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Egypt's Purchasing Managers' Index (PMI) recorded 50.1 in February declining from a 50-month high of 50.7 in January. The first phase of the Sovereign Fund of Egypt's (SFE) plan to take over all public enterprises will target some 370 profitable firms, over half of the total 709 companies owned by the stateCairo and Baghdad discuss transferring Iraqi oil to be refined in Egyptian refineries.The Ministry of Petroleum and Mineral Resources has launched 13 new areas for exploration and search for oil and gas, including seven offshore gas fields in the Mediterranean Sea and six exploration areas in the Gulf of Suez and the Western Desert.Egypt is pushing ahead with plans to expand the role of renewables in its energy mix, targeting 42% by 2030. The country aims to add 4 GW of new renewable capacity this summer to help avoid power outages.The Egyptian government held talks with the European Union to discuss the second phase of the mechanism of “Macroeconomic Support and Budget Support” with funding of EUR4 billion.The Egyptian government has signed a soft financing agreement with the European Commission worth EUR90 million in the field of food security. The project is set to be financed by other partners, with a grant worth EUR100 million from the European Union and soft financing from the World Bank worth EUR110 million.The European Bank for Reconstruction and Development (EBRD) and the Central Bank of Egypt (CBE) have launched the National SME Champions Programme in partnership with local financial institutions, including the Export Development Bank of Egypt (EXPA), to accelerate the growth of high-potential SMEs. An unnamed Turkish leather company has requested the Industry Ministry allocate an 80k sqm land plot to establish a EGP 2 bn (c. USD 39.5 mn) leather factory in Robbiki Leather City.Chinese company Gold Star will set up a USD4.5 mn facility in the Qantara West Industrial Zone to produce ready-made garments following an agreement it inked with the Suez Canal Economic Zone.Scope International Engineering Company, affiliated with the Saudi Al-Suwailem Group, has contracted with Al-Nasr Housing and Development Company, affiliated with the Holding Company for Construction and Development, to develop the Maqtam Corniche project with total sales estimated at about EGP200 billion and total investments of EGP130 billion.The National Railway Authority targets USD10 million in revenues from sleeping car sector by end of 2025, a 25% growth.FAIT 4Q24 consolidated net profit recorded an impressive EGP3,344 million (+62% q/q , +414% y/y), bringing FY24 net profit to EGP12,441 million (+181% y/y) . BoD proposed cash dividend distribution of EGP3.05/share, implying a payout ratio of 15%, and DY of 8%. Also, BoD proposed the distribution of 1:20 bonus share. The stock is currently trading at P/B25 of 0.6x and P/E25 of 3.5x, with ROAE of 16%.Banque Misr issues a “Yomaty” savings certificate, which is a three-year savings certificate with a variable annual return rate of 27% paid daily and priced according to the corridor deposit rate - 0.25.JUFO subsidiary Tiba for Trade and Distribution signed a EGP400 million financing agreement with CIB to support its expansion and operational efficiency. 

The IMF is set to sign off on Egypt's fourth review of its USD8 billion loan program when the Fund's Executive Board meets on Monday, March 10. Indian plastic packaging manufacturer Flex PET opened its polyethylene terephthalate resin manufacturing plant with investments of USD175 million.Chinese textile manufacturer Zhejiang Cady Industry inaugurated its new USD100 million textile and ready-made garments factory in the Teda industrial zone in Ain Sokhna. French multinational Air Liquide officially opened its EUR80 million medical and industrial gas production factory in the Sokhna Industrial Zone.CBoard, a member of Saudi construction materials manufacturer conglomerate Beam, inaugurated the expansion of a cement board and wall manufacturing facility. India's Abdos opened its USD30 million cosmetics manufacturing plant. The state is set to spend some EGP170 billion on wage and pension hikes during FY 2025-26, according to a Finance Ministry statement. The net foreign assets of the Egyptian banking sector, including the CBE, rose by USD3.5 billion in January to USD8.7 billion. The European Bank for Reconstruction and Development (EBRD) has lowered Egypt's growth forecast for 2025 to 4.2%, down 0.3 percentage points from its previous estimates in September.Egypt has no plans to alter its tax regime in the near future, a senior government official said.The Finance Ministry has secured a USD500 million loan from Deutsche Bank and Bank ABC.EU Commissioner for the Mediterranean Dubravka Šuica is in Egypt today for high-level discussions on the New Pact for the Mediterranean and to ink a EUR90 million project, dubbed Egypt Food Resilience, with the government.The Sovereign Fund of Egypt has formed a committee to list all government companies for the purpose of adding them to the fund during the coming period.The government is reportedly considering imposing taxes on Egyptian companies that generate revenues from abroad, while avoiding double taxation.FWRY reported 4Q24 results. Net profit came in at EGP500 million (+119% YoY, +4.7% QoQ). In 2024, net profit recorded EGP1.606 billion (+125% YoY). FWRY is currently trading at 2025f P/E of 13.1x.ETEL's BoD proposed distributing cash dividends of EGP1.50/share (subject to the general assembly's approval), implying a DPO of 25.4% and a DY of 3.9%.GBCO reported attributable net profit recorded EGP1,135 million this quarter (+82.9% YoY, +52.0% QoQ). FY24 bottom line grew by 54.9% YoY to reach EGP2,928 million. GBCO is currently trading at a FY25 P/E of 4.3x.ORWE reported attributable net profit of EGP329 million in 4Q24 (-25.8% YoY, -46.5% QoQ), bringing FY24 bottom line to EGP2,192 million (+130.3% YoY). ORWE's BoD approved cash dividends distribution of EGP1.60/share for FY24, implying a dividend yield of 6.5%. ORWE is currently trading at a FY25 P/E of 4.1x.POUL attributable net profit of EGP584 million in 4Q24, an increase of 24.0x YoY and a drop of 14.3% QoQ. This brought FY24 attributable net profit to EGP2,387 million (+108.0% YoY). POUL is currently trading at FY25 P/E of 4.3x. ESRS repurchased EGP21.6 billion worth of shares from shareholders opposed to the group's voluntary EGX delisting. EMFD reported an increase of 177.5% y/y and 87.5% q/q in 4Q24 net profit to EGP5.1 billion, bringing FY24 net profit up 126.1% y/y to EGP15.4 billion.CICH 4Q24 net attributable profits post minority recorded EGP616.8 million (+79.4% q/q, +109.9% y/y), bringing FY24 bottom line to EGP2.2 billion (+114.6% y/y). CICH BoD proposed a cash dividend distribution of EGP0.70/share for FY24, implying a dividend yield of 11%. CICH is currently trading at P/B25 of 0.7x and P/E25 of 2.8x.

Have you ever felt confined pumping or felt the need to seekout help to keep your milk supply up? Being a pumping and/or nursing mom can be extremely hard,but with the right support you can truly thrive and flourish. In this segment, Ece Filiz shares her journey and how she went about unlocking freedom for pumping moms to ensure you are equipped with essential items.   WHO IS ECE?Ece Filiz is the founder and CEO of Idaho Jones, a brand dedicated to making the breastfeeding journey simpler, more organized, and more comfortable for moms. Before that, Ece was part of the Corporate Strategy team atthe European Bank for Reconstruction and Development (EBRD), where she enhanced the Bank's planning and performance measurement processes, introduced scenario planning as a strategic tool, and identified new investment and policy engagement opportunities. She also worked on the EBRD's fund of funds team, leading and managing investments into private equity funds across Eastern Europe and North Africa. Ece began her career as a Financial Analyst in J.P. Morgan'sMergers & Acquisitions department. She holds a B.A. in economics and Public Policy from the University of Chicago. Ece has two young daughters and lives in London with herfamily. Her passion for helping moms navigate breastfeeding challenges is the driving force behind Idaho Jones.   ECE'S CALL TO ACTION & CONTACT INFOTo learn more about Ece's brand and how Idaho Jones is helping to simplify life for breastfeeding moms everywhere, head over to idaho-jones.com. You'll find thoughtfully designed pumping bags, bras, and more—plus plenty of resources to help you navigate your breastfeeding journey with a little calmer and confidence. https://www.instagram.com/idaho_jones/https://www.linkedin.com/in/ece-filiz-b712451b/   GENESIS'S CALL TO ACTIONSubscribe / Follow GEMS with Genesis Amaris Kemp podcast on audio platform & YouTube channel, Hit the notifications bell so you don't miss any content, and share with family/friends.  GENESIS'S INFOhttps://genesisamariskemp.net/genesisamariskemp

The government is currently working on preparing the budget for FY 2025-26, all while preparing a comprehensive three-year budget with a financial ceiling that can only be exceeded in exceptional cases, one of the sources said. Government entities will also submit another budget covering FY 2026-27 to FY 2029-30. Ministries will be given cabinet-approved financial ceilings that can't be exceeded.The Public Government Budget is set to rise to somewhere in the vicinity of EGP8 tn in the fiscal year 2025-2026, up from EGP6.6 tn in the current fiscal year, as the government looks to incorporate additional state economic bodies' budgets into the budget, a government source told local press.The budget pencils in growth of around 5-5.5%, reduced public debt, and a primary surplus amounting to approximately 4% of GDP.The government is also working on reducing the amount of funds allocated for fuel subsidies from the current fiscal year's EGP150 bn.The government is planning to further cut down public investments and is set to, instead, rely on self-financing through various entities and limit spending to highly urgent projects or those already nearing completion, the sources said.The Finance Ministry is looking to launch a new public debt policy document by the end of March.Phase two of the new capital's development will be offered to a French investment consortium in March.The Minister of Finance revealed the features of the proposed package of reforms of the customs system through 19 proceduresزCIEB released 4Q24 consolidated bottom line of EGP1,944 million (+4% q/q, +44% y/y ), bringing FY24 bottom line to EGP8,030 million (+55% y/y and perfectly in line with Al Ahly Pharos estimate of EGP8,039 million). CIEB is currently trading at P/E25 of 3.1x (based on bottom line post minority and appropriations) and P/B25 of 0.9x. CIEB's BoD proposed cash dividend distribution of EGP3.82/share, implying a payout ratio of 60% and DY of 20%, pending the CBE and AGM approvals.CCAP reported a consolidated net profit after minority interest of EGP114.5 million in 3Q24 (-94% YoY, -108% QoQ). The company is currently trading at FY25e P/E of 1.4x and EV/EBITDA of 4.8x.Minister of Petroleum appointed Maged Mostafa El Kordy as acting chairman and managing director for AMOC. State-owned El Nasr for Fertilizers & Chemical Industries (Semadco) is gearing up to set up a wind farm and solar power stations with a combined capacity of 500 MW to power its new green ammonia factory in Suez, according to local media.FWRY has acquired a majority stake in Code Zone, a manager of local hospitals and medical institutions, as part of its strategy to invest in complementary startups. The company is also in negotiations with Gulf firms to expand its presence in Saudi Arabia and the UAE. In the first quarter, Fawry plans to launch new investment services focused on the stock market and gold, including various investment funds. Additionally, the company is considering applying for a digital bank license and has introduced Fawry Business, a platform designed to assist local companies with digital transformation, offering payment management, e-receipts, SME loans, and salary management solutions.EFIH and its sister company eHealth will work together to link the Universal Health Insurance System with social protection systems under an MoU they inked with the Social Solidarity Ministry and the Universal Health Insurance Authority (UHIA).ARCC signed a EUR25 million loan agreement with the European Bank for Reconstruction and Development (EBRD) to fund energy efficiency upgrades and expand alternative fuel use. 

The National Wages Council decided to raise the minimum wage for private sector workers to EGP7k a month, up from EGP6k, starting March. The Council also set the value of the bonus granted to employees at no less than 3% of their social insurance wage with a floor of EGP250 per month.Hong Kong-listed United Energy Group (UEG) inked a sale and purchase agreement to fully acquire Apex's upstream oil and gas exploration and production operations in Egypt for an undisclosed sum.A consortium of Infinity Power, Hassan Allam Utilities, and the UAE's Masdar secured a 20 sq km land plot in New Valley Governorate's Dakhla Oasis for their 900 MW solar power plant and its accompanying battery storage.South Sinai is looking to pull in EGP500-600 billion in industrial investments. Both foreign and local investors will be offered plots to encourage investment.The Investment Authority is close to issuing a comprehensive decision which includes updating the financial and accounting standards and procedures for companies evaluation, including mergers, divisions, and amending the companies' financial structures, and updating the methods of evaluating in-kind shares.The Egyptian government is close to concluding negotiations with the European Union and the European Bank for Reconstruction and Development (EBRD) to obtain financing of up to EUR200 million to launch a new power line,  to transmit electricity produced from wind energy projects in Gebel El Zeit, which will take a year to implement.ADIB (FV: EGP85.00, OW) recorded a strong 4Q24 consolidated bottom line post minority of EGP2,207 million (-1% q/q, +97% y/y), bringing FY24 bottom line post minority to EGP9,009 million (+93% y/y and 6% higher than Al Ahly Pharos estimate). Board of Directors proposed to increase the bank's paid-in capital from EGP6 billion to EGP12 billion, through the distribution of one share for each original share before the increase, deducted from FY24 net profit. The bank is currently trading at P/E25 2.4x.OCDI reported strong FY24 sales of EGP50.3 billion, up 66.2% y/y, implying 4Q24 sales of EGP10.5 billion, up 0.5% y/y and down 63.5% q/q. Sales performance in FY24 was driven by the launch of Ogami on the North Coast, which contributed sales of EGP24.5 billion. OCDI plans to open five new hotels offering a total of 550 rooms, is studying acquiring land plots of no less than 300 feddans in East and West Cairo, and is looking into expanding into education.U.S. President said that he will introduce new 25% tariffs on all steel and aluminum imports into the U.S., on top of existing metals duties.Egypt steel production increased 12.3% YoY to 9.04 million tons in 2024, while steel sales inched up 6.1% YoY to 7.0 million tons throughout the year. Egyptian cement manufacturers received export orders of 1 million tons this month, driven by the reconstruction of neighboring countries, primarily Libya, Syria, and Iraq. Libyan market captures more than 50% of the received orders. Badr City's medical city Capital Med is planning to make its EGX debut through a direct listing in 1H25. The company will then move forward with a capital increase to fund the construction of the new phase of the medical city. Al Ahly Pharos will act as the financial advisor and offering manager for the listing.The Suez Canal Economic Zone signed a contract with ETRS and Nafith International to develop a smart truck yard in West Port Said Port at an investment cost of EGP250 million.Weekly Commodities UpdateLast Price | WoW Change, % Brent, USD/bbl | 74.7 | -2.7% Diesel-HSFO Spread, USD/ton | 259.2 | -1.6% Egypt Urea, USD/ton | 447.5 | 3.2% Polyethylene, USD/ton | 940.0 | 0.0% Polypropylene, USD/ton | 957.5 | 0.0%Iron Ore 65%, USD/ton | 123.3Steel/Iron Ore Spreads, USD/ton | 375.0 | -1

