Following a meeting between Egypt’s Minister of Communications and Information Technology, Amr Talaat, and the Minister of Enterprises and Made in Italy (Ministero delle Imprese e del Made in Italy), Adolfo Urso, Egypt, and Italy announced their cooperation to create an artificial intelligence (AI) Center in Cairo. According to the Ministry of Communications and Information Technology, the AI Center in Cairo aims to lead AI development and employment throughout Africa, as well as provide training and support to African countries in the field. The two countries also plan to enhance cooperation ..read more

  Misr Digital Innovation (MDI), a subsidiary of banking giant Banque Misr, has secured preliminary approval from the Central Bank of Egypt (CBE) to launch Egypt’s first digital bank: onebank. This step aims to further promote financial inclusion in Egypt, as onebank will operate entirely online, offering convenient and secure banking solutions to a wider segment of the population. Unlike traditional banks that require branch visits, this completely online bank allows you to set up an account and conduct all your banking tasks online in just a few minutes. MDI, established in 2020 specifi ..read more

Egypt reached an agreement to receive USD 230 million (EGP 11 billion) in funding from Japan in support of the government’s budget, Minister of Finance Mohamed Maait revealed in a statement to Asharq Business on 29 April. Maait’s comments came during a sidelines interview at the World Economic Forum in the Saudi capital of Riyadh. “Egypt looks forward to deepening economic and trade cooperation with Japan to achieve sustainable development,” Maait mentioned during his meeting with Governor of Japan Bank for International Cooperation (JBIC) Hayashi Nobumitsu. Maait added that the agreement with ..read more

Egypt and Turkey share diplomatic and economic ties built on cooperation as well as cultural, religious, and historical origins that go eight centuries back to the Ottoman Empire. Egypt is currently Turkey’s top trading partner in Africa, and Turkey is one of the most important destinations for Egyptian exports. According to President Abdel Fattah El-Sisi, “Over the past ten years, contact with Turkey has been constant, with trade and investment relations continuously growing.”  During the first quarter of 2024, Turkish exports to Egypt reached USD 872 million (EGP 41.7 billion), a 28 per ..read more

Egypt’s President Abdel Fattah El-Sisi unveiled Egypt’s first government data and cloud computing center on Sunday 28 April, situated along the Ain Sokhna highway.  The inauguration ceremony emphasized Egypt’s commitment to embracing digital transformation and leveraging the potential of data-driven decision-making. The state-of-the-art center covers an expansive area of 23,500 square meters, with 10,000 square meters dedicated to current infrastructure and the remaining space reserved for future expansions.  The center serves as a central repository for all ministry data, ensuring e ..read more

Egypt devised a strategic plan to construct seven massive logistical corridors, connecting industrial, agricultural, and mining areas with seaports across the Mediterranean and the Red Sea. The corridors will also link the production areas through a network of railways or paved main roads passing through dry ports and logistic zones located on these corridors. This comes with the goal of providing services to newly developed urban communities, enabling economic integration and accessibility for trade. The Egyptian Minister of Transportation, Kamel Al-Wazir, stated that the corridors are planne ..read more

The International Monetary Fund (IMF) has drafted a comprehensive strategy to enhance Egypt’s macroeconomic stability and promote private sector growth in Egypt.  The plan outlines four elements, which are monetary and fiscal policy tightening, flexible exchange rate, targeted budget support for households, and balancing the roles of the public and private sectors. In December 2022, the IMF approved a 46-month arrangement fund to Egypt worth USD 3 billion (EGP 145.7 billion), which was later increased to USD 8 billion (EGP 388.7 billion) in March 2024. Egypt’s economy has been struggling ..read more

Egypt aims to raise USD 1 billion (EGP 48.2 billion) this year by selling state assets through its ongoing privatisation programme, Egyptian Planning Minister Hala El-Said revealed in an interview with Asharq Business on 21 April. The government will also work to improve the following year, with an increased target of USD 1.5 billion (EGP 72.3 billion) set for 2025. Previously, in February 2024, Egypt’s Minister of Finance Mohamed Maait stated that the government is looking to raise USD 6.5 billion (EGP 313.4 billion) by the end of the year. The planning minister also revealed that Egypt has r ..read more

The Central Bank of Egypt (CBE) announced an increase in daily cash withdrawal limits, the country’s State Information Service reported on 15 April. Bank branches now allow withdrawals of up to EGP 250,000 (USD 5,170) for individuals and companies – up from EGP 150,000 (USD 3,102) in January 2024. The adjustment, the second of its kind, follows the previous lift from EGP 50,000 (USD 1,034) to EGP 150,000 (USD 3,102). The daily ATM withdrawal limit was also raised to EGP 30,000 (USD 620) from the previous EGP 20,000 (USD 413) cap. In a directive to banks on Monday, the CBE highlighted these mea ..read more

  Egypt aims to procure 3.5 million tons of local wheat during the 2024 season, as announced by Ali Al-Moselhy, the country’s minister for Supply and Internal Trade. This initiative precedes the wheat harvest in Egypt, which typically commences in April and spans several months. The government’s objective is to bolster self-sufficiency in wheat and corn crops. Minister of Planning, Hala Al-Saeed, stated that the goal is to raise wheat production to 53 percent from 45 percent in 2021 and corn production to 56 percent by 2025/2026. Since November 2023, Egypt has planted three million feddan ..read more