File- Foreign Ministers of Arab League Countries during an emergency meeting of the Arab League Council, requested by Egypt and Jordan, in Cairo- press photoCAIRO – 15 April 2023: Egypt and Saudi Arabia called for holding an emergency meeting at the level of permanent delegates in the League of Arab States to discuss the ongoing military clashes in Sudan, said Egyptian Foreign Ministry Spokesperson Ahmed Abu Zeid in a statement. Holing the emergency meeting comes in terms of Paragraph 5b of Article Five of the League Council’s bylaws, which stipulates that the Council can hold, when necessary, an extraordinary session at the request of two member states, Abu Zeid continued. Clashes erupted today in several locations in the center of the Sudanese capital between the Sudanese Armed Forces and the Rapid Support Forces (RSF) paramilitary fighters. The Sudanese army and the RSF are trading accusations regarding who started the clashes. The Sudanese army said its Air Forces are also conducting airstrikes against the RSF.

CAIRO - 15 April 2023: Egypt has called for its citizens residing in Sudan to stay at home until the situation stabilizes amid ongoing clashes between the army and rebels in the capital, Khartoum. Egypt’s Embassy in Khartoum asked Egyptian expats in Sudan on Saturday to exercise maximum caution, stay away from areas of tension, reduce unnecessary movements, and stay at home until the situation stabilizes, the Egyptian Ministry of Foreign Affairs said in a statement. The embassy also affirmed that it is communicating with the Egyptian citizens and students in Sudan to provide all forms of care they require. Clashes erupted today in several locations in the center of the Sudanese capital between the Sudanese Armed Forces and the Rapid Support Forces (RSF) paramilitary fighters. The world has called for a quick ceasefire in Khartoum as the conflict escalates.

In the latest round of the recent rapprochement between Türkiye and Egypt, Turkish Minister of Foreign Affairs Mevlüt Çavuşoğlu visited Cairo in March and held bilateral talks with his Egyptian counterpart Sameh Shoukry. Daily News Egypt interviewed Turkish Charge d’Affaires Salih Mutlu Şen to find out more about the future of relations, and possible areas of cooperation between the two nations. The trade exchange between Türkiye and Egypt stands at around $9.2bn, inclusive of energy. I can see a future where within ten years, the trade volume can easily go up to $20 billion. Regarding Libya, are we seeing any alignment between the Egyptian and Turkish visions regarding the future of elections over there?

Al Tadamun Microfinance Foundation, which works in the field of financing micro-enterprises for women, launched the mobile branch service for the first time in the sector of financing micro, small, and medium enterprises. Mona Zulfiqar, Chairperson of the Board of Trustees of the Foundation, said that this new model for mobile branches represents a new and unique addition that confirms the Foundation’s pioneering role in the economic empowerment of low-income and breadwinner women, expanding the umbrella of financial inclusion and raising awareness of non-banking financial services, to reach those services throughout the Republic. Reham Farouk, CEO of the Foundation, explained that the Foundation launched these branches in order to provide its services on the widest possible scale, reach the various segments of clients, and attract new target groups, while providing financial services to every woman who wants to obtain financing to start and develop her project at the lowest cost and highest quality. Al Tadamun Microfinance Foundation provides many diverse financing products that suit different segments of society for women, which include individual financing products, group financing, family financing, golden financing, and opportunity financing, in addition to non-financial services. The Foundation was recently awarded the Most Innovative Finance Product of 2022 by Global Business Outlook, confirming its leadership in the microfinance activity.

Hossam Abdel Ghaffar, the official spokesperson for the Ministry of Health and Population, explained that the medical convoys are directed to the border governorates and remote villages with a commitment to take all precautionary measures to prevent the spread of COVID-19. Abdel Ghaffar indicated that the convoys include all medical specialities, including internal medicine, children, nose and ear, bones, surgery, ophthalmology, dental, heart, dermatology, gynaecology and childbirth, and family planning services, in addition to radiology and medical analysis services, in addition to a pharmacy, and cases that need surgical operations are transferred to hospitals affiliated with the Ministry. The official spokesperson for the Ministry of Health and Population stated that the dates and locations of the medical convoys will be published periodically on the Ministry of Health's social media.

