Fitch Ratings has revised the outlook on Egypt’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to Positive from Stable, while affirming the IDR at ‘B-‘. Additionally, Fitch believes exchange rate flexibility is likely to be more durable than previous efforts. FX Reserves to StrengthenFitch forecasts Egypt’s gross foreign exchange (FX) reserves will increase by $16.2bn in FY24 to USD49.7 billion. While an external shock could test authorities’ commitment, Fitch has greater confidence that exchange rate flexibility will be more durable. Debt Sustainability a Concern: Egypt’s very high debt interest costs remain a key vulnerability.

(Xinhua/Ren Pengfei)This photo shows the Chinese-English bilingual version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements” launched by Xinhua News Agency. At the forum, Xinhua News Agency also launched the Serbian version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements.” The theme of the forum read as “Deepening China-Serbia comprehensive strategic partnership following the vision of a global community of shared future.” (Xinhua/Jin Liangkuai)This photo shows the Serbian version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements” launched by Xinhua News Agency. At the forum, Xinhua News Agency also launched the Serbian version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements.” The theme of the forum read as “Deepening China-Serbia comprehensive strategic partnership following the vision of a global community of shared future.” (Xinhua/Li Ying)Guests attend a China-Serbia media and think tank forum and launching ceremony of the Serbian version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements” in Belgrade, Serbia, April 30, 2024. At the forum, Xinhua News Agency also launched the Serbian version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements.” The theme of the forum read as “Deepening China-Serbia comprehensive strategic partnership following the vision of a global community of shared future.” (Xinhua/Li Jing)Participants attend a China-Serbia media and think tank forum and launching ceremony of the Serbian version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements” in Belgrade, Serbia, April 30, 2024. At the forum, Xinhua News Agency also launched the Serbian version of the report “Fostering a Global Community of Shared Future: Contemporary Significance and Tangible Achievements.” The theme of the forum read as “Deepening China-Serbia comprehensive strategic partnership following the vision of a global community of shared future.” (Xinhua/Li Jing)

Serbian President Aleksandar Vucic said on Tuesday that Chinese President Xi Jinping’s upcoming state visit is not only a major diplomatic event for Serbia, but also a major event that is worthy of the joy of all Serbian people. While expressing his belief that Xi’s visit will bring new hope to Serbia’s development, the president said: “I am very much looking forward to President Xi’s visit.”Vucic made the remarks when meeting with visiting President of Xinhua News Agency Fu Hua in Belgrade. Serbia firmly supports China’s position on safeguarding its core interests and major concerns, Vucic stressed. On the Taiwan question, Vucic said Serbia firmly upholds the one-China principle and supports China in safeguarding its sovereignty and territorial integrity. Fu said that under the strategic guidance of President Xi and President Vucic, China-Serbia relations have witnessed vigorous development despite changes in the international landscape, setting a good example of friendly relations between China and European countries.

CAIRO – 3 May 2024: Egypt’s Foreign Minister Sameh Shoukry is due to head for the Gambian capital Banjulon, Friday evening to attend the 15th Islamic Summit Conference on behalf President Abdel Fattah El Sisi. The summit - under the theme of ‘Enhancing Unity and Solidarity Through Dialogue For Sustainable Development’ - is slated for Saturday and Sunday. The summit will tackle a host of top priority political issues on the agenda of Islamic countries in addition to means of achieving the Sustainable Development Goals, climate change and eradicating poverty. Shoukry will deliver Egypt's statement at the summit on behalf of the president and hold bilateral meetings with foreign ministers of member states on means of enhancing bilateral ties and consultations on a host of regional and international issues.

Egypt has allocated 150 ambulances in the city of Rafah, with 50 permanently stationed at the Rafah border crossing to receive injured individuals from Gaza, he added. Furthermore, the ministry has provided 10,628 psychological support sessions for 927 Palestinians, as stated in a statement by Abdel-Ghaffar on Friday. Egypt began receiving seriously injured Palestinians and their companions on November 1, three weeks after the start of the war on October 7. Additionally, Egypt has facilitated the evacuation of tens of thousands of foreign passport holders, their relatives, as well as thousands of stranded Egyptians from the strip during the war. The Israeli war has resulted in the death of over 34,500 Palestinians, injured more than 77,800, according to the health ministry in Gaza.