The IMF's Executive Board is to sign off on Egypt's fourth review “in the coming weeks,” IMF Communications Director Julie Kozack said in a briefing to the press. The meeting will also see the board look into a set of fresh funds under the IMF's Resilience and Sustainability Facility.BP's recent discovery at its King Mariout offshore concession could hold up to 4 trillion cubic feet of natural gas, according to early estimates cited by two unnamed government officials that spoke to Asharq Business.  The Industry Ministry has allocated 30 million sqm in Ras El Hekma for an industrial zone, Industry Ministry Kamel El Wazir said, adding that the Ministry is working on setting up three other zones across the country, in Borg El Arab, New Alamein, and Matrouh. The government has also broken ground on the Ras El Hekma airport.According to the Minister of Finance, Egypt will launch a customs facilitation package within weeks to increase competitiveness and ease of goods release, in addition to launching a facilitation package related to real estate tax before the end of this year.Trade balance deficit rose 0.5% y/y to USD3.7 billion in November 2024.The EGX and the European Bank for Reconstruction and Development (EBRD) are working together on a project to boost market liquidity in the EGX. The National Wages Council will meet later today to discuss the minimum wage for the private sector.The Finance Ministry is considering issuing a bookkeeping scheme to account for the FX rate difference between the official and parallel markets for profit earned before the Central Bank of Egypt liberalized the exchange rate in March 2024, with the Ministry currently preparing tax budgets for the upcoming corporate tax filing season, which ends on 30 April.COMI has cut interest rates on its local currency, high-yield CDs by 3 percentage points.  Emirati and Kuwaiti financial institutions have begun due diligence to acquire at least 60% of Banque du Caire (BdC). The Financial Regulatory Authority (FRA) has raised the borrowing limit for micro enterprises by 10% to EGP266k.  ORAS's Orascom Industrial Parks is setting up a 3.5 million sqm industrial zone in Ain Sokhna with projected investments of EGP7 billion over the next ten years. Egypt plans to increase its aluminum production by 200k tons annually within three years, bringing total production to 510k tons, according to Minister of Public Enterprises. This expansion aims to meet domestic market needs and export the surplus. The Minister added that a new project is underway with the private sector to establish a new aluminum plant with modern furnaces, with a production capacity of 600k tons per year.The Ministry of Public Enterprises is developing EGCH with investments of USD400 million within three years. The development will include the production of nitrates, which will add value to the products.French pharma giant Servier's Egypt arm has inaugurated a new packaging and filling line at its 6th of October facility. With this expansion, Servier's total investments in Egypt reaches EGP1.6 billion.

The new social protection package will be announced “within days,” Prime Minister said. The package of minimum wage hikes and pension increases will come into effect starting the next fiscal year. Net foreign reserves inched up to USD47.3 billion at the end of January 2025, marking a USD156 million increase from December.Net foreign assets in Egypt's banking sector reached USD5.23 billion in December, down 12.2% from USD5.96 billion in November. The decline was driven by a widening deficit in the net foreign assets of commercial banks, which widened to USD6.4 billion in December, compared to USD5.8 billion in November.Energy giant BP has made a fresh discovery off the North Coast in its King Mariout offshore concession, with initial reports suggesting the site could yield both gas and oil. Cabinet approved five concession agreements that will see no less than USD225.3 million invested to drill at least 40 wells in areas including the Eastern and Western Deserts.US energy giant ExxonMobil is reportedly planning to dig two new exploratory wells in its Cairo and Masry offshore concessions in 1Q26, with an initial investment of USD240 million, an unnamed government official said.Egypt is reportedly planning to increase crude oil production by 18% y-o-y by the end of the current fiscal year, an unnamed government official told Al Arabiya. Demand for gold bars and coins in Egypt fell 21% y-o-y in 2024, hitting 24 tons, according to the World Gold Council's gold demand trend report for last year.The government is looking to see exports growing at an annual rate of 15-20% to achieve a trade surplus before 2030, Madbouly said, pointing to agriculture exports, which hit a record USD10.6 billion last year.The European Bank for Reconstruction and Development (EBRD) the Finance Ministry inked a cooperation agreement that will see them set up a EUR10 million fund — dubbed the Egypt Account — to finance feasibility studies and advisory services for projects being set up under the public-private partnership model.The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank, signed Egypt's work plan for 2025, under which it will provide USD100 million in funds to support private sector projects in the country.The World Bank is preparing for the second phase of Egypt's budget support program to be paid during this year, after the completion of the first phase in the middle of last year, worth USD500 million, according to the World Bank's regional director, adding that the total value of the program is USD3 billion, as part of a package to support Egypt announced by the World Bank in March 2024 worth USD6 billion, half of which is allocated to support the general budget and the other half to support the private sector.CIEB 4Q24 consolidated bottom line recorded EGP1,944 million (+4% q/q, +44% y/y), bringing FY24 bottom line to EGP8,030 million (+55% y/y, and perfectly in line with Al Ahly Pharos estimate of EGP8,039 million). CIEB is currently trading at P/E25 of 3.1x (based on bottom line post minority and appropriations) and P/B25 of 0.9x. SWDY opened a EGP2 billion cable factory at its subsidiary Elsewedy Industrial Development's Industrial zone in the Tenth of Ramadan. The factory will have a production capacity of 4 million km of fiber-optic cables and 200k km of copper communication cables.EGCH decided to hold an auction to sell unutilized land plots in Aswan with total area of around 35k sqm. According to AMIC, auto sales increased by 24.6% YoY and 19.7% MoM to reach 13k vehicles in December. EGTS's court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is postponed to 4 March 2025.

Egypt's PMI recorded 50.7 in January, up from 48.1 in December, signaling a renewed improvement in the health of the Egyptian non-oil economy at the beginning of the year, on growth in output and sales as well as falling cost pressures to eight-month low.The government will lease a Turkish floating storage regasification unit starting June and for the duration of the summer, an unnamed government official said. It will cost some USD45 million to lease the unit from June and until November. The unit will liquify some 500 million cubic feet of gas a day for electricity generation in efforts to meet heightened domestic demand during the summer months.Turkey's Kipas Textiles plans to invest EGP1 billion to set up its second fabric factory in Egypt, expected to go live before the end of the year, a company representative said.A consortium of Egyptian, Turkish, and Chinese investors led by homegrown leather manufacturer Fabrica is looking into setting up a EGP200 million industrial complex for leather products. The three partners will hold equal stakes of 33.3% each in the complex, which will focus on export. Construction, facilities preparation, and production lines installation are scheduled to begin next year The House will “within days” introduce a draft law scrapping the capital gains tax on EGX transactions and reinstating a stamp tax, as part of measures aimed at boosting investment, deputy chairman of the Budget Committee Yasser Omar said.Cairo House Egypt inked an agreement with Tourism Investment and Marriott International to turn the Mogamma building into a 500-key Autograph Collection Hotel.The International Finance Corporation's full airport privatization plan should be out in the next six months.The Madbouly government is looking to introduce the unified financing initiative for startups, coordinating efforts between public and private entities to support over 5k startups.The Ministry of Finance collected more than USD1 billion from Egyptians working abroad as part of the initiative to facilitate the import of expatriates' cars, up to January-end, an official said.The CBE has adjusted its mortgage finance initiative for low and middle income groups, its changing income brackets, interest rates, and minimum downpayments. The low-income category, with a monthly net income not exceeding EGP10-12k for individuals and EGP13-15k for households, will be able to get their hands on subsidized mortgage financing at a declining 7.5-8% interest rate. The middle-income category, with a monthly income not exceeding EGP 20k for individuals and EGP 25k for households, can secure financing at a declining 12% interest rate. The minimum down payment for accessing the financing has been set at 20% for both groups.The Ministry of Finance is considering exempting the banking sector from the tax on international loan returns. The government previously introduced an amendment to Article 56 of the Income Tax Law, canceling the tax exemption that was granted to interest paid to non-residents on long-term international loans exceeding three years, and it is expected to have a significant impact on the ability of Egyptian banks to secure USD financing from foreign markets.The local consortium setting up the 300k sqm dry bulk terminal in Dekheila Port is expected to deliver it in 4Q25 with investments to reach USD450 million. The consortium includes Mediterraneo Egypt, Latt Trading and Shipping, a SWDY company, and the Transport Ministry's Holding Company for Maritime and Land Transport.The European Bank for Reconstruction and Development (EBRD) has sold the last 8.8% it held of ISPH.CNFN subsidiary, Contact Creditech, announced the launch of its Maestro program,available through the Contact Now application, enabling customers to customize repayment plans. 

The CBE's MPC is scheduled to meet today. We remind you that we expect the CBE to prefer to hold rates unchanged in today's meeting due to persistent inflationary pressures, among other factors.Senior private and public sector figures from Egypt and the UAE inked numerous investments:Cabinet greenlit two power purchase agreements for two separate solar projects for a consortium made up of the UAE's Masdar, Hassan Allam Utilities, and Infinity Power.Cabinet approved a draft decision to establish a USD10 million private freezone for ready-made garments in Sadat City. Sources in the Ministry of Electricity revealed that USD3.5 billion are expected as investments in the renewable energy plant project located in Zaafrana.Egypt's fourth IMF review is set to wrap by tomorrow, with only procedural stages left before the Fund's Executive Board formally greenlights the decision that will unlock USD1.3 billion in financing. Sources said that although the Suez Canal Authority's contributions to the state coffers plummeted 92% y-o-y to EGP1.0 billion in the first quarter of FY24-25, the shortfall was partially offset by a 108% surge in revenues from special funds.Turkish Investment group Erciyas Holding is looking to establish a USD60 million oil, natural gas, and water pipelines factory in Egypt.Turkish clothing manufacturer Eroglu Holding has broken ground on its USD51 million garments factory in the Qantara West Industrial Zone.The government is getting ready to launch the EGP115 billion second phase of the universal health insurance system in the next fiscal year.Egypt may need to seek alternatives to Russian wheat, as Russian farmers are turning their backs against the grain, saying they will sow less wheat in favor of higher-margin crops like peas, lentils, and sunflowers, Reuters reports. HRHO 3Q24 net profit after tax and minority interest recorded EGP697 million (-12% q/q, +76% y/y), bringing 9M24 attributable bottom line to EGP3,309 million (+97% y/y). The company is currently trading at 7.7x P/E25 and 0.9x P/B25.The coverage rate of the private offering of United Bank on the EGX reached 1.06 times yesterday, Wednesday, on the first day of opening the subscription door, which lasts for five days, while the public subscription starts on November 27 until December 3.ValU Consumer Finance Company's financing recorded EGP1 billion during the first half of November, which witnessed the White Friday offers, according to Walid Hassouna, the company's CEO. CANA and Mint Real Estate Assets, a joint venture between Al Ahly Sabbour and the National Bank of Egypt, have set up a new real estate development company called Anchors for Real Estate Development. CCAP's consolidated revenue grew 64% YoY to EGP38.2 billion in 2Q24 supported by solid performances across all subsidiaries. However, the Group's net loss expanded by 255% YoY to EGP1.4 billion during the quarter as a result of an increase in non-operating expenses, including revaluation of Allied Corp and TAQA Arabia shares, as well as legal costs associated with the restructuring and settlement of bank debt.ECAP released weak 3Q24 financial results, with net profit dropping to only EGP2.6 million (-96% YoY, -97% QoQ) on the back of a contraction in operating margins, a surge in net interest expense, along with a FX loss of EGP32.8 million. The stock is trading at FY25e P/E of 6.4x.The European Bank for Reconstruction and Development (EBRD) is set to provide some USD21.3 million in new funding to the Red Sea Wind Energy (RSWE) — a JV between ORAS, France's Engie, and Japan's Toyota Tsusho/Eurus Energy. 