The sources added that the government has appointed a legal advisor to the company to start the offering procedures, provided that a large share of the company, which may exceed 30%, will be offered. The source explained that the offering could be divided between public and private, according to the desire of strategic investors to acquire a share in the company, especially since it is the strongest of the government's IPO programme. The company was included in the government IPO programme announced by the Prime Minister last February, which includes 32 government companies in 18 economic sectors, including 3 banks. MTS was established as an Egyptian joint stock company, in which the state owns 80% of the company's shares, and the shareholder structure consists of the Ministry of Finance, the Egyptian Company for Financial Facilities Management e-Finance, the National Investment Bank, and the Egyptian Company for Investment Projects, and Amiral Management Corporation. The company is responsible for implementing the Advance Registration System for Cargo Information“ACI”, which was launched in 2021, and its advantages included simplifying procedures for customs release of goods, and assistance in eliminating neglected and unidentified or sourced goods in Egyptian ports, and it also helps customs and concerned authorities in starting release procedures prior to the arrival of shipments (pre-release).

Egypt’s Ministry of Health and Population announced the launch of 48 free medical convoys nationwide until 20 April, as part of the presidential initiative “Decent Life”. Hossam Abdel Ghaffar, the official spokesperson for the Ministry of Health and Population, explained that the medical convoys are directed to the border governorates and remote villages with a commitment to take all precautionary measures to prevent the spread of COVID-19. Abdel Ghaffar indicated that the convoys include all medical specialities, including internal medicine, children, nose and ear, bones, surgery, ophthalmology, dental, heart, dermatology, gynaecology and childbirth, and family planning services, in addition to radiology and medical analysis services, in addition to a pharmacy, and cases that need surgical operations are transferred to hospitals affiliated with the Ministry. The official spokesperson for the Ministry of Health and Population stated that the dates and locations of the medical convoys will be published periodically on the Ministry of Health’s social media.

He further noted that 13 golden licences have been granted to companies and that 40 applications for obtaining golden license are currently being studied. The government aims to generalise the golden license experience for all industries and different sectors to attract more investments. The golden license is a combined license for all permits necessary to establish and operate projects. Sumitomo Corporation Group is one of the largest manufacturers of electric car wiring harnesses in the world. Oka Hiroshi said that the success of Japanese companies operating in Egypt is considered an attractive factor for Japanese and international companies to direct more new investments into the Egyptian market.

The application for participatory transportation was launched during the year 2021 by the young entrepreneur, Muhammad Ibrahim Al-Fadl, with the aim of facing the challenges that the Sudanese transportation market suffers from and the lack of an organized or regular transportation network in about 18 Sudanese states. The car is subject to the conditions of different taxi applications, which makes the application create a new concept for the interstate transportation and travel market, whether in Sudan or in the countries of the Middle East. The application also provides another service, which is the independent trip or the smart taxi. In the framework of supporting and empowering women, the application provides a“Princess” service that allows women to use their cars to work in the application to increase income, and provides them with the service of accompanying women only to provide more safety. He added that the application is available in Sudan, targeting expansion in the Egyptian, Saudi and Ethiopian markets during the next two years, according to their strategic plan to expand and spread.

This marks the fourth issuance for HSB and the first in a newly approved two-year program worth EGP 2bn. The Middle East Ratings and Investor Services (MERIS) affirmed the national scale long-term senior unsecured entity rating at “BBB+” with a Stable Outlook and the short-term senior unsecured issuer rating of “P2” to HSB. The investment banking division recently concluded advisory on valU’s fourth securitization issuance worth EGP 856.5m, Premium International for Credit Services’ eighth, EGP 193.65m securitized bond issuance, and Bedaya Mortgage Finance’s second, EGP 958m securitization issuance. The division also advised on the EGP 638m securitization issuance for Palm Hills Development (PHD), the second, EGP 805.5m issuance for Madinet Nasr for Housing and Development (MNHD), and Al Taamir Mortgage Finance – Al Oula’s first securitization issuance worth EGP 998.5m. EFG Hermes acted as the sole financial advisor, sole transaction manager and book-runner, underwriter, and arranger on the issuance.

