We follow this morning: Madbouly continues its efforts to attract foreign investment to Egypt

Good morning, dear readers. Unusually, our post was quiet this morning.

Inflation remains the most important issue locally and globallyAt the same time, there are reports of impending decisions to raise interest rates.

The promotional campaign for Egypt continuesPrime Minister Mostafa Madbouly on Monday continued the government’s efforts to attract more foreign investment to the country, while reviewing the government’s plans for proposals, in addition to boosting the Egyptian economy in a meeting he held with a number of of the largest asset managers in the country. world, according to a cabinet statement. . During the meeting, which was attended by representatives of Fidelity Investments, Prudential Financial, Capital Group and Barclays, Madbouly emphasized the government’s encouragement for more private sector participation. He also spoke at length about the government’s plans to improve private investment and the state’s role in the economy.

This meeting is the latest in a series of meetings of government officialsThey have been meeting with investors from Qatar, the UAE, the United States, France and Poland over the past two weeks in an effort to attract new investment to the country and promote the government’s economic reforms and Egypt as an investment destination.

The most prominent news locally – Will there be an increase in the price of electricity bills from July? This will be the case if we consider the plan announced by the government to gradually reduce electricity subsidies. Below we will present to you in detail the expected increases according to each consumer segment.

Also – in continuation of the government’s efforts to improve Egypt’s supply of basic commodities, The Ministry of Commerce has announced the extension of the decision to ban the export of wheat, beans, flour, edible oils and other items for a period of three months. The Ministry of Agriculture has also announced its plan to expand the cultivation of the wheat crop locally.

The world’s most prominent news – the United Nations raises the alarm of world hunger as talks on the Black Sea grain deal collapseHundreds of millions of people worldwide are at risk of “famine and poverty” due to the food crisis caused by the war in Ukraine, warns UN Secretary-General Antonio Guterres as negotiations to resolve Ukraine’s grain export crisis unfold, writes the Financial Times. Negotiations between Russia and Turkey over a possible passage of Ukrainian wheat outside the blocked country’s ports ended without an agreement, according to the Wall Street Journal. There are at least 20 million tons of wheat stuck in Ukraine.

The agreement was “necessary for hundreds of millions of people in developing countries, including sub-Saharan Africa.”Guterres added that the crisis “threatens to unleash an unprecedented wave of hunger and poverty, leaving social and economic chaos in the wake.”

The Organization for Economic Co-operation and Development has become the latest economic entity to warn of an impending stormIt expects a “sharp” slowdown in world growth this year against the backdrop of the Russian war in Ukraine and restrictions to combat the pandemic in China. In a recent report yesterday, the Organization for Economic Co-operation and Development lowered its forecast for world growth for 2022 to 3%, instead of 4.5%, and also predicts that gross domestic product will fall to 2.75% next year.

On the good side, the Organization for Economic Co-operation and Development said that inflation would start to fall by next year If supply chains return to normal and commodity prices fall.

The organization has doubled the inflation expectations of its member countries for this year, to reach 9%. “Inflation is a burden that must be shared fairly between individuals and companies, and between profits and wages,” she said in her report. This comes against the backdrop of the ongoing war in Ukraine, which has pushed up food and fuel prices and caused supply chain disruptions.

This is the second warning in two daysThe World Bank on Tuesday lowered its global growth forecast by about a third to 2.9% for this year, warning of the risk of stagflation similar to that of the 1970s.

US gas futures fell more than 6% overnight after an explosion at one of the major LNG export terminals in country, According to Bloomberg. The accident did not result in any injuries, but it will shut down the plant for three weeks – one of only seven such facilities in the US that, according to Reuters, processes up to 20% of the country’s liquefied natural gas.

Why would the crash lead to lower prices in the United States? Because the closure of the plant will hamper LNG exports, which means more supplies will be diverted to the US market.

Bad news for European and Asian markets: These developments are expected to have a negative impact on the European and Asian markets, as they will result in a reduction in the supply of liquefied natural gas from the United States to those markets. The impact will be greater on Europe in particular, especially as it is having difficulty securing its needs for gas supplies at a time when it is seeking to end its dependence on Russian gas.

happens today –

This is ECB interest rate day: The European Central Bank is likely to announce a “new era of monetary policy” when it meets today to consider interest rates today, according to Bloomberg. Analysts expect the bank to start reducing the stimulus packages it has launched to confront the pandemic and to tighten policy to curb inflation.

As for the US Federal Reserve, it remains to be seen if it will raise interest rates by another 50 basis points. When the monetary policy meeting takes place in the middle of next week, according to Bloomberg. To continue the policy tightening that began last May, by raising interest rates by 50 basis points, the highest since 2000.

The Monetary Policy Committee of the Central Bank of Egypt will hold a meeting on Thursday 23 June To review interest rates.

kick off today digital transformation summitwhich will bring together public and private sector actors in the technology industries to exchange views on the current market landscape, the latest technology innovations and proposed strategies for the sector.

Here are a number of other conferences that will be held this month:

🗓 in notebook –

The start of the national dialogue in JulyThe work of the national dialogue convened by President Abdel Fattah El-Sisi, which will be attended by various political forces, is scheduled to begin in the first week of July, according to the statement issued by the dialogue organizers. The head of the Journalists’ Syndicate, Diaa Rashwan, has been appointed as the general coordinator of the dialogue, and he has also been tasked with negotiating with political forces, trade unions and other participating parties to form a 15-member board of trustees for the initiative. . . The organizers had earlier said the national dialogue in Egypt would include “the largest possible number” of representatives from different sectors in an effort to promote inclusivity and “set the priorities of the new republic.”

The most prominent economic indicators we can expect in June:

  • Inflation: Inflation data for May will be released at the end of this week by the Central Agency for Public Mobilization and Statistics and the Central Bank of Egypt.

You can view the full notebook at Our website, In which you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that affects the business and financial community.

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