Egypt is preparing three possible revisions to the loan agreement to present to the IMF delegation when they land in Egypt mid-next week.The first scenario proposes extending the loan program by two years so Egypt ends up having five years to implement the reforms and unlock the entire USD8 billion in funding.The second scenario would give the government a year to carry out a stimulus package that includes pausing energy price hikes and slashing interest rates in efforts to boost growth.The third scenario suggests securing additional IMF funding, while maintaining the program's current structure and timeline. This increase would enable the government to strengthen social protections.The Finance Ministry sold some EGP52.4 billion in EGP-denominated three-month t-bills this week at an average yield of 30.0%. This marks the highest yield on three-month bills since March.Egypt asked the World Bank to extend the period of the USD500 million local development program in Upper Egypt to end in October 2025 instead of the current month.The EGX Head said that a package of measures are currently being studied, including launching a new index that combines sustainability and Islamic compliance. He also revealed a study on amending the rules for registering and delisting companies from the market.Investment Minister Hassan El Khatib laid the foundation stone for Arab Otsuka Nutraceuticals subsidiary Egypt Otsuka's factory for nutritional products in Tenth of Ramadan.The Ministry of Electricity is looking forward to receiving a EUR65 million grant from the European Bank for Reconstruction and Development (EBRD) during the coming period.A new ro-ro shipping line connecting Damietta Port with Italy's Port of Trieste will begin operations by the end of November.Global consulting firm Deloitte kicked off its new innovation hub in Cairo yesterday, pledging a three-year USD30 million investment to employ 5k of the country's “top-tier talent” in several service export sectors.United Bank will be going ahead with plans to float 330 million of its shares, equivalent to a 30% stake, on the EGX. The bank plans to make its EGX debut before the end of 2024.ATLC signed a financing contract worth EGP275 million with the Arab Forum for Investments Company to strengthen the capital base.According to local media, GBCO signed an agreement with Japanese truck manufacturer UD Trucks, granting it distribution rights for 2 models in the Egyptian market.According to local media, Philip Morris International, disclosed that it has allocated USD45 million in anticipation of potential tax obligations in Egypt. ABUK agreed with the Arab Organization for Industrialization to implement a solar energy station with a capacity of 2.5 MW and a cost of EGP90 million. MICH released 1Q24/25 results, posting an 8% increase in revenues to EGP260.3 million and 14% growth in net profit to EGP155.9 million. The government will offer private sector companies the chance to set up hospitals on 21 land plots as it works to add 173k beds to the country's residential capacity by 2030. Weekly Commodities Update

Bonjour à tous !Pour ce trente-cinquième épisode (en Anglais) du SPACEAVOCAT PODCAST tourné à Milan, lors de l'IAC 2024, j'ai eu le plaisir d'échanger avec Fani Kallianou de Jong, Principal Manager à l'European Bank for Reconstruction and Development (EBRD). Fani travaille spécifiquement sur les finacements relatifs au développement durable et travaille à développer de nouvelles solutions en incluant notamment un dimension spatiale. Ce fut donc le parfait moment pour échanger !Vous pouvez écouter cet épisode sur l'ensemble des plateformes et le voir sur YouTube!N'hésitez par à liker, à commenter, à réagir et à partager ce podcast !Retrouvez SPACEAVOCAT en ligne et sur les réseaux :www.spaceavocat.comhttps://linktr.ee/spaceavocat--Hello everyone!For this thirty-fifth episode of the SPACEAVOCAT PODCAST shot in Milan, during IAC 2024, I had the pleasure of discussing with Fani Kallianou de Jong, Principal Manager at the European Bank for Reconstruction and Development (EBRD). Fani works specifically on sustainable development financing and is developing new solutions, including a space-related dimension. So it was the perfect time to chat!You can listen to this episode on all platforms and watch it on YouTube!Please feel free to like, comment, react and share this podcast!Follow SPACEAVOCAT on social media:www.spaceavocat.comhttps://linktr.ee/spaceavocat Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Sarytogan Graphite Ltd managing director Sean Gregory discusses the company's recent progress and the strong support it has received from both local and international entities. Speaking with Proactive's Stephen Gunnion, Gregory detailed his trip to Kazakhstan, where the Sarytogan Graphite Project is based. He discussed the promising infrastructure in the town of Agydyr, which will host the company's planned thermal purification facility. He also highlighted the European Bank for Reconstruction and Development (EBRD) investment of $5 million, which positions Sarytogan as one of the first projects to benefit from the Mineral Security Partnership program. This endorsement was showcased globally when the project was presented as a case study at the United Nations General Assembly. Gregory emphasised the significance of this investment, not only for the project's technical and financial feasibility but also for its potential to create hundreds of local jobs. The investment will fund ongoing trial mining, sample analysis, and efforts to advance towards a definitive feasibility study. "It looks like we're going to be able to tap into low-cost, high-voltage power," Gregory said, underscoring the project's strategic location on the Silk Road and its long-term potential to supply critical materials. Visit Proactive's YouTube channel for more videos, and don't forget to give the video a like, subscribe to the channel, and enable notifications for future content. #SarytoganGraphite #GraphiteMining #EBRDInvestment #KazakhstanMining #MineralSecurity #CriticalRawMaterials #SeanGregory #MiningFinance #ProactiveInvestors #ThermalPurification #UNGeneralAssembly #JuniorMining #SustainableMining #ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Egypt's total public debt declined by about 2.1% during the last quarter of FY23/24 to EGP12.52 trillion.The European Bank for Reconstruction and Development (EBRD) raised Egypt's growth forecast for 2025 to 4.5% from 4.4%.The Central Bank of Egypt intends to launch a version for commercial transactions via InstaPay for transactions between individuals and merchants.The Ministry of Transport has begun talks with international financing institutions to obtain financing of up to USD300 million to finance the extension of the third metro line to Cairo International Airport.President Abdel Fattah El Sisi has directed the government to scrap the construction licensing requirements put forward in 2021 and reinstate the full provisions of the 2008 Building Law and its executive regulations. The decision will ease barriers to accessing building permits and support and energize the construction sector in the process, Qasem added. EAST's general assembly approved cash dividends of EGP2.7/share for FY23/24, implying dividend payout ratio of 88.2% and dividend yield of 10.4%.POUL's general assembly approved cash dividends of EGP0.85/share for FY23, implying dividend payout ratio of 28.0% and dividend yield of 8.1%.ABUK's general assembly approved distributing cash dividends of EGP7.5/share over three installments, implying a dividend yield of 12.2%. CIRA's BoD approved cash dividends of EGP0.26/share for FY23, pending general assembly's decision on 15 October 2024. This implies dividend payout ratio of 120% and dividend yield of 1.9%. RMDA (FV: EGP3.97, OW) achieved strong sales in August 2024, with a YoY increase of 73% compared to the average pharmaceutical market YoY increase of 45%. Volume increased by 20% YoY. This assures our positive outlook for 3Q24 results. According to local media, MASR (FV: EGP5.24, OW) is taking out a EGP9.0 billion loan.

Sarytogan Graphite Ltd (ASX: SGA) managing director Sean Gregory joins Proactive's Tylah Tully to discuss the 20-tonne trial mining exercise it will start this week at the Central Graphite Zone (CGZ) of its namesake project in Kazakhstan. The purpose of this exercise is to collect ore for vendor testing and to generate customer samples. The bulk sample will undergo milling at a local Kazakh laboratory to confirm grinding parameters, aiming to meet definitive feasibility study (DFS) standards. One tonne of the milled sample will be shipped to Australia for the production of ‘Micro80C' products, which will undergo further testing and customer qualification. Some of the Micro80C will be refined to ‘five nines purity' for battery applications. The trial mining will be conducted in the CGZ, where the probable ore reserve contains 8.6 million tonnes of graphite at 30% total graphitic carbon. The 20-tonne sample will be mined using a hydraulic excavator and the mined ore will be transported to Karaganda for milling and further test work. The company also continues copper exploration at Bainazar and anticipates the completion of a A$5 million equity placement from the European Bank for Reconstruction and Development (EBRD). #ProactiveInvestors #SarytoganGraphite #ASX #GraphiteMining #ASXSGA #TrialMining #GraphiteOre #KazakhstanMining #Micro80C #BatteryMaterials #GraphitePurity #DefinitiveFeasibilityStudy #GraphiteZone #MiningTechnology #VendorTesting #CustomerQualification #CopperExploration #MineralResources #EnergyEfficiency #MillingTests #AeromagneticSurvey #EBRD #EquityPlacement #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Send us a text In this episode of The SAF Podcast, we sit down with Roberto Gonzalez from the European Bank for Reconstruction and Development (EBRD) to explore the complexities of financing Sustainable Aviation Fuel (SAF) projects. Roberto takes us through his personal journey from chemical engineering and oil refining to his pivotal role in the EBRD's energy transition team. We discuss EBRD's ambitious goals of achieving over 50% green investments and ensuring alignment with the Paris Agreement, while also exploring the unique challenges and opportunities in making SAF projects attractive to investors.Roberto offers unique insights into the bankability of SAF across different regions, particularly in Eastern Europe, Central Asia, and Northern Africa. We delve into the critical factors that make SAF projects viable, such as feedstock supply, market demand, and technology risks. We also discuss the tools available to help spread the risk in new projects through the financial tools EBRD uses to support these projects, including first-loss guarantees, concessional debt, and technical assistance.Additionally, we discuss the role of mandates, subsidies, and the aviation sector's willingness to adopt greener fuel sources despite higher costs. This episode offers valuable insights into the pivotal role of SAF in decarbonizing aviation and the financial innovations driving its adoption.If you enjoyed this episode, make sure that you check out our previous episode with Binyam Reja, World Bank to hear about the opportunity and challenges of building SAF capacity in emerging markets: https://www.buzzsprout.com/2202964/15581228Host: Oscar Henderson, SAF Investor

Sarytogan Graphite Ltd managing director Sean Gregory joins Jonathan Jackson in the Proactive studio to discuss a share subscription agreement with the European Bank for Reconstruction and Development (EBRD) for a placement of A$5M. The EBRD, a multilateral bank promoting private sector development in 36 economies, has invested over €200 billion in more than 7100 projects, with 80% directed towards private companies. Gregory views the investment as an endorsement of Sarytogan's governance and the quality of its graphite project in Kazakhstan. EBRD's Director for Natural Resources, Natalia Lacorzana, highlighted the project's potential to become a responsibly mined source of battery-grade graphite, supporting the transition to a green economy and the wider adoption of electric vehicles. The funds will advance the Sarytogan Graphite Project, with the pre-feasibility study expected to be complete by September. Sarytogan will also retain control over Ushtogan LLP until a definitive feasibility study is completed. The agreement includes a Project Support Agreement granting EBRD the right to nominate a director to Sarytogan's board and requiring regular reporting on environmental and governance matters. #ProactiveInvestors #ASX #SarytoganGraphite #EBRDInvestment #GreenEconomy #BatteryMaterials #GraphiteProject #ASX #KazakhstanMining #SustainableMining #ElectricVehicles #InvestmentNews #CorporateGovernance #FeasibilityStudy #MiningSector #EnvironmentalStandards #PrivateSector #GraphiteProduction #NaturalResources #ProjectFunding #MiningProjects #SustainableDevelopment #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

Finance Minister Ahmed Kouchouk held a presser. Among his remarks:The government rationalized public spending by 2.2% of GDP, brought down the budget deficit to 3.6%, and achieved a primary surplus of 6.1% during the last fiscal year.The government wants to reduce debt servicing to 35% of total government spending over the medium term.Tax revenues grew by 30% y-o-y in FY 2023-24 to record EGP1.49 tn, which helped push revenues up 60%, outpacing spending growth.Government spending on subsidies and social protection more than doubled from FY 2020-21 to EGP550 bn — the government had penciled in EGP530 bn in social safety spending in its draft budget.The government is looking to raise around USD2-2.5 bn through the privatization of state-owned companies this fiscal year.Net foreign reserves edged up by USD105 mn in July to just under USD46.5 bn, surpassing the previous record high USD46.4 bn recorded in June.State grain buyer GASC yesterday launched a tender for up to 3.8 mn tons of wheat for import over a seven-month period, marking its largest tender to date, according to what traders told Reuters.The Oil Ministry's industrial mining complex in Aswan is expected to see EGP700 mn in investments over two phases.Global markets are catching their breath after stocks staged somewhat of a comeback yesterday, recovering some of the losses from the past three days as investors eased recession concern. The Dow gained 0.76%, while the S&P 500 rose 1.04%, and the Nasdaq Composite closed up 1.03%.ECAP (FV: EGP30.82, OW) released its KPIs for 2Q24, recording a surge in net profit to EGP86.5 million (+43% YoY, +6 folds QoQ) on the back of revenue growth and enhanced margins, bringing 1H24 earnings to EGP100.3 million (-15% YoY). ECAP is currently trading at FY24e P/E of 12.5x and EV/EBITDA of 4.8x.Egypt's aluminum exports surged 10% YoY to USD415 million in 1H24. According to local media, EMFD is extending operations in Marassi for an additional two months beyond the summer season and has reduced hotel prices in Marassi to attract more tourists.Real estate company, Arabia Holding, is looking into listing on the EGX.BTFH has received the greenlight from the FRA to launch its SME finance service. Local media sources highlighted that an investment consortium of SPE direct investment company and the European Bank for Reconstruction and Development(EBRD), in addition to other investment funds are planning to acquire Tamweeli micro-finance. 

The EGP was changing hands at an average of 49.2 to the greenback — its lowest level since March. Foreign investors reportedly sold some USD600 mn worth of local debt instruments over the past two days.Foreign investments in Egyptian treasuries in July reportedly recorded USD900 mn.The Ministry of Petroleum aims to increase Egypt's production of natural gas by the end of this year to about 5 billion cubic feet per day, compared to about 4.6 billion cubic feet per day currently.The government is gearing up to announce a new package of social protection measures in September, with plans to implement it starting October.The Prime Minister confirmed the completion of the trial operation of the mechanized system to support exports, while currently preparing for its official launch.According to local press, an updated valuation study will be needed to determine the swap ratio of SKPC's deal to acquire Ethydco. Latest valuation study was approved back in July 2023.According to banking sources, banks decided to stop financing private sector fertilizer producers due to alarming default risks specially after natural gas supply interruption and factories stoppage. According to the sources, government-owned fertilizers producers are not affected by the decision. OCI Global has agreed to sell its low-carbon ammonia project in Texas to Australia's largest oil and gas developer Woodside Energy for USD2.35 billion. EAST's (FV: EGP29.26, OW) ordinary general assembly approved the sale of one of its factories in 6th of October. Egypt's food industries exports surged 25% YoY to USD3.2 billion in 1H24.According to data from the CBE, non-governmental foreign currency deposits in Egyptian banks rose USD2.4 billion in the first half of 2024, reaching USD53.0 billion by the end of June.The European Bank for Reconstruction and Development (EBRD) provided a USD20 million loan to CIEB to support small businesses and green investments. The Egyptian Credit Bureau (I-Score) has launched a market analytics platform for banks operating in the local banking system. Valu and solar energy company KarmSolar are setting up an EV charging network in New Cairo's District 5.