The official gazette published on Tuesday a decision issued by Prime Minister Moustafa Madbouli last week to amend some provisions of a decree on minimum wages of civil servants. The amended decree stipulates that as of April 1 the minimum wages be set at a monthly 10,500 pounds for employees at state institutions and economic entities as a highest estimate. The lowest estimate of minimum wages will be set at a monthly 3,500 pounds. PhD holders should receive a minimum of 7,000 pounds per month, while employees with a master’s degree should get 6,000 pounds every month.

Minister of Finance Mohamed Maait has said that Egypt has become more attractive to foreign investments with its promising and attractive opportunities, advanced infrastructure capable of meeting all the needs of investment and production activities, a legislative environment, tax and customs incentives, and the incentive efforts taken by the government to empower the private sector, including the state ownership policy document and the golden licence. He added that a memorandum of understanding (MoU) will be signed between the Egyptian and South Korean customs authorities at the end of this month to enhance customs cooperation and facilitate trade movement. Maait affirmed, during his meeting with the South Korean ambassador in Cairo today, Egypt’s aspiration to increase the investments of Korean companies, in a way that contributes to maximizing Egyptian production and export capabilities, and strengthening the partnership between the two countries, as the investments of Korean companies are a leading model in the electronics industry in the Egyptian market, and play a pivotal role in deepening the national industry, increasing the proportions of the technological component in the industry, and providing new job opportunities. He pointed out that the new programme to support exports is more stimulating for the production and export sectors, and EGP 28.1bn have been allocated in the new budget to support exporting companies, with the government’s intention, starting from the next fiscal year, to disburse export support in the same year of export, in a way that helps provide the necessary cash liquidity to encourage production. Hong Jin-wook, South Korean Ambassador to Cairo, said that Korean companies are interested in investing in Egypt, pointing out that the investments of existing companies in Egypt are a successful model for attracting more investors and Korean companies to the Egyptian market, expressing his appreciation for the efforts of the Ministry of Finance in encouraging investment and enhancing trade.

Minister of Agriculture and Land Reclamation ElSayed Elkosayer has affirmed that there is continuous follow-up and full coordination with the Central Bank of Egypt (CBE) and with the support of the Prime Minister personally to release suitable quantities of corn, soybeans, and feed additives from Egyptian ports to support this industry. He explained that during the period from 31 March to 6 April, 210,000 tonnes of corn and soybeans were released, at a value of $97m, an increase of 50,000 tonnes over last week. He added that the release included 162,000 tonnes of corn, at a value of $59m, and 47,000 tonnes of soybeans, at a value of $35m, in addition to feed additives worth $3m, bringing the total of what was released during the period from 16 October 2022 to 6 April 2023, to about 3.756 million tonnes, including 2.702 million tonnes of corn, 1.054 million tonnes of soybeans and feed additives, with a total value of $1.85bn. He confirmed that the release aims to provide quantities of corn and soy in the markets, which are the basic ingredients for poultry feed, as well as farm animals.

CAIRO - 11 April 2023: Manpower Minister Hassan Shehata announced Tuesday that next Monday will be considered a paid day off for private sector employees and civil servants, alike, on the occasion of Sham El-Nessim. Early in April, Egypt's Prime Minister Mostafa Madbouli issued a decision declaring Monday 17 April an official paid holiday for public sector workers on the occasion of Sham El-Nessim. Madbouli's decisin applies to workers in ministries, government institutions, public agencies, local administration units, and public sector companies. Thousands of Egyptians annualy celebrate the Pharaonic festival of Sham El-Nessim that marks the beginning of spring in national parks and gardens. The name Sham El-Nessim or (inhaling the breeze) is derived from the Coptic language, which was derived from the ancient Egyptian language.

On Monday the price of the US dollar continued to stabilize across Egyptian banks for the fourth consecutive week. Globally, the dollar index recorded a new rise in the stock exchange by 0.11 percent. “If the US Federal Reserve does not fix the interest rate, it will raise by a maximum of 25 basis points, which will attract more investments to the dollar,” he added. In televised statements, Shawky explained that this step would negatively affect the performance of other currencies worldwide, especially emerging markets. He anticipated a rise in the price of the dollar in Egypt in the coming period by no less than ten percent.