at the national e-platform for mental health. In every ordeal that befalls Sudan, they are closer to the Sudanese.”

FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard FoegerCAIRO – 10 May 2023: The Cabinet approved on Wednesday a draft decision to exempt semi-wrought gold carried by Egyptians coming from abroad from custom duties and other applicable fees, except Value Added Tax (VAT), for six months. The Cabinet said its decision comes “within the framework of the ongoing efforts to stabilize gold prices inside markets and curb the attempts of evasion of customs duties on wrought and semi-wrought gold via different customs outlets”. Last week, the prices of gold reached around L3,200 per gram for 24 carat gold, and LE 2,800 and LE 2,400 for the 21 carat and 18 carat gold respectively, which are the most populous among Egyptians. Nagui Farag, advisor to the Minister of Supply for gold affairs, said in TV remarks on Tuesday that the decision mainly targets gold bars and coins, noting that gold prices per gram abroad are around LE 600 less than the gold prices in Egypt.

Gatluak handed the president a letter from his South Sudanese counterpart, Salva Kiir, on ways to strengthen the distinguished bilateral relations between the two countries. This is in addition to reviewing developments in Sudan and consulting on efforts to resolve the crisis in order to safeguard the safety and security of the fraternal Sudanese people, according to the spokesperson of the Egyptian Presidency. During the meeting, the grave challenges facing Sudan at the humanitarian, security and political levels have been tackled. The meeting also addressed the importance of encouraging Sudanese parties to maintain the truce and move towards a comprehensive and lasting ceasefire to allow for the delivery of humanitarian assistance and relief. They also affirmed the necessity of a constructive dialogue to resolve differences and settle the crisis, thus completing the transitional path and political process in a way that preserves the unity and cohesion of the state, fulfils the aspirations of the Sudanese people and safeguards their supreme interests.

Hossam El-Gamal, CEO of the National Telecom Regulatory Authority (NTRA), said that providing energy sources is one of the most important challenges in the data center industry at the present time. During his speech at the Future Data Centers Conference (FDC), he added that Egypt has many advantages in this field, including energy resources. El-Gamal explained that electrical energy can be converted into information energy by providing energy to data centres and exporting it abroad in the form of information energy, after it is reinforced with a set of added values. These values tend to have a great impact on reshaping economic and operational concepts to maximize digital exports and reduce the need for digital imports for the Egyptian market. Global reports indicate that by the end of 2023, spending on data center systems is expected to reach $222bn, while data center market revenues will reach $342bn.

Egypt’s Minister of Health and Population Khaled Abdel Ghaffar and his Portuguese counterpart Manuel Pizarro signed on Tuesday evening a cooperation protocol to enhance the capacities of the health and pharmaceutical sectors. The minister referred to the Egyptian state’s keenness to exchange experiences and cooperate with advanced health care systems in Portugal, which contributes to strengthening health care systems and improving services provided to citizens of the two countries, pointing to the Ministry of Health and Population’s aspiration to explore new areas of cooperation and partnership between Egypt and Portugal. Hossam Abdel Ghaffar, the official spokesperson for the Ministry of Health and Population, stated that the protocol includes cooperation between Egypt and Portugal in the areas of developing health care systems, using modern technologies in this field, developing systems for planning, implementing and following up health care services in general. It also includes exchanging experts and qualifying medical personnel in various medical specialities and medical assistance on the latest scientific protocols and modern technologies. Abdel Ghaffar added that, according to the protocol, the health sectors of the two countries cooperate in exchanging information and experiences in the field of information systems and digitizing the health care sector at all levels, as well as exchanging experiences in scientific research, in addition to exchanging experiences and qualifying cadres to support and develop the pharmaceutical industry, preparations and medical supplies.

The Central Bank of Egypt has revealed that the North African nation’s external debt increased by $7.94bn, to record $162.927bn in December 2022, (second quarter of fiscal year 2022/23) compared to $154.980bn in September 2022. The report added that long-term debts amounted to $132.681bn, while short-term debts amounted to $30.246bn. The government’s foreign debt recorded $82.696bb in December 2022, compared to $80.340bn in September 2022. Last December, government foreign debts were distributed at $82.696bn in the category of long-term debts, while no debts owed by the government appeared in the short term. With regard to indebtedness balances with the Central Bank, they recorded $42.299bn in December 2022, compared to $41.145bn in September 2022.

Ahmed Kamali, Egypt’s Deputy Minister of Planning and Economic Development, has reviewed the investment plan proposal for fiscal year (FY) 2023/24, which focuses on two main elements: human development and stimulating the private sector. This review came during the meeting of the financial, economic, and investment affairs committee in the Senate, with the participation of Hani Sarie El-Din, Chairperson of the Committee. Kamali also added that the ministry worked through the system to build a correct database and benefit from the huge data available. He added that the Ministry’s employees developed the system which reflects the keenness of the Ministry of Planning and Economic Development to continuously develop. He explained that the Ministry of Planning considered the state ownership document when preparing the plan for the next fiscal year.

The Ministry of Immigration and Egyptian Expats Affairs on Monday signed a joint cooperation protocol with the “Egypt Without Disease” health care institution, aiming to integrate the skills of Egyptian doctors abroad in supporting the state’s efforts to provide health care services to citizens. This protocol includes the provision of health services in the governorates and villages most in need, within the framework of the Lifeboats and Decent Life presidential initiatives. Minister of Immigration and Egyptian Expats Affairs, Suha Gendi, said that the Egypt Without Disease Foundation is one of the most important institutions that work on the ground to integrate Egyptian doctors abroad in Egypt’s charitable work. And the Chairman of the Board of Trustees of Egypt Without Disease Lamia Kamal said that through this protocol the foundation aims to provide free medical support through dispatching medical convoys and mobile clinics with the approval of the ministry, alongside medical staff. This will also include preparing free medical awareness programs for villages and governorates to improve the medical services provided to citizens, as well as the necessary medicines without charge for those unable to pay.

We aim for the highest primary surplus of 2.5% of GDP to deal strongly and quickly with global challenges. He also pointed out that allocations for support and social protection have been increased to ease the burdens on citizens. EGP 127.7bn have been allocated to support food commodities, EGP 14.1bn for health insurance, medicines and treatment for individuals who are financially unable to pay for medical services, EGP 10.2bn to support social housing, EGP 28bn to support development, and EGP 202bn public treasury contributions to pension funds at an annual growth rate of 6%. Maait said that the public treasury bears EGP 127bn interest rate difference for the initiative to provide financing to support agricultural, industrial, and tourist activities. He also explained that EGP 470bn were allocated for wages to improve the conditions of state employees.