Saudi Arabia is looking to turn its deposits with the CBE into investment.The recently-approved USD820 million tranche from the IMF has officially landed in state coffers, Prime Minister Moustafa Madbouly said on Thursday.The government is reportedly planning to import up to 17 shipments of LNG in 4Q24 to ensure the lights stay on after an extended period of power cuts.The government is planning to set up an industrial zone focused on chemical and plastic industries in Alexandria.Local banks are gearing up to issue green bonds between this month and September, the European Bank for Reconstruction and Development (EBRD) managing director for the SEMED region said, adding that the multilateral lender plans to invest in them.Trade deficit decreased to about USD3.57 billion in May, compared to USD3.98 billion for the same month of the previous year, a decrease of 10.3% YoY.The net foreign asset surplus of the banking system shrank 10% to USD12.9 billion in June, down from USD14.3 billion in May. CIEB 2Q24 consolidated bottom line reached EGP1,924 million (-16% q/q, +49% y/y). The stock is currently trading at P/E24 of 3.4x and P/B24 of 1.3x.Customers can now receive and disburse transfers in both USD and EGP across 20 Banque du Caire branches, under a partnership between the bank and Western Union Egypt's official agent IBAG.Tasahel micro-finance, MNT-Halan subsidiary has almost finalized a Sukuk Mudarabah issuance this month. The issuance is around EGP6.5 billion and is awaiting FRA approval in the next two weeks.CNFN has partnered up the Women's Economic and Social Empowerment Program (WESEP), an initiative funded by the USAID and carried out by US-based NGO Pathfinder International, to boost financial inclusion and empower low-income women across Egypt.ABUK released 4Q23/24 unaudited financial indicators. Net profit declined 14% YoY (-83% QoQ) to EGP1.35 billion in 4Q23/24. FY23/24 net profit dropped 4% YoY to EGP13.50 billion. ABUK is currently trading at FY24/25f PE of 5.0x and EV/EBITDA of 3.8x.Egypt signed a shareholders' agreement to establish the Alexandria Supply Chain Company, which will set up a permanent marine facility at Dekheila Port in Alexandria. It represents a partnership between SKPC, GASCO, ECHEM, and Gamma Construction Company. Alexandria Port Authority of the Transport Ministry assigned to SWDY's subsidiary, Elsewedy Electric T&D, the execution of a power station to be completed within one year. According to local press, ISPH plans to sell EGP900 million worth of assets to settle part of its outstanding debt after banks demanded that the pharma distributor reduce its debt-to-equity ratio. DSCW has acquired an additional 16.7% stake in United Dyers, upping its ownership in the company to 99.3%. Auto sales in June rose 27.6% MoM to just over 8k vehicles.AJet, the low-cost carrier under Turkish Airlines, launched flights between Istanbul and Cairo during the summer season, with flights scheduled five days a week.

The Oil Ministry is studying the possibility of leasing another floating storage regasification unit (FSRU) in Ain Sokhna to meet the need for additional quantities of natural gas.The Oil Ministry aims to drill 110 exploratory wells for gas and oil, with a total investment of USD1.2 billion during FY 2024/25. It is also planning to drill 586 exploratory wells for gas and oil, with a total investment of USD7.2 billion until 2030.EGPC contracted to import fuel shipments of diesel and butane in quantities approaching 550k tons to be delivered this month, a government official said, adding that the contracted diesel shipments amount to about 380k tons to meet the market's needs.The General Authority for Investment and Free Zones (GAFI) has requested the New Urban Communities Authority (NUCA) to allocate plots of land for the establishment of three new investment zones.China's Zhejiang Hengsheng Dyeing and Finishing Company has laid the foundation stone for its dyeing, processing, and textile manufacturing project in the Suez Canal Economic Zone's West Qantara Industrial Zone, with investments amounting to USD 70 mn.Minister Moustafa Madbouly issued a directive forming the Economic Ministerial Group. Headed by Madbouly, the group will include Central Bank Governor Hassan Abdalla, Planning and Economic Development Minister Rania Al Mashat, Finance Minister Ahmed Kouchouk — who will serve as the group's spokesperson — Supply Minister Sherif Farouk, and Investment and Foreign Trade Minister Hassan El Khatib.Gold production was up nearly 16.5% y-o-y to 559k oz in the last fiscal year.The government intends to expand the “golden license” system, to be available for the first time to large projects working in agricultural exports, alongside their industrial counterparts.The European Bank for Reconstruction and Development (EBRD) plans to provide financing worth USD705 million into a number of Egyptian banks during 2H2024.The Egyptian Stock Exchange issued rules for trading carbon emissions reduction certificates and futures contracts for the first time.EAST raised prices of its first segment by EGP0.22, bringing the pack price to EGP34.72, which corresponds to the maximum price limit set for this segment.HELI (FV: EGP18.84, OW) and MASR (FV: EGP5.24, OW) signed the contract to co-develop HELI's 491 feddan land plot in New Heliopolis. SWDY (FV: EGP44.88, EW) announced that its sister company, El Sewedy Cables Qatar, has signed an EPC contract with KAHRAMAA Qatar Power Transmission System Expansion to supply and install 132kV power cables for Strategic Projects over three years with a value exceeding QAR1 billion (c. USD270 million). A number of cement companies have addressed the Egyptian Competition Authority to request an extension of the decision to reduce production for an additional year, with the aim of helping companies deal with the shrinking demand in light of the decline in individual construction activities.ACDIMA revealed that EIPICO 3 operations are expected to commence by the end of this year with investments reaching EGP5 billion post devaluation (compared to a previous estimate of EGP2.7 billion). Fifteen molecules have been registered so far.  Weekly Commodities UpdateLast Price | WoW Change, %Brent, USD/bbl | 85.0 | -1.7%Diesel-HSFO Spread, USD/ton | 287.1 | -4.1%Egypt Urea, USD/ton | 337.5 | 0.0%Polyethylene, USD/ton | 1,060.0 | 1.0%Polypropylene, USD/ton | 1,000.0 | 0.5%Iron Ore 65%, USD/ton | 127.3 | -1.3%Steel/Iron Ore Spreads, USD/ton | 386.5 | 0.0%LME Aluminum Cash Price, USD/ton | 2,415.9 | -2.5% Eyptian Retail Cement, EGP/ton | 2,132.0 | 0.9% Steam Coal FOB Newcastle Australia, USD/ton | 133.9 | -1.4%SMP, USD/MT | 2,586.0 | 0.0%

Fadi Lama discusses his fantastic book "Why the West Can't Win" and the Money Powers that rule the world. He explains how everything in the West is fake and a Virtual Reality (e.g. fake democracy, fake economy, false flag operations). Democracy was created by the Money Powers as the new means of control (e.g. only individuals with money can run for office). He argues that the East has overtaken the West economically and militarily. The world will have a hard split between East and West. The West will collapse into a globalist dystopia (e.g. 15-minute cities). Watch on BitChute / Brighteon / Rokfin / Rumble / Substack Geopolitics & Empire · Fadi Lama: Money Powers & West Collapsing Into Dystopia as East Rises #445 *Support Geopolitics & Empire! Donate https://geopoliticsandempire.com/donationsConsult https://geopoliticsandempire.com/consultationBecome a Member https://geopoliticsandempire.substack.comBecome a Sponsor https://geopoliticsandempire.com/sponsors **Visit Our Affiliates & Sponsors! Above Phone https://abovephone.com/?above=geopoliticseasyDNS (use coupon code GEOPOLITICS for 15% off!) https://easydns.comLegalShield https://hhrvojemoric.wearelegalshield.comWise Wolf Gold https://www.wolfpack.gold/?ref=geopolitics Fadi Lama Websites WHY THE WEST CAN'T WIN: From Bretton Woods to a Multipolar World https://www.claritypress.com/product/why-the-west-cant-win-from-bretton-woods-to-a-multipolar-world Fadi Lama Substack https://fadilama.substack.com About Fadi Lama Dr. Fadi Lama is an International Adviser for the European Bank of Reconstruction and Development (EBRD) and a partner in DNL Strategic Consulting, offering consulting services in the fields of geoeconomics, industry, SMEs and academia. He is founder and general manager of a testing equipment and industrial automation systems manufacturing company. Dr. Lama received his PhD in Mechanical Engineering from Georgia Institute of Technology, his MSc in Manufacturing Technology from The City University of London, and his BE in Mechanical Engineering from the American University of Beirut. *Podcast intro music is from the song "The Queens Jig" by "Musicke & Mirth" from their album "Music for Two Lyra Viols": http://musicke-mirth.de/en/recordings.html (available on iTunes or Amazon)

Fadi Lama discusses his fantastic book "Why the West Can't Win" and the Money Powers that rule the world. He explains how everything in the West is fake and a Virtual Reality (e.g. fake democracy, fake economy, false flag operations). Democracy was created by the Money Powers as the new means of control (e.g. only individuals with money can run for office). He argues that the East has overtaken the West economically and militarily. The world will have a hard split between East and West. The West will collapse into a globalist dystopia (e.g. 15-minute cities). Watch on BitChute / Brighteon / Rokfin / Rumble / Substack Geopolitics & Empire · Fadi Lama: Money Powers & West Collapsing Into Dystopia as East Rises #445 *Support Geopolitics & Empire! Donate https://geopoliticsandempire.com/donations Consult https://geopoliticsandempire.com/consultation Become a Member https://geopoliticsandempire.substack.com Become a Sponsor https://geopoliticsandempire.com/sponsors **Visit Our Affiliates & Sponsors! Above Phone https://abovephone.com/?above=geopolitics easyDNS (use coupon code GEOPOLITICS for 15% off!) https://easydns.com LegalShield https://hhrvojemoric.wearelegalshield.com Wise Wolf Gold https://www.wolfpack.gold/?ref=geopolitics Fadi Lama Websites WHY THE WEST CAN'T WIN: From Bretton Woods to a Multipolar World https://www.claritypress.com/product/why-the-west-cant-win-from-bretton-woods-to-a-multipolar-world Fadi Lama Substack https://fadilama.substack.com About Fadi Lama Dr. Fadi Lama is an International Adviser for the European Bank of Reconstruction and Development (EBRD) and a partner in DNL Strategic Consulting, offering consulting services in the fields of geoeconomics, industry, SMEs and academia. He is founder and general manager of a testing equipment and industrial automation systems manufacturing company. Dr. Lama received his PhD in Mechanical Engineering from Georgia Institute of Technology, his MSc in Manufacturing Technology from The City University of London, and his BE in Mechanical Engineering from the American University of Beirut. *Podcast intro music is from the song "The Queens Jig" by "Musicke & Mirth" from their album "Music for Two Lyra Viols": http://musicke-mirth.de/en/recordings.html (available on iTunes or Amazon)

In this episode of the IMPACT= Podcast, we talk to Manfred Schepers, the founder and CEO of ILX Management, the Amsterdam-based manager of emerging market-focused private credit fund, ILX Fund. He believes that not only are development finance institutions among the best emerging market investors in the world, but pension funds should be looking to commit capital alongside them. ILX provides institutional investors access to investment opportunities of the development finance asset class, by investing in private-sector loans arranged by Multilateral Development Banks and Development Finance Institutions (DFIs). The rationale for his approach? Because DFIs have a proven track record of producing solid and long-term financial results and have very low rates of investment failures, despite investing in some of the least developed markets in the world. Manfred has over 30 years' of senior-level experience in both development finance and international capital markets. Prior to founding ILX Management, he was Vice President and Chief Financial Officer at the European Bank for Reconstruction and Development (EBRD) and led the Bank's Institutional Investment Partnership program. He has also worked at SBC Warburg and UBS where he was Global Head of Debt Capital Markets from 1990-2004.

May 2024 saw a continued decline in the annual urban inflation, falling to 28.1% from April's 32.5%. Core inflation, which excludes highly volatile and administered prices, declined for the third consecutive month in May reaching 27.1%, compared to 31.8% in April.The European Bank for Reconstruction and Development (EBRD) will announce a new electricity production project to be carried out in partnership with the private sector. The bank has plans as well to take part in financing a “major” green hydrogen project in Egypt next year. The bank is interested in acquiring minority stakes in a few local banks.The Oil Ministry plans to import the first shipment of liquefied gas at the port of Ain Sokhna during the last week of June. The Sovereign Fund of Egypt (SFE) has acquired a 20% stake in the local pharma chain Care Pharmacies for EGP75 mn.The government is set to launch an online platform for medical tourism within the next two weeks. The platform will allow users to reserve spots in any hospital in Egypt and apply for and receive a visa for the medical treatment within 72 hours.An official at the Shalatin Mineral Resources Company said that 3 foreign companies won the company's global bid for gold exploration. The official said that the winning companies were one Russian, one English, and the last is Saudi. The names of the winning companies are scheduled to be officially announced in the coming days. We upgrade our FV for JUFO to EGP30.80/share, maintaining Overweight recommendation to factor in:•           New Macro assumptions•           Capex of EGP2.0 billion in 2024.•           Exports expansion mainly to the MENA region.•           Higher ASP and volumes recovery.•           Margin improvement relative to historical averages.JUFO is currently trading at 2024f P/E of 8.2x.BINV's general assembly approved the distribution of a cash dividend of EGP 1.00/share or its equivalent in USD (DY of 4.9%), with a total amount of EGP218.36 million, in addition to EGP9 million to be distributed to the BoD. Aman Consumer Finance, RAYA's financial services arm, has issued EGP1.04 bn worth of securitized bonds. Local payment cards manufacturer Masria Digital Payments (MDP) is adding three production lines to its factory in Tenth of Ramadan City this year, with investments of USD 2 mn. Alameda Healthcare will invest some USD245 mn to expand its footprint in Egypt and across the region, through setting up new hospitals, acquiring existing ones or expanding its own hospitals.

To hear about developments in the factoring and supply chain finance world, Trade Finance Global (TFG) spoke with Çağatay Baydar, Chairman at FCI and Irina Tyan, Principal Banker, TFP at the European Bank for Reconstruction and Development (EBRD).   Read the article here: https://www.tradefinanceglobal.com/posts/podcast-s2-e12-adapting-to-change-the-future-of-factoring-and-supply-chain-finance/

The CBE sold yesterday 3-years T-bonds worth EGP5 billion, more than the EGP4 billion originally targeted. Yields averaged 24.83%, lower than 24.98% in the last auction.The government is planning a 20% payment of international oil companies' dues during June 2024. Current dues reached USD4.5 billion after the payment of USD1.5 billion last March. Egypt's production of natural gas increased by 4.8% MoM to 4.49 bcf in March 2024. However, production decreased by 15% YoY. On the other hand, gas consumption increased by 10% MoM to 5.26 bcf in March. The Ministry of Finance is planning the early payment of the export subsidy worth EGP8 billion for the beneficiaries of the seventh phase of the initiatives to start on 6 June 2024. ORAS reported its consolidated 1Q24 results, with net income attributable to shareholders surging to USD46.1 million (+28% YoY, +5% QoQ), beating our estimate of USD34.0 million, supported primarily by significant net forex gains of USD58.8 million during the quarter. ORAS is currently trading at FY24e P/E of 8.2x. SWDY refuted published news about the appointment of Maatouk Bassiouny & Hennawy as legal advisor to advise on the offer received recently. The Egyptian Federation for Construction and Building Contractors is set to sign a cooperation agreement with the Libyan Contractors' Union next week, to increase Egyptian construction companies' participation in Libyan reconstruction projects. TMGH (FV: EGP73.80, OW) achieved strong sales of over EGP100.0 billion, representing 9,303 units, year-to-date until 20 May 2024, which is 2.6x the sales level in the same period last year. This figure includes sales of around EGP24.2 billion, representing 1,706 units, in Banan.  EFIH acquired a 25% stake in “Al Ahly Momken” and a 13% in “EasyCash for Digital Payments”.  NTRA is preparing to issue a tender to establish mobile towers at an estimated cost of up to EGP5 bn to support mobile networks and towers on all Egyptian roads. HRHO has acquired an undisclosed minority stake in the Danish digital wealth manager Kenzi Wealth. The European Bank for Reconstruction and Development (EBRD) will provide the National Bank of Egypt with USD 119.5 mn for on-lending to local micro, small and medium-sized enterprises (MSMEs). EAST will increase its paid-in capital from 2.23 billion to EGP3.0 billion, htrough bonus shares which will be distributed at the rate of 0.345 shares for each original share held before the increase. Record date is on 5 June 2024 and distribution date is on 6 June 2024. EFID inks EGP990 million loan with 8-year tenor from Banque Misr to finance its local expansion plan, a chunk of the loan has already been allocated to finance a new bakery line which is expected to kick off operations in the second half of the year. The Finance Ministry could amend customs regulations for chemical products in order to boost local industry. The Chamber of Chemical Industries proposed increasing tariffs by 5-10% on chemical products that are imported but have a locally-made counterpart. The state-owned Western Desert Operating Petroleum Company (Wepco) is looking to invest some USD420 million to expand its Al Hamra terminal.  Sources revealed discussions for the establishment of a committee that reviews drug prices every 6 months, similar to fuel. 