CAIRO - 2 May 2024: The official page of the Egyptian Ministry of Health and Population on the social networking site “Facebook” published an infographic that includes the achievements of the health care program for elderly people. The Ministry of Health and Population said that medical services have been provided to 1,900,624 citizens over the age of 65, within the “Continuing Health Care for the Elderly” program, since the launch of the program, on October 1, 2022. For her part, Dr. Souad Abdel Majeed, Head of the Health Care and Nursing Sector, indicated that a package of health services is provided to the elderly through 860 centers in health units and family medicine centers, distributed in 21 governorates nationwide. Souad Abdel Majeed continued that the services provided include conducting a comprehensive medical examination, to detect non-communicable diseases, digestive system diseases, and malnutrition (anemia, obesity), in addition to psychological and nutritional evaluation, as well as providing health education and psychological support services. The Ministry of Health and Population confirms its keenness to provide citizens with information and respond to inquiries regarding public health initiatives through the hotline 15335, or visit the website:‏www.100millionseha.eg or through the Ministry’s official pages on social media platforms (Facebook, Twitter, Instagram, YouTube, LinkedIn).

(MENAFN- Daily News Egypt)During a recent meeting in Cairo, Egypt's Foreign Minister Sameh Shoukry and his French counterpart, Stephane Ségournet, underscored the critical need for a ceasefire in Gaza and progress towards a two-state solution. The discussions focused on the current truce negotiations between Hamas and Israel, facilitated by Egypt, aiming to secure a ceasefire and facilitate prisoner exchanges. Minister Shoukry reiterated Egypt's commitment to proposing viable solutions to end the violence and restore peace. Both ministers agreed on the necessity of recognizing a Palestinian state within the 4 June 1967, borders to foster the establishment of an independent state and enhance the prospects for peace. Lastly, the ministers addressed Gaza's dire humanitarian situation, with Shoukry calling for increased humanitarian assistance and urging Israel to facilitate aid delivery by opening land crossings.

The net foreign assets deficit in Egypt’s banking sector decreased to $4.2bn in March 2024, down from $21.9bn in February, marking a significant reduction of approximately $17.7bn. This change is attributed to the varying dollar selling prices: EGP 30.94 in February and EGP 47.26 at March’s end. The banking sector’s net foreign assets have been on a decline since October 2021, turning negative in February 2022—when foreign currency liabilities surpassed local currency assets—coinciding with the onset of the Russo-Ukrainian conflict. As per the CBE’s latest report, the banking sector’s total foreign assets (including central and commercial banks) reached EGP 2.959trn at March’s conclusion, a substantial increase from EGP 1.574trn in February. Conversely, the sector’s liabilities stood at EGP 3.159trn, up from EGP 2.253trn.

Norwegian renewable energy company Scatec is studying five new projects in Egypt, including a massive battery storage facility, a 1 GW solar power plant, green hydrogen and ammonia plants, and a project to convert one of Egypt’s largest aluminium factories to renewable energy. The meeting was attended by Minister of Electricity and Renewable Energy Mohamed Shaker, Norwegian Ambassador to Egypt Hilde Klemetsdal, and Mohamed Amer, Scatec’s Executive Vice President for Green Hydrogen and MENA. The two-phase solar power plant would receive financing from international institutions. The green ammonia plant would produce 150,000 tons annually for fertilizer factories, while the Suez Canal Economic Zone-based green hydrogen plant would target exports to Europe. Scatec’s projects would support these goals while creating jobs and boosting the economy.

