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Interview

Hussein Abaza, CEO, Commercial International Bank: Interview
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Interview:Hussein Abaza To what extent can banks help promote sustainable or green economic growth? HUSSEIN ABAZA: The reality brought about by climate change, the Covid-19 pandemic and rising income inequality has necessitated a new approach to tackle the challenges at hand in a collective manner. Many countries – Egypt included – have begun to feel the effects of climate change in earnest,…
Interview

Ayman Kandeel, CEO, AXA Egypt: Interview
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Interview:Ayman Kandeel How have the Covid-19 pandemic and the roll out of universal health coverage affected demand for insurance in the local market? AYMAN KANDEEL: As is the case across the range of insurance lines, volatility or unexpected expenses raise awareness of risk and, with it, the benefits of insurance. The pandemic played an essential role in increasing awareness around the importance…
Interview

Adel Hamid, CEO, Telecom Egypt: Interview
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Interview:Adel Hamid How is Egypt’s ICT infrastructure changing to support the development of smart cities? ADEL HAMID: The smart city transformation fuelled by ICT solutions can help reduce energy consumption, and reinforce pollution monitoring and governance. It also offers improved safety and security. Egypt is developing such technology in line with the Digital Egypt Strategy. Telecom…
Interview

Ramy Salah Eldeen, Managing Director, Alstom Egypt: Interview
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Interview:Ramy Salah Eldeen What role can rail transport play in improving the sustainability of cities with high population densities, such as Cairo? RAMY SALAH ELDEEN: Egypt has a long history of rail transport; it was the second country to introduce a rail network after the UK. In the 1980s Cairo built its first metro to facilitate movement across the city. Yet, in the decades before the…
Viewpoint

President Abdel Fattah El Sisi: Viewpoint
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Viewpoint:President Abdel Fattah El Sisi The UN Sustainable Development Goals (SDGs) that the international community approved are a comprehensive framework through to 2030 to achieve the welfare and prosperity of all people. Egypt’s pursuit to realise the SDGs has gained increased importance in an environment that compels us to face extremely difficult international challenges. The Covid-19…
Viewpoint

Mohamed Maait, Minister of Finance: Viewpoint
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Viewpoint:Mohamed Maait In an implementation of presidential directives, the support and social protection allocations have been increased to LE356bn ($22.6bn) in the new draft general budget. The Covid-19 pandemic and the challenges brought about by the war in Ukraine have created an unprecedented inflationary wave. This initiative will support the sectors and groups most affected by the current…
Viewpoint

Girgis Abd El Shahid, Managing Partner, Shahid Law Firm: Viewpoint
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Viewpoint:Girgis Abd El Shahid Given the recent adverse global developments – and as a continuation of the national structural reform programme first initiated in 2016 – the government of Egypt has undertaken several key reforms aimed at alleviating the impact of inflation while ensuring the economy remains stable. On March 21, 2022 the Central Bank of Egypt (CBE) allowed the Egyptian pound…
Analysis

Egyptian policymakers promote plans to improve socio-economic outcomes

Posted OBG AdminPosted in Uncategorized

While the current constitution dates from 2014, Egypt became a presidential republic in 1952. Under a presidential republic, the president – who serves as the head of state – selects the Cabinet and the prime minister; Mostafa Madbouly has occupied the role of the latter since 2018. The president is elected by an absolute majority of voters and initially serves a four-year term, which, conventionally,…
Analysis

Egyptian government seeks new financing sources to bridge its deficit

Posted OBG AdminPosted in Uncategorized

Despite a successful economic reform programme implemented in 2016, Egypt continues to grapple with a fiscal deficit. In FY 2019/20 Egypt recorded a deficit of LE462.8bn ($29.4bn), the highest since the start of the 2016 reform initiatives. While this figure contracted to LE432.1bn ($27.5bn) in FY 2020/21, it is forecast to expand to LE475.5bn ($30.2bn) in FY 2021/22, according to a December 20201…
Analysis

Will increased middle class spending fuel the Egyptian economy?

Posted OBG AdminPosted in Uncategorized

Egypt was one of the few economies to witness positive GDP growth in the first two years of the Covid-19 pandemic, fuelled in part by strong consumer spending. According to a November 2021 report from Fitch Solutions, real household spending expanded by around 7% in both 2020 and 2021 – despite the widespread impact of the pandemic, which hit key sectors such as tourism particularly hard. This performance…