CBE's net foreign assets improved to a net liabilities' position of USD766.3 million in April compared to USD1.38 billion in March. The European Bank for Reconstruction and Development (EBRD) has cut Egypt's growth forecast for 2024 to 3.9%, down 0.6 percentage points from its September forecast. The bank highlighted FX shortages and “reform uncertainty” as factors weighing on the economic outlook. Cabinet greenlit a draft law to set up a central unit dedicated to state-owned companies — dubbed the State-Owned Companies Inventory and Follow-Up Unit — with the aim of regulating state ownership in companies that the government wholly owns or holds stakes in. Cabinet approved a draft decision introducing a 25% reduction on building reconciliation fees for building owners who pay the full fees upfront. Cabinet approved a draft decision giving informal businesses a three-year period to submit requests to legalize their projects. Egypt's unemployment rate fell to 6.7% of the total workforce in the first quarter of this year, inching down 0.2 percentage points from the previous quarter. Fitch Ratings estimated the foreign inflows Egypt has received at about USD20 billion since the flotation, other than the Ras El Hekma deal. TMGH (FV: EGP73.80, OW) achieved strong sales of EGP86.0 billion year-to-date until 14 May 2024, up 153.0% y/y. This figure includes around EGP11.5 billion of reservations in Banan which were achieved in the three days following the project's soft launch. The EGP86.0 billion sales figure includes EGP25.0 billion in sales made for non-TMGH entities (for which TMGH receives commissions). EMFD (FV: EGP6.74, OW) received replies from Albro North Coast for Developments and from Skytower for Real Estate Development Company, approving EMFD's preliminary non-binding offers to acquire stakes in each company. The New Urban Communities Authority will within days hand out a total of 4.6 million sqm plots in New 6 October City to Elsewedy Industrial Development, Polaris Parks, Arabia Holding, and Samcrete to set up four industrial parks.  The cabinet greenlit a draft decision to allocate 1.5 feddans in North Sinai's Rafah for the establishment of seawater desalination plants.  SAUD is aiming to increase its SMEs financing facilities by 30% by the end of 2024. The International Energy Agency lowered its forecast for oil demand. It now sees global demand rising by 1.1 million bpd in 2024 — 140k bpd less than last month's projections — pointing to weaker demand particularly in Europe. This stands in stark contrast to OPEC's forecast that oil demand will rise by 2.25 million bpd in 2024.

Euro Manganese Inc President and CEO Dr Matthew James tells Proactive's Stephen Gunnion that the battery materials company has achieved a key milestone at its Chvaletice Manganese Project after receiving approval for its Environmental and Social Impact Assessment from the Czech Ministry of Environment. James told Proactive the Czech project involves remediating historical mine tailings from a previous pyrite mine, containing significant manganese deposits. The company also owns land directly opposite the tailings area for a processing plant. The Chvaletice Manganese Project is unique for its high-purity manganese, essential for electric vehicle batteries, particularly in NMC (nickel-manganese-cobalt) batteries. James explained that the project's manganese is crucial for the energy transition, boasting strong Environmental, Social, and Governance (ESG) credentials, including a carbon footprint one-third that of the industry standard in China. A completed Definitive Feasibility Study (DFS) in July 2022 estimated the project's net present value at approximately US$1.3 billion. The European Bank for Reconstruction and Development (EBRD) is the company's second-largest shareholder, highlighting significant European support alongside the European Investment Bank (EIB), which has approved the project for appraisal. Financial strategies include a proposed 65% gearing, with funding expected from both the EIB and the EBRD. Additionally, a financing package from Orion Resource Partners provides non-dilutive funding to shareholders. The company is also developing an early-stage project in Quebec, positioning itself within a growing battery materials hub. This project aims to produce IRA-compliant high-purity manganese sulphate. Upcoming milestones for investors include further offtake contracts and securing the last land access agreement for their Czech Republic project, having already achieved significant environmental approval. #EuroManganese #BatteryMaterials #Manganese #CzechRepublicProject #QuebecOpportunity #ESGCredentials #ElectricVehicleBatteries #Sustainability #EuropeanInvestmentBank #ManganeseMining #ProactiveInvestors #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

*Key news articles for today*The CBE's Monetary Policy Committee (MPC) is meeting today to decide on interest rates for the first time in 2024. We reiterate our view that the MPC might prefer to keep rates unchanged, as long as stability still prevails on the currency front. Inflation readings have been capitalizing on favorable base effect recently. Besides, we believe any possible hike would be of little benefit compared to its fiscal costs.The Fed left interest rates unchanged for the fourth consecutive meeting at a 22-year high of 5.25%-5.50%.News have been circulating that a coalition of Emirati companies affiliated with the Emirate of Abu Dhabi agreed with the Egyptian government to buy land in the city of Ras El Hekma on the northwestern coast to establish a project with investments exceeding USD22 billion. However, government sources have reportedly said that there are currently no such agreements concluded with Emirati businessmen.The Cabinet decided to cut funds allocated for investment in the current fiscal year's budget by 15% and push back any new projects until 30 June 2024.The Cabinet greenlit the executive regulations for the law scrapping tax exemptions previously granted to state entities and public-sector companies and projects.Director of the Middle East and Central Asia Department at the IMF said that Egypt's GDP growth rate could increase by 5-6% if the government allows the private sector to play a leading role in Egypt's economy and reconsiders the role of the public sector.The IMF warns that Israel's war on Gaza is “exacerbating an already challenging environment for neighboring countries and beyond," highlighting possible impact on tourism and Suez Canal revenues.Minister of Finance revealed the customs release for 20,500 cars has been completed, as part of the expats' cars initiative, during the period from 30 October 2023 until 29 January 2024, with a total transfer of USD667 million.Member of the Board of Directors of the Federation of Egyptian Industries warned of the repercussions of the stifling crisis facing the industry in Egypt due to the high production costs and the FX shortage,  which caused a decline in production and the halt of expansion plans.CLHO intends to invest around EGP2 billion over 18 months in growth capex, directed to the completion of Phases 1 and 2 of Sky Hospital in East Cairo, the expansion of Cleopatra October in West Cairo, and the expansion of polyclinic activities.EFIH is preparing to acquire a stake in an electronic payments company during February 2024.GBCO plans to expand the introduction of electric cars in the local market during the upcoming period. A delegation from the Indian company ICON visited KIMA's factory in Aswan to prepare for the technical studies of the rehabilitation of the ammonium nitrate production line as well as the warehouses of the final products.  Taqa Arabia's Taqa Power subsidiary Taqa Volt will develop, manage, operate, and maintain nine EV charging stations in New Cairo's Cairo Festival City.The Ministry of Petroleum approved allocating 60 km in Gulf of Suez as two new oil concessions to the General Petroleum Company (GPC). OPEC+ members will review the oil cartel's ongoing production cuts during a Joint Ministerial Monitoring Committee today.The European Bank for Reconstruction and Development (EBRD) will be granting HRHO's microfinance arm Tanmeyah the EGP equivalent of up to USD10 million. The CBE denied putting limits on daily cash withdrawals from banks.CNFN's securitization arm, Sarwa, is planning to issue Islamic sukuk worth EGP2.5 billion by the end of February.AIH has finalized the sale of its 99.8% stake in the Arabian International Contracting Company for EGP74.9 million. 

Manfred Schepers is oprichter en CEO van ILX Management, een in Amsterdam gevestigd SDG-fonds voor opkomende markten. Verder is hij vicevoorzitter van de Raad van Commissarissen van Van Lanschot Kempen en lid van de Raad van Commissarissen van de NWB bank.  Manfred studeerde aan de prestigieuze London School Economics en volgde daarvoor het Internationale Baccalaureate aan het United World College in Wales.  Met 40 jaar ervaring heeft Manfred uitgebreide expertise opgebouwd in ontwikkelingsfinanciering en internationale kapitaalmarkten, zowel in leidinggevende als toezichthoudende rollen. Zijn loopbaan begon in 1983 bij Bankers Trust International (New York en Londen), dat nu onderdeel is van Deutsche Bank. Gedurende lange tijd werkte hij bij UBS, waar hij diverse functies vervulde in Tokyo en Singapore, waaronder Global Head of Debt Capital Markets. Tussen 2006 en 2016 was Manfred werkzaam bij de European Bank for Reconstruction and Development (EBRD), waar hij onder andere de rol van CFO vervulde en zich bezighield met Institutional Investment Partnerships.  Manfred is 63, woont in Loenen en heeft een zoon en twee dochters die allen in Londen wonen.    *** Op de hoogte blijven van Leaders in Finance? Abonneer je dan op de nieuwsbrief.    ***  Leaders in Finance wordt mede mogelijk gemaakt door EY, MeDirect, RiskQuest, Kayak en Roland Berger.     ***  Vragen, suggesties of feedback? Graag! Via email: info@leadersinfinance.nl en check de website leadersinfinance.nl   *** Eerdere gasten bij de Leaders in Finance podcast waren onder andere: Klaas Knot (President DNB), Robert Swaak (CEO ABN AMRO), Frank Elderson (directie ECB), David Knibbe (CEO NN), Janine Vos (RvB Rabobank), Jos Baeten (CEO ASR), Nadine Klokke (CEO Knab), Gita Salden (CEO BNG Bank),  Annerie Vreugdenhil (CIO ING), Karien van Gennip (CEO VGZ), Maarten Edixhoven (CEO Van Lanschot Kempen), Jeroen Rijpkema (CEO Triodos), Chantal Vergouw (CEO Interpolis), Geert Lippens (CEO BNP Paribas NL), Simone Huis in 't Veld (CEO Euronext), Nout Wellink (ex DNB), Onno Ruding (ex minister van financiën), Maurice Oostendorp en Martijn Gribnau (CEOs Volksbank), Yoram Schwarz (CEO Movir), Laura van Geest (Bestuursvoorzitter AFM) Katja Kok (CEO Van Lanschot CH), Ali Niknam (CEO bunq), Nick Bortot (CEO BUX), Petri Hofsté (Commissaris, o.a.  Rabobank en Achmea), Peter Paul de Vries (CEO Value8), Barbara Baarsma (CEO Rabo Carbon Bank), Jan van Rutte (Commissaris PGGM, BNG Bank, vml CFO ABN AMRO), Marguerite Soeteman-Reijnen (Chair Aon Holdings), Annemarie Jorritsma (o.a. Voorzitter NVP), Lidwin van Velden (CEO Waterschapsbank), Don Ginsel (CEO Holland Fintech), Jan-Willem van der Schoot (CEO Mastercard NL), Tjeerd Bosklopper (CEO NN NL), Joanne Kellermann (Chair PFZW), Steven Maijoor (Chair ESMA), Radboud Vlaar (CEO Finch Capital), Karin van Baardwijk (CEO Robeco) en Annette Mosman (CEO APG). --> tussen haakjes de functie ten tijde van het interview  

This week's episode of Green Minds features Josué Tanaka, who was the former Managing Director at the European Bank for Reconstruction and Development (EBRD) responsible for the Bank's operational strategy and planning function and for leading its energy efficiency and climate change activities between 2006 and 2020. Lorenzo interviews Josué about his early career working at the World Bank, his leading role in increasing the EBRD's spending on climate finance, his experience of COPs and how they've evolved over the years, and the Finance for Climate Action Report which he was involved in developing.  For listeners who want to delve deeper, a link to the Finance for Climate Action Report can be found here.  Do you have any suggestions for guests or themes that we should take a closer look at? Feel free to drop us an email at podcast.greenminds@gmail.com 

Suez Canal Authority (SCA) announced an increase in transit fees by 5-15% starting as of 15 January 2024.The CBE has asked banks to impose limits on the use of credit cards for foreign-currency transactions on concerns of misuse. Credit card holders will only be allowed to make USD250 a month in local FX transactions.Chinese companies could invest as much as USD15.5 bn in the Suez Canal Economic Zone (SCZone) after a series of agreements, memoranda and other pacts were inked. Investments will largely target the energy sector.The government could announce the winner of the stake in military-owned filling station operator Wataniya within a month to six weeks.The cost of exempting 12 commodities from customs tariffs for six months is estimated at a maximum of c. EGP180 million, according to government sources.ESRS (FV: EGP54.60, OW) reported consolidated results for 2Q23 with revenues soaring (+73% YoY, +24% QoQ), and bringing 1H23 top-line to EGP62.3 billion (+62% YoY). Attributable net income came in at EGP1.0 billion in 2Q23, reversing last quarter losses of EGP1.6 million, yet 45% lower than 2Q22. We maintain our Overweight recommendation for ESRS despite the recent rally in the stock price given the Group's solid operational performance and cost efficiencies. We see the exchange rate as the main driver to the stock price performance. So, depending on where the exchange rate would settle in the next 12 months will determine the exact value of the stock.ESRS is currently trading at FY24e P/E of 12.2x. SWDY (FV: EGP22.87, OW) announced that its subsidiary, United Metals Company (UMC) secured a USD50 million loan from the European Bank for Reconstruction and Development (EBRD).  The Bank's financing will secure UMC's working capital needs to import copper cathodes, a key input for the production of cables.We adjusted ORAS's FV to EGP192.45/share from EGP181.70/share taking into account the new number of shares of 110.24 million shares, instead of the previous 116.76 million shares, post listing the issued capital decrease through cancelling 6.52 million treasury shares at a par value of USD1/share, effective yesterday.The FRA has developed and published its first set of mortality data, known in the business as actuarial life tables, to be used for pricing insurance life products. The new compiled data will reflect the reality of the country's population and help companies price their policies more realistically and efficiently.Real estate compromised 85% of the total value of leasing contracts in 1H23.Etisalat Misr plans to invest EGP10 billion in 2024, compared to EGP7 billion spent in 2023.

Egypt issued the first sustainable Panda bonds in the Middle East and North Africa at CNY3.5 billion (USD500 million) with a yield of 3.5% over three years. Suez Canal revenues jumped by 34.7% to hit USD9.4 billion up from USD7 billion, and are projected to reach USD10.3 billion by the end of 2023, according to Chairman of the Suez Canal Authority.The House of Representatives gave final approval to some bills: (1) allowing non-Egyptian investors to become registered importers for a ten-year period that could be renewed once. The law will also allow them to hold stakes of up to 49% in trading companies that import into Egypt. (2) Extension of car import scheme for three months, and (3) handing an Abu Dhabi Ports-led consortium with Golden Anchor Ships Operator and Silver Anchor Facilities Management the right through its Safaga Stations Operating Company to develop, build, manage, and operate the Safaga Port for thirty years. Besides, the MPs also approved a loan agreement provided by the International Bank for Reconstruction and Development worth USD500 million, for the purpose of expanding the Takaful and Karama cash transfer program.The government plans to use the proceeds from the sale of 30% stake of Eastern Company, worth USD650 million, to launch a new fertilizer project, in addition to restructuring some existing government fertilizer factories.Minister of Petroleum, Head of the EGX, and Head of the Commodities Exchange agreed to add nitrogenous and phosphate fertilizers, propylene, and petroleum products to the commodities exchange market. SKPC signed a partnership agreement with Nigeria's Rungas Group to establish LPG cylinder manufacturing plant by using polyethylene applications with a capacity of one million cylinder per year. The production will be exported, with the probability of local sale expansion after acquiring the necessary approvals. Egypt's natural gas production declined by 10% YoY to reach 40.5 billion cubic meters during the first eight months of 2023, compared to 45 billion cubic meters in the same period of 2022.According to local media, an Egyptian entity acquired a stake of almost 20% in Arab Company for Tourism and Hotels Investments (ICON) for EGP1.7 billion. According to local media, the almost 20% stake was previously held by Misr Insurance and Misr Life Insurance. We remind you that TMGH (FV: EGP22.55, OW) owns in ICON around an 82% stake which would be valued at around EGP7.9 billion (EGP3.83/share) based on this media-reported transaction.The European Bank for Reconstruction and Development (EBRD) is considering lending USD325 mn to four local banks for on-lending to local SMEs and green projects. The four banks include CIB, NBE, Banque du Cair, and EXPA. The CBE approved the appointment of Amr El-Ganaini as Deputy CEO and Managing Director of COMI.According to local media, cars' spare parts are expected to witness an increase in prices within the next two months by 10-15%, due to the supply shortage in the market and FX pressures. 

The European Bank for Reconstruction and Development (EBRD), founded to help build up market economies in the wake of the fall of the Soviet Union, has issued a new growth forecast for the region. It predicts that Ukraine will see its GDP increase by 3 percent in 2024. Speaking to FRANCE 24, the EBRD's Chief Economist Beata Javorcik explained the reasons for this as well as how increased Russian trade and remittances boosted the economies of Central Asia, the Caucasus and Turkey.

European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) chairman Keith Coughlan tells Proactive the company is to receive a €6mln investment from the European Bank for Reconstruction and Development (EBRD) to help fund the Cinovec Lithium Project in the Czech Republic. As part of its due diligence, EBRD engaged an independent, international mining consultancy to conduct a technical review of the Cinovec project. EBRD also performed a review of the project with respect to compliance with EBRD's Environmental and Social Policy. #ProactiveInvestors #EuropeanMetalsHoldings #AIM #ASX #Lithium #CriticalMinerals #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews

The Non-Deliverable Forward Contracts on the EGP hit 44/USD, Bloomberg reported. Prime Minister met with SFE head and chairwoman to follow up on its efforts to attract investments. The Export Development Fund has sent the proposal for the new program to the export councils for review and comments before final approval.  The initiative to facilitate the import of cars by Egyptians abroad attracted USD500 million since its launch until now. Gas output from Eni's Zohr gas field dropped 11% y-o-y to 2.5 bn cfd in 2022, taking a toll on Egypt's total gas production, which dipped to a 28-month low of 6.1 bn cfd in February, down 7% y-o-y. There are two scenarios for telecom services price increases: 1) NTRA implements a 50% price increase on all services, followed by an annual 10-20% per annum rise (tied to inflation), and 2) A different price increase for each service, depending on each company's revenues, costs, and subscriber structure. NUCA approved a new mechanism for calculating the interest rate on land payments based on calculating the average interest rate on the EGP announced by the CBE during the last three months instead of calculating it on a daily basis.According to JLL, hotel occupancy rate in Cairo reached 74% in the first two months of 2023, up from 62% in the same period last year. EgyptAir is operating three weekly flights from Cairo to New Jersey starting 3 June 2023.FWRY approved increasing the company's issued capital to EGP1.70 billion (distributed over 3.406 billion shares), equivalent to 3% increase of the company's issued shares and allocated to the ESOP. TALM released 1H22/23 attributable net profit of EGP192 mn, a 38% rise YoY, driven by a rise of 28% YoY in revenues (the number of students). CIRA's BoD has approved plans to apply for a new loan to meet debt repayments to the European Bank for Reconstruction and Development (EBRD).The Kuwait Investment Authority said in a tweet that it is not interested in investing in an Egyptian bank that is offered for sale (The United Bank).The Consumer Finance Companies Union is currently working on linking all member companies operating in the sector electronically, with the aim of detecting fraud immediately, in cooperation with “i-Score.”FAIT released standalone positive financial results in 1Q23, where the bottom line recorded EGP2.15 billion (+80.6% y/y). The significant growth is mainly attributable to non-interest income growth (investment income and FX gains).CANA is offering a 3-year fixed CD at a rate of up to 19%, while EGBE has launched a 3-year CD, a fixed certificate at 19%, and a declining-rate certificate that starts at 23%. Interest is paid monthly on both CDs and the minimum deposit is EGP 1,000.ETRS BoD is moving forward with NOSCO's acquisition as follows: 1) Archer's Financial Advisory valuation for ETRS and NOSCO with fair values of EGP2.594 and EGP58.033, respectively, with 1 share of ETRS for every 0.0447 share of NOSCO. 2) Capital increase by EGP68.9 million distributed on 68.9 million shares, bringing total capital to EGP224.9 million.MICH 9M22/23 net profit amounted to EGP435.66 million compared to EGP148.4 million in 9M21/22. MICH is trading at a 22/23 annualized P/E of 7.9x. Weekly Commodities UpdateAluminum Cash Price, USD/ton         2,366.8            4.8%Egypt Urea, USD/ton  340.0   2.3%Copper Cash Price, USD/ton 8,963.0            1.3%Polypropylene, USD/ton         997.5   0.5%Egyptian Retail Cement, EGP/ton      1,890.0            -0.1%Polyethylene, USD/ton           1,090.0            -0.9

Joining Patrick and Saul for this week's interview is Matteo Patrone - the Managing Director of Eastern Europe and the Caucasus (EEC) at the European Bank for Reconstruction and Development (EBRD). He discusses the work the EBRD has done in Ukraine both since the collapse of communism in the 1990's and more recently since Russia's full scale invasion last year. He also sets out how much Ukraine will need in the process of reconstruction once the war is over. If you have any thoughts or questions, you can send them to - battlegroundukraine@gmail.com Producer: James Hodgson Twitter: @PodBattleground Hosted on Acast. See acast.com/privacy for more information. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode Simone Utermarck, Director, Sustainable Finance at ICMA talks to Isabelle Laurent, Deputy Treasurer and Head of Funding at the European Bank for Reconstruction and Development (EBRD), Joseba Mota, Head of Fixed Income and ESG, Iberdrola, Eric Pedersen, Head of Responsible Investments, Nordea Asset Management, Jochen Krimphoff, Global lead data, tools and methods for the Greening Financial Regulation Initiative (GFRI), World Wide Fund for Nature (WWF) and Julian Mazzacurati, Senior Economist, Risk Analysis and Economics Department at European Securities and Markets Authority (ESMA) about the link of sustainable finance to the real economy. The conversation touches on green bonds, the Principles and related guidance; the EU Taxonomy; external reviews and the use of technology.

Supply chain disruptions linked to Russia's invasion of Ukraine and its economic impacts continue to undermine energy and food security. They are also prompting economies and businesses to rethink how they obtain critical raw materials and component parts. In this podcast, Alexander Plekhanov of the European Bank for Reconstruction and Development (EBRD) discusses new research on the impacts of Russia's invasion of Ukraine on economies and global supply chains, highlighting mechanisms and policy options to restore economic activity and ingrain resilience. He also describes international trade effects for economies in Central Asia and the Caucasus and the factors behind them. The discussion draws upon his ADBI Featured Speaker Webinar on EBRD's 2022-23 Transition Report on the policy implications of “business unusual” conditions in the global economy. Transcript: adbi.me/3CrHmds

Οικονομ?α & Επενδ?σεις : Η συμβολ? των Ελλ?νων & Ξ?νων Επενδυτ?ν Moderator : κ. Ευ?γγελος Λ?κατζης, Ετα?ρος - Saplegal - Α.Σ. Παπαδημητρ?ου & Συνεργ?τες Δικηγορικ? Εταιρ?α Panelists : κ. Αλ?ξης Πατ?λης, Προ?στ?μενος στο Οικονομικ? Γραφε?ο της Γενικ?ς Γραμματε?ας Πρωθυπουργο? -Ελληνικ? Δημοκρατ?α κ. Κωστ?ς Ρ?κας, Διευθ?νων Σ?μβουλος - CVC κ. Δημ?τρης Χατζηιακ?βου, Principal Banker European Bank for Reconstruction and Development (EBRD) κα. Ελ?νη Μπαθιαν?κη, Partner - EOS Capital Partners κ. Τ?κης Σολωμ?ς, Partner - Elikonos Capital κ. Σωτ?ρης Παπαντων?πουλος - Μαντ?πουλος, Partner - Uni.fund 12th Annual Capital Link Sustainability Forum, Tuesday, Septermber 27, 2022, Grand Hyatt Athens Hotel. For more information on the event please visit here: http://csringreece.gr/forum/2022/index.php?lang=en

The European Bank for Reconstruction and Development (EBRD) has been working in Armenia for the past three decades focusing on developing the country's financial sector, supporting development of value-added industrial companies, improving the business environment and more. Head of EBRD's Yerevan Resident Office, George Akhalkatsi, speaks to EVN Report about the organization's activities and plans for the future.

NIR declined slightly to USD33.141 billion at the end of August, compared to USD33.143 billion in July.EGP slipped to 19.31 against the USD yesterday from 19.29.The Customs Authority has raised the USD customs exchange rate to EGP 19.31 from EGP 18.65 in June, effective today.The European Bank for Reconstruction and Development (EBRD) is ready to provide as much as USD 1.3 bn in funding to support clean energy projects in Egypt.Putin said he wants to change the landmark agreement allowing Ukraine to export grain via the Black Sea to limit which countries can receive shipments.Cabinet approved a draft decision that sets the prices of industrial land offered to investors under the usufruct system. Oil prices dropped to USD82.60/bbl on fear of global demand.Credit Agricole France will purchase a 4.8% stake in Credit Agricole Egypt today, taking its holdings in the local unit to around 65%, at EGP 6.23-EGP 7.00/share.AUTO is entering into an agreement with Chimera Abu Dhabi to indirectly sell 45% of the shares of GB Lease. GB Lease recorded revenues of EGP275.7 mn during 1H22, representing 6.3% of GB Capital's top-line and 1.8% of the total group's top-line. Expedition Investment decided to revise its offering price for DOMT according to Al Mal, after the fair value study at EGP6.90/share. EGAL confirmed funding two-thirds of its USD300 million overhaul by offering fresh stakes through a capital increase. The government plans to sell 10% of its stake in Helwan Fertilizers at EGP1.5 billion.

In this episode, I sit down with Dr. Sergei Guriev (click here for full bio). Dr. Guriev is the professor of economics and director of graduate programs in economics at Sciences Po, Paris as well as the Former Chief Economist and the Member of the Executive Committee of the European Bank for Reconstruction and Development (EBRD). He also served as the former Rector of the New Economic School in Moscow. Most recently, he is the co-author of "Spin Dictators." We discussed the next phase of Putin's authoritarianism, the rise and current political environment of China, and what the West and the next generation can do to fight tyranny and despotism! Topics:What are "spin dictators?"How Putin used white-collar crime charges to imprison political opponentsFrom spin to fear - the next phase of Putin's authoritarianism What do Russians think of Putin?The rise of spin dictatorsThe rise and current political state of ChinaWhat should the West do?Resources:Spin Dictators - https://amzn.to/3OGPUApMaster and Margarita (English) - https://amzn.to/3JhbhY2The Gentleman in Moscow - https://amzn.to/3cRm7YLSocials! -Substack: https://taylorbledsoe.substack.com/Website: https://www.aimingforthemoon.com/Instagram: https://www.instagram.com/aiming4moon/Twitter: https://twitter.com/Aiming4MoonTaylor's Blog: https://www.taylorgbledsoe.com/YouTube: https://www.youtube.com/channel/UC6-TwYdfPcWV-V1JvjBXkAll Amazon Affiliate links help financially support "Aiming for the Moon" while you get a great read or product

In this episode of Purpose-Driven Wealth, your host Mo Bina talks with Akhil Patel about the importance of an investor understanding his market cycles. Of course, markets have ups and downs. But if downs are overcome, how are there periods where it happens all over again? Here, Akhil simplifies how economic cycles repeat, the common theme with downturns, and his two cents on how relationships between nations impact the economy. In this episode you will learn: If we understand [economic problems], we can make better decisions around it Why are there cycles? The government has the tendency to spend too much on the wrong places No successive cycle looks like the one before Akhil Patel on the relationship between the US, China, and Russia and so much more! About Akhil Patel:   Akhil became interested in economic cycles during his school years when he came across Henry George's Progress and Poverty, which explained why economies go through periods of boom and bust.   Later on, he witnessed the negative effects of not understanding economic cycles when his family's business went through difficult periods during the major recessions in the early 1990s and during the global financial crisis after 2008.   He became determined to develop a body of work that would help people – whether they were investors, business owners, or those just interested in doing something with their savings to grow their wealth or manage their affairs through the course of these economic cycles.   Akhil has professional experience in audit, central government, and international banking and has worked on a range of issues, from reviewing large infrastructure public-private partnerships (PPP) deals to helping establish the UK's £3 billion International Climate Fund.   He has two Master's Degrees (in Finance and Public Policy) and a first degree in the Classics from Oxford. He is also currently a principal policy advisor to the European Bank for Reconstruction and Development (EBRD).   Follow Akhil Patel on:   Website:          http://www.propertysharemarketeconomics.com/ Twitter:            https://twitter.com/AkhilGPatel   Connect with Mo Bina on:   Website:          https://www.high-risecapital.com/ Medium:          https://mobina.medium.com/   For more information on passive investing in commercial real estate, please check out our free eBook — More Doors, More Profits — by clicking here: https://www.high-risecapital.com/resources-index      

https://propertysharemarketeconomics.com https://twitter.com/AkhilGPatel Akhil became interested in economic cycles during his school years when he came across Henry George's Progress and Poverty, which explained why economies go through periods of boom and bust. Later on, he witnessed the negative effects of not understanding economic cycles when his family's business went through difficult periods during the major recessions in the early 1990s and during the global financial crisis after 2008. He became determined to develop a body of work that would help people – whether they were investors, business owners or those just interested in doing something with their savings to grow their wealth or manage their affairs through the course of these economic cycles. Akhil has professional experience in audit, central government and international banking and has worked on a range of issues from reviewing large infrastructure public private partnerships (PPP) deals to helping establish the UK's £3 billion International Climate Fund. He has two Masters Degrees (in Finance and Public Policy) and a first degree in the Classics from Oxford. He is also currently a principal policy advisor to the European Bank for Reconstruction and Development (EBRD). (Source: propertysharemarketeconomics.com ) State of the Markets Podcast Tim Price of https://Pricevaluepartners.com https://twitter.com/timfprice Podcast links: https://sotmpodcast.com https://anchor.fm/stateofthemarkets https://apple.co/2OUGW6R Paul Rodriguez https://ThinkTrading.com https://twitter.com/prodr1guez --- Send in a voice message: https://anchor.fm/stateofthemarkets/message

Egypt and Saudi Arabia signaled their intention to strengthen economic ties during a visit by Saudi Crown Prince Mohammed bin Salman, announcing deals worth USD7.7 billion. The agreements cover key sectors including energy, tech, food, and pharma, including: Ajlan & Bros inked a USD 3.3 bn agreement to build a facility for storing petroleum products with the Egyptian Arab Supply Chain Group Company.ACWA Power and Hassan Allam Holding signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to develop a 1.1 GW wind farm in the Gulf of Suez for USD1.5 bn.Saudi's Albaik's products could be manufactured locally by the Egyptian subsidiary of Saudi's Halwani Bros and sold to local franchisees. Hadhim Dates plans to invest here and work with private-sector companies to cultivate palm trees in Al Wadi Al Gadeed governorate.Saudi business development company T2 signed an investment agreement with FWRY to develop fintech solutions for trade and money transfers between the two countries.Egyptian pharma player Pharco will establish a USD150 mn pharma manufacturing complex in Medina, Saudi Arabia. Production is expected to begin within two years.The Saudi-Egyptian Business Council aspires to reach more than USD50 billion of Saudi investments in Egypt before the end of the current year 2022, according to the head of the council.Minister of Finance said that more than 90% of foreign investments in government debt instruments have already exited, after the Russian-Ukrainian war.The House of Representatives approved the state's budget for the upcoming fiscal year, with no changes to the government's version.The House gave its final approval to suspend the 14% agricultural land tax for another year to July 2023 and granted the option to cabinet to extend the suspension again until July 2024.ETEL signed an agreement with Grid Telecom, a subsidiary of the Greek Independent Electricity Transmission Operator (IPTO), to link Egypt and Greece by a new submarine cable.FWRY plans to offer “myFawry” card after obtaining the CBE approval and plans to launch an investment fund over the myFawry platform in 3Q22, along with launching the BNPL services in 4Q22.Financial Regulatory Authority (FRA) has received an official offer by Chimera Investments to acquire up to 90% of Beltone Financial, at EGP 1.485 per share in a mandatory tender offer, valuing the company at around EGP 690 mn. The FRA is currently studying Chimera's offer. HRHO has closed an EGP 651.2 mn securitized bond issuance on behalf of mortgage provider Bedaya (a joint venture between EFG Hermes Holding, Talaat Moustafa Group, and GB Capital). Abou Ghaly Motors (AGM) could receive up to EGP 175 mn (EUR 9 mn) from the European Bank for Reconstruction and Development (EBRD) to fund the acquisition of electric vehicles (EVs).  

In the latest episode of EU Watchdog Radio, we discuss how EU public finance institutions like the European Bank for Reconstruction and Development (EBRD) should approach the rebuilding of Ukraine after the war comes to an end.Russia's hostile invasion of Ukraine sent shockwaves across Europe and beyond. The war has forced over 6.8 million people to flee the country, with millions more internally displaced.The damage done to Ukraine's infrastructure has been colossal. Speaking at the World Economic Forum in Davos, Ukrainian President Volodymyr Zelensky claimed that rebuilding the country would cost over half a trillion dollars. Zelensky has also said that 95 percent of buildings in the city of Mariupol had been destroyed, while the mayor of the recently liberated city of Kharkiv said that 1 in 4 homes in the city were now uninhabitable.European public finance institutions have already provided immediate assistance to Ukraine. The EBRD committed an initial €2 billion to help both within Ukraine and neighbouring countries who have taken in refugees. The European Investment Bank also approved an initial €668 million of assistance at the beginning of the conflict, as well as a €4 billion credit line to support EU states hosting people who have fled the country.Given the scale of the reconstruction needed, this is probably just the start. The EBRD in particular has been heavily involved in investing in Ukraine since the country joined the bank in 1992. Yet its investments have primarily favoured businesses, with over 40 percent of its total support going to the private sector. This is despite many projects having hugely negative social and environmental effects. For instance, Ukrainian agribusinesses giant Myronivsky Hliboproduct Pjsc has received €275 million from the EBRD since 2010. The company is associated with intimidation of communities who live near a poultry farm and has also been criticised for polluting local water sources with excessive amounts of nitrate.In this episode, we speak with Fidanka Bacheva-McGrath, a campaigner with CEE Bankwatch Network. We discuss the EBRD's operations in Ukraine before the war, including the bank's support for controversial projects as well as nuclear energy.We cover what lessons the bank can learn from these past mistakes, and how they may inform future reconstruction efforts. Finally, we talk about the EBRD's relationship with Russia, and what must change after the country's hostile invasion of Ukraine.This podcast is produced by CEO and Counter Balance. Both NGOs raise awareness on the importance of good governance in the EU by researching issues like lobbying of large and powerful industries, corporate capture of decision making, corruption, fraud, human rights violations in areas like Big Tech, agro-business, biotech & chemical companies, the financial sector & public investment banks, trade, energy & climate, scientific research and much more…You can find us on iTunes, Spotify & Buzzsprout. Stay tuned for more independent and in-depth information that concerns every EU citizen!

Our Business Editor Kate Moody has been speaking to the head of the European Bank for Reconstruction and Development (EBRD) at the World Economic Forum in Davos. EBRD head Odile Renaud-Basso explained how the institution, which was already present in Ukraine before the Russian invasion, has been "shifting" its support for Kyiv since February 24. She also expressed concern over the rise in energy and food prices for developing and emerging countries and the looming risk of a "food crisis".

Suma Chakrabarti is adviser to President of Uzbekistan Shavkat Mirziyoyev on economic development, good governance and international cooperation. He's also an advisor on economic development to the president of Kazakhstan. Prior to this role, he was a president of the European Bank of Reconstruction and Development (EBRD), and before joining EBRD, he was a senior civil servant - permanent secretary at the UK government.

Good Morning Monaco FRIDAY MAY 13, 2022 published by NEWS.MC Subscribe to our daily email newsletter Mask rules abolished - almost Friday the 13th will be a lucky day for residents and visitors who have been looking forward to a further relaxation of the mask rules in Monaco... Excitement builds as Historic Grand Prix draws nearer Somehow a whole year has already passed since the Historic Grand Prix took over the streets of the Principality, and the popular historic racing event is back... Monaco's new luxury brand inspired by Grimaldi dynasty Founded in Autumn 2021, Monaco's own luxury brand was named using Monegasque etymology, as Monaco Ville was originally called Monoïkos in Greek and 1297 marks the starting point... Monaco Swim Week set to make a splash The Principality is going to get much hotter this month, as the first ever edition of Monaco Swim Week will launch with a splash, bringing world renowned supermodels... Lass had everyone on their feet The popular Thursday Live Session featuring Lass at the Grimaldi Forum was not only a sell-out this week but one of the best nights an Indigo audience has ever had... Another improvement in pandemic figures The Government reported on Thursday, May 12, that 15 residents tested positive for coronavirus while 10 were fully-recovered... EBRD receives donor pledges for Ukraine The European Bank for Reconstruction and Development (EBRD) said on Thursday it expected to ramp up investments in Ukraine and surrounding countries... DULY NOTED: Monaco's elected body, the National Council, welcomed the relaxation of mask rules and said that moving towards the same regulations as in France will help Monaco's economy. Copyright © 2020 NEWS SARL. All rights reserved. North East West South (NEWS) SARL. RCI: 20S08518 - NIS: 6312Z21974 --- Send in a voice message: https://anchor.fm/monacodailynews/message

The Fed raised its benchmark interest rate by 0.5%, the largest since 2000 as a response to inflation pressures. The Fed also indicated it will begin reducing asset holdings on its balance sheet in June.Ministry of Finance decided to raise the customs dollar rate to EGP17 in May, up from EGP16 in the previous month.Minister of Finance said that the Ministry expects achieving a primary surplus of EGP91 billion and decreasing overall deficit to 6.2% to GDP and public debt to 85% in FY2021/22.Egypt will delay the planned offering of shares on the stock exchange of a number of state companies until September, Public Enterprise Minister told Reuters.Suez Canal monthly revenues hit a record high in April, registering USD629 million.El Sisi announced new measures to boost investment and support the economy: 1) incentives to local manufacturers including five-year tax breaks and usufruct contracts for land, 2) the government will present a framework that will attempt to double the size of the EGX, 3) the government will announce a plan to reduce public debt and the state's budget deficit over the next four years.Polish President to coordinate ways to ship Ukrainian wheat to Egypt amid the war, potentially through Polish seaports.A CBE official said that the MPC will meet as scheduled on May 19.Pricing for an oil barrel in the state's FY2022/23 budget will be between USD80-85 per barrel.CCAP reported 4Q21 consolidated financial results posting a net loss post minority of EGP958 million, versus 3Q21's net loss of EGP441 million and 4Q20's net loss of EGP922 million. If it weren't for the cement sector investment write down and provisions within the cement sector, which added to EGP1.3 bn, CCAP would have reported profits on a consolidated basis. EFIC standalone 1H22 net profit after taxes came in at EGP98 million, significantly up by 3.85x YoY. EFIC is trading at 2022 P/E multiple of 4.9x and EV/EBITDA of 2.2x.EAST reported 3Q21/22 bottom-line of EGP1,331 mn for the quarter; a slight rise of 0.6% QoQ, however dropping by 1.5% YoY, leading to a NPM of 31.3%, flat sequentially while dropping by 2.6pps YoY from the previous 33.9% in 3Q20/21. EAST is currently trading at a FY21/22 P/E of 4.9x and an EV/EBITDA of 3.6x.JUFO reported weak 4Q21 results, mostly on seasonality and margin pressure: attributable net profit recorded EGP37 mn, a very steep decline QoQ by a full 78.9% and 18.1% YoY. FY21 bottom-line climbed to reach EGP526 mn, a YoY rise of 22.8%. JUFO is currently trading at an FY22 P/E of 12.3x and an EV/EBITDA of 4.6x.SUGR reported bottom-line for 9M21/22 of EGP76.8 mn, nearly flat YoY, leading to a NPM of 12.8%, versus 34.3% in the previous period.EGAL's aluminum local selling price dropped during May by EGP4,000/ton on the back of slowing global aluminum cash price.ALCN released solid 3Q21/22 financial results with net profit surging to EGP549 million in 3Q21/22 (+41.8% YoY, +44% QoQ). On annual basis, net profit hit EGP1.266 billion in 9M21/22 a surge of 25.1%YoY. ALCN is currently trading at FY21/22f P/E of 8.5 and EV/EBITDA 5.9x.Abu Dhabi ports (ADP) has signed a contract to develop, operate and manage a multi-purpose terminal in Safaga Port, whose construction is expected to be completed by the end of 2023, as part of a joint venture with the Red Sea Ports Authority and Transport Ministry's commercial arm.COMI could soon receive a USD20 mn loan from the European Bank for Reconstruction and Development (EBRD) for on-lending to local women-led SMEs. The total value of government electronic payment and collection services reached EGP3.7 trillion during the past 34 months.AMER disclosed that legal disputes between its subsidiary, Delmar, and NUCA regarding the Porto Marina project have been resolved.NUCA extended the deadline to 7 June 2022 to receive negotiation requests from co

Today's show features two guests crucial to both the present and future of Ukraine: Yuriy Ryzhenkov, CEO of Metinvest Holding, the firm that owns the Azovstal steel plant in Mariupol currently surrounded by Russian forces; and Odile Renaud-Basso, the president of the European Bank for Reconstruction & Development (EBRD), which was established to help post-Soviet states fight for democracy.  Also on today's show: Shanghai citizens push back against China's controversial Covid lockdown, and the latest developments in Ukraine from our team of reporters on the ground. To learn more about how CNN protects listener privacy, visit cnn.com/privacy