CAIRO - 02 May 2024: The Egyptian Prime Minister, Mostafa Madbouly, met with representatives from the 15 most prominent South Korean companies operating in various sectors within the Egyptian market to expand South Korean investments in Egypt. During the meeting, Madbouly expressed his appreciation for the vital role played by South Korean companies in the Egyptian market. The Prime Minister emphasized the Egyptian government's commitment to expanding South Korean investments across various sectors and encouraged the companies to present their plans for future collaboration. The Acting South Korean Ambassador to Egypt was grateful to Prime Minister Madbouly for his continuous support of South Korean companies in Egypt. The Ambassador emphasized the desire of these companies to achieve success stories in the Egyptian market, which would encourage more Korean companies to invest in Egypt.

CAIRO – 2 May 2024: South Korea's Hansan Global expressed interest in importing orange from Egypt in a meeting with Prime Minister Mostafa Madbouli Wednesday and that included the representatives of 15 major Korean companies. It is noted that in the first quarter of 2024, Egypt exported 1,199,916 tons of citrus. In 2023, the size of Egypt's orange exports to the European Union (EU) recorded over 500,000 tons. Further, between October 2022 and February 2023, Egypt was the largest orange exporter to Southeast Asian countries (Malaysia, Thailand, Singapore, Indonesia, and Cambodia) during that period.

CAIRO - 1 May 2024: Dr. Sherif Farouk, Chairman of the Egyptian Post Board of Directors, said: “Egyptian-Brazilian relations are characterized by mutual trust, and close and constructive cooperative relations." During the past years, Egypt and Brazil were able to develop means of cooperation to include many fields, so Egyptian Post took the initiative to issue a commemorative postage stamp on the occasion of the 100th anniversary of Egyptian-Brazilian relations, with the aim of strengthening the strong diplomatic relations between the two countries. Therefore, the Egyptian Post is always keen to issue commemorative stamps on important events and occasions to document and commemorate those events. The commemorative stamp for the 100th anniversary of Egyptian-Brazilian relations was designed with an artistic image that contains some of the famous tourist attractions in both countries. The size of the stamp is (4 cm by 6 cm), insured against counterfeiting, multi-colored, and its value is 10 pounds.

Varanasi, India CNN —The sun glistens on the Ganges as Hindu devotees bathe in the holy river’s waters, and the Muslim call to prayer reverberates through the dusty air. The Gyanvapi mosque, left, and Kashiviswanath Temple on the banks of the river Ganges in Varanasi, India, December 12, 2021. He believes Gyanvapi is not a mosque, but a Hindu temple, and wants to see his community worship inside the walls of the building. Vishwambhar Nath Mishra, the priest of a prominent Hindu temple in Varanasi, believes Modi’s stoking of religious tensions is ruining the fabric of Indian society. Narendra Modi: India’s popular but controversial leader seeking a transformative third term.

Egypt is nearing a deal with Korea Aerospace Industries (KAI) to buy FA-50 “Golden Eagle” light combat and advanced training aircraft, South Korea’s Yonhap news agency reports. The potential contract includes technology transfer so Egypt can manufacture the Korean aircraft at the Helwan factory, which is part of the Arab Organization for Industrialization (AOI). The Arab Organization for Industrialization says the partnership aims to fulfil the Egyptian military’s needs and also allows for export to African and Arab countries. KAI’s chairman confirmed the Egypt negotiations last year, saying Egypt is likely to choose the company’s bid for its tender. KAI hopes to help Egypt become a regional centre for manufacturing, exporting, and servicing “Golden Eagle” aircraft in Africa and the Middle East.

CAIRO - 1 May 2024: Sheikh Issa Al-Kharawin, Head of Sinai Tribal Sheikhs and Member of the Arab Tribal Union, said that Sinai holds a special historical and religious position. Sisi City was inaugurated, Wednesday, by the Arab Tribal Union during its first conference. Tribal sheikhs in Sinai, politicians, media, athletes, and community symbols participated in the first Arab Tribal Union Conference and the inauguration of Sisi City. The conference of the Arab Tribal Union was attended by a group of prominent figures from various fields, including politicians, media, athletes, and community symbols, in addition to a number of Arab tribal sheikhs. The inauguration of Sisi City in Sinai comes within the framework of the Arab Tribal Union's efforts to contribute to the renaissance of Sinai and achieve comprehensive development in all parts of the governorate.