A leading macroeconomist explains how knowledge of economic cycles can help investors make better decisions at the right times. Akhil Patel has been studying, writing and teaching about the most important economic cycle that most people don't know about. He knows that real estate markets operate on an 18.6 year cycle, and he believes understanding that cycle can help people grow and protect their wealth. To kick off 2022, Akhil returns to the podcast for a conversation about our current real estate and stock market cycles, where we are in the cycle and whether we are tracking according to the 18.6 year cycle (we are), and he goes into some predictions for the coming year and practical ways that cycles should inform our investment decisions. This is a more in-depth conversation about Akhil's and Property Sharemarket Economics' work and follows on from the introductory conversation we had with Akhil at the beginning of 2021 (RWRH episode 21). Akhil is a director at Property Share Economics and a leading expert on economic, financial, and property cycles. He has experience in audit, central government and international banking and also serves as a principal policy advisor to the European Bank for Reconstruction and Development. Throughout his career, Akhil has worked on a range of projects including reviewing large infrastructure public private partnerships and helping establish the UK's £3 billion International Climate Fund. Key Insights: How the real estate market operates on an 18.6 year cycle How smartphone technology shaped our current economic cycle The role of human behavior (fear and greed) in investing and cycles How the stock market and real estate market cycles interact The impact of migration to secondary and tertiary markets Advice for investors in our current cycle Subscribe to this podcast to build your healthy financial foundation through expertise, insights, strategies, tactics, wisdom, and inspiration from Alpha Investing's community of professionals, advisors,investors, and members: Apple - Spotify - Google - TuneIn - Stitcher - iHeartRadio Guest Bio: Akhil became interested in economic cycles during his school years when he came across Henry George's Progress and Poverty, which explained why economies go through periods of boom and bust. Later on, he witnessed the negative effects of not understanding economic cycles when his family's business went through difficult periods during the major recessions in the early 1990s and during the global financial crisis after 2008. He became determined to develop a body of work that would help people – whether they were investors, business owners or those just interested in doing something with their savings to grow their wealth or manage their affairs through the course of these economic cycles. Akhil has professional experience in audit, central government and international banking and has worked on a range of issues from reviewing large infrastructure public private partnerships (PPP) deals to helping establish the UK's £3 billion International Climate Fund. He has two Masters Degrees (in Finance and Public Policy) and a first degree in the Classics from Oxford. He is also currently a principal policy advisor to the European Bank for Reconstruction and Development (EBRD). Resources: Real Wealth Real Health Alpha Investing podcast@alphai.com Property Share Economics Akhil's first episode on Real Wealth Real Health Learn more about your ad choices. Visit megaphone.fm/adchoices

The Royal Palace announced in a statement Monday morning the engagement of Princess Maria Laura, daughter of Princess Astrid and Prince Lorenz, to Sir William Isvy. The wedding will take place in the second half of 2022.Princess Maria Laura studied Chinese and international relations at the Institute of Oriental Languages ​​in Paris. After an internship in New York, she moved to Shanghai in 2012 to work in the private sector. After two years in China, Maria Laura returned to Europe, to London, to do research in a "think tank", before completing a master's degree in International Affairs and Diplomacy at the School of Oriental and African Studies "(SOAS ). She then worked for three years at the European Bank for Reconstruction and Development (EBRD) in 2020 to reach a major philanthropic foundation where she now works as an analyst in the area of climate change. Meeting in LondonMr. William Isvy, of French and British nationality, was born in Paris to a British mother and a Franco-Moroccan father, lived most of his childhood in London, where he graduated from the Lycée Français Charles de Gaulle, and then obtained a bachelor's degree in finance from McGill University in Montreal.Trouver l'autre mystérieuxL'amour est un mystère pour ceux qui le vivent, un mystère pour ceux qui le regardent. Nous constatons, mais nous ne comprenons pas. Pourquoi ? Parce que ce qui nous lie à l'autre est inexplicable. Aimer vraiment, c'est aller vers quelqu'un, non pas seulement pour son image (sa beauté, sa ressemblance avec tel ou tel), ni pour ce qu'il symbolise (un père, une mère, le pouvoir, l'argent), mais pour son secret. Ce secret que nous ne savons pas nommer, et qui va rencontrer le nôtre : un manque ressenti depuis l'enfance, une souffrance singulière, indéfinissable. « L'amour s'adresse à notre part d'inconnu, explique le psychanalyste Patrick Lambouley.☆☆☆☆☆☆☆☆☆☆☆☆☆☆☆https://linktr.ee/jacksonlibon---------------------------------------------------#facebook #instagram #amour #couple #couplegoals #famille #relation #doudou #youtube #twitter #tiktok #love #reeĺs #shorts #instagood #follow #like #ouy #oyu #babyshark #lilnasx #girl #happybirthday #movie #olive #garden #menu #deviance #autotrader #trading #khan #academy #carter #carguru #ancestry #accords #abc #news #bts #cbs #huru bluebook #socialmedia #whatsapp #music #google #photography #memes #marketing #india #followforfollowback #likeforlikes #a #insta #fashion #k #trending #digitalmarketing #covid #o #snapchat #socialmediamarketing #bhfyp

Nika Gilauri was Prime Minister of Georgia from 2009 to 2012. He also served as Minister for Energy (2004–2007) and Minister for Finance (2007–2009). Nika's tenure in government was marked by dramatic economic recovery and growth that countries only dream of, whereby his team enacted a series of bold and radical anti-corruption and growth hack tactics. The results were monumental: Georgia's GDP rose from -9.0% when Mr Gilauri was appointed to +8.1% when his term came to an end in 2012. Georgia's budgetary deficit also decreased under his leadership dropping from 9% in 2009 to 3% in 2012. Mr Gilauri also guided reforms in the energy sector, fiscal policy, healthcare, customs, education and other spheres of economic development, and contributed to efforts to improve Georgia's overall business environment. His greatest achievement as Minister of Energy was to transform Georgia from being a country of semi-permanent blackouts into a net exporter of electricity to all its neighbors. After his retirement from government, Gilauri established Reformatics, an advisory firm which has worked with more than 20 governments around the world focusing on reform and economic diversification, including Kazakhstan and Saudi Arabia. Reformatics partners with several organizations such as McKinsey & Co., The World Bank Group (WBG), The European Bank for Reconstruction and Development (EBRD), The Asian Development Bank, and The Swedish International Development Agency. Nika has written a book entitled "Practical Economics" (Palgrave Macmillan 2017) which reveals his formulas for government reform and economic recovery, including how to fight corruption, reform tax systems, create a competitive education and healthcare system, and streamline procurement. The entire book "Practical Economics" has been available for free: https://www.google.com/books/edition/Practical_Economics/v3IzDwAAQBAJ?hl=en&gbpv=1&dq=practical%20economics&pg=PR2&printsec=frontcover&bsq=practical%20economics Follow Howdy Arabia: Twitter: https://twitter.com/howdyarabia Facebook: https://www.facebook.com/pg/howdyarabia Instagram: https://www.instagram.com/howdyarabia Linkedin: https://www.linkedin.com/company/49119733/admin/ YouTube: https://www.youtube.com/channel/UCoxyVIoN8e2FB-MloX7sBHA/videos Thanks to Ollie Guillou for tech support and editing with patience :) He can be reached at: ollie.podcastproduction@gmail.com About the host: Imad Shawa is the founder & CEO of Mlabbas, a print-on-demand apparel & accessories business. Prior to that he worked in corporate banking at Arab Bank in London, and as an underwriter at Hartford Insurance in New York. Imad is a Chevening Scholar with an MA in Near East Studies and Islamic Law from the University of London, SOAS. He also holds a BSc in Finance and International Business from New York University's Stern Business School. His interests are politics, technology, economic reform, human rights and graphic design.

Akhil's early education on various spiritual and philosophical studies helped him be open to different theories and possibilities. This he believes led him to be able to connect different points in economic theories, due to him being able to open to all possibilities.Akhil read Henry George's questions about why the economy booms and bust in the early 2000s that lead him down the path of where he is now. He thought if he can figure out and share economic cycles, he can help both his family and everyone after the bust of 2008. Akhil became determined to develop a body of work that would help people – whether they were investors, business owners, or those just interested in doing something with their savings to grow their wealth or manage their affairs through the course of these economic cycles.Akhil has professional experience in audit, central government, and international banking and has worked on a range of issues from reviewing large infrastructure public-private partnerships (PPP) deals with helping establish the UK's £3 billion International Climate Fund. He has two Masters's Degrees (in Finance and Public Policy) and a first degree in the Classics from Oxford. He is also currently a principal policy advisor to the European Bank for Reconstruction and Development (EBRD).Website: https://propertysharemarketeconomics.com/Twitter: akhilgpatelWould love your feedback. Please feel free to contact us @ https://loombainvest.com. Connect with us: https://www.linkedin.com/in/vinkiloombahttps://www.linkedin.com/in/raju-datla/Follow us @: https://twitter.com/loombainvest, https://www.instagram.com/loombainvestment,https://www.facebook.com/Loombainvest

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market: ECAs get green light to cover more local costs The International Trade and Forfaiting Association has released an in-depth guide to Structured Letters of Credit.  The European Bank for Reconstruction and Development (EBRD) is providing a loan of €25 million to Crédit Agricole Bank Ukraine to increase the competitiveness of MSMEs in the country Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.

An in-depth discussion around the history of Boom & Bust Economic Cycles, the role of Real Estate in the cycle, and the leading indicators that signal where we are in the process. Returning to the topic of Economics, this episode of Real Wealth, Real Health features the brilliant Akhil Patel, Director at Property Share Economics. Akhil has professional experience in audit, central government, and international banking; and has worked on a range of issues from reviewing large infrastructure Public-Private partnerships (PPP) deals to helping establish the UK’s International Climate Fund. In this incredibly informative episode, we explore the concept of the 18-year Boom & Bust economic cycle, and how it is intertwined with the world of Real Estate. We learn how Akhil first became interested in the subject, and the key resources anyone can use to learn more. During the conversation, we examine the history of Boom & Bust economic cycles, and how best one can wield this knowledge to equip themselves for the next stage. We speak about the different indicators and signs that a cycle shift is underway, peaking, or ending, and what investors can do to protect themselves from the downside. This includes exploring some common pitfalls made in the exuberance of a Boom, and the behaviors that set businesses & households up to bear the brunt of the Bust. In addition to learning about the history and features of the 18-Year cycle, we also discuss practical measures for individuals and businesses to insulate themselves from the downside risks of recessionary phases. Finally, our detailed conversation ends with key tidbits from other Economic Cycles to watch out for, how different countries see similar cycles, and what we all can learn to adapt to these economic trends. As always, we also glean Akhil’s personal definition of wealth, and how he views a successful life beyond maximizing financial returns. Key Insights: · What drives the Boom & Bust Economic Cycles, and how businesses can better prepare for dealing with the next phase of the cycle · Thorough overview of economic cycles, and a brief history of past boom & busts · Examining previous cycles & downturns for lessons learned, and indicators that illustrate where we are in the current cycle · Determining the sectors and segments of real estate that perform best & worst at various points in the economic cycles · Leading indicators for the final Bust phase of the cycle: what are the signs we should keep an eye out for to indicate cyclical shifts · Other economic cycles investors can make note of & follow to supplement their understanding of the 18-Year Boom & Bust Subscribe to this podcast to build your healthy financial foundation through expertise, insights, strategies, tactics, wisdom, and inspiration from Alpha Investing’s community of professionals, advisors, investors, and members: Apple — Spotify — Google — TuneIn — Stitcher Guest Bio: Akhil Patel is one of the world’s leading experts in economic, financial and property cycles. He is currently Director of Property Sharemarket Economics and Editor of Cycles, Trends and Forecasts and Associate Director at the European Bank for Reconstruction and Development (EBRD). He specializes in making robust short and long-term market forecasts, including annual stock and commodity market roadmaps and key market turning points. Resources: Real Wealth Real Health Alpha Investing podcast@alphai.com www.propertysharemarketeconomics.com Recommended E-Books: “7 Reasons Why House Prices Didn’t Collapse during the Pandemic” - 7 Reasons | Property Share Market Economics | Property Share Market Economics “The 2021 Guide to Investing in Property Using the Grand Cycle” - Your 2021 guide to investing in property using The Grand Cycle | Property Sharemarket Economics | Property Share Market Economics

ICMA Chief Executive Martin Scheck speaks to Axel van Nederveen, Treasurer, European Bank for Reconstruction and Development (EBRD) about its role in developing robust domestic capital markets. The discussion covers the responsibilities of multilateral development banks in helping to create capital market infrastructure in developing economies, the challenges involved and embedding the EBRD’s values of socially sound and sustainable development.

ICMA Chief Executive Martin Scheck speaks to Axel van Nederveen, Treasurer, European Bank for Reconstruction and Development (EBRD) about EBRD’s role in developing robust domestic capital markets. The discussion covers the responsibilities of MDBs in helping to create capital market infrastructure in developing economies, the challenges involved and embedding the EBRD’s values of socially sound and sustainable development.

Alexander (Sasha) Galitsky is a Co-founder and Managing Partner of Almaz Capital, an international venture fund with a major office in Portola Valley, CA, as well as with offices and representative offices in Berlin (Germany), Kyiv (Ukraine), Warsaw (Poland) and other Central and Eastern European countries. Alexander manages team and processes, fundraising, and investor relations. He is actively involved with the fund's portfolio companies, significantly impacting their growth. The fund was backed in 2008 by Cisco Systems, EBRD, and IFC. Almaz Capital focuses on disruptive deep tech companies in the b2b software space, including AI/ML and Blockchain applications, IoT and Edge Computing Enablers, Cybersecurity. The fund's investors include European Investment Fund (EIF), Cisco, the European Bank for Reconstruction and Development (EBRD), and International Finance Corporation (IFC). Among the most famous deals of Almaz Capital are Yandex (IPO NASDAQ), QIK (sold to Skype), Sensity Systems (sold to Verizon Communications), Acumatica (sold to EQT), and others. Alexander Galitsky is a well-known innovator, entrepreneur, and investor in the USA and Europe. He was the President of the East Europe Tech Tours that took place in Warsaw (Poland), Sofia (Bulgaria), and Bucharest (Romania) in 2018 and 2019. He has been honored numerous times with different awards and nominations by Forbes, Venture Awards, EY, AllStars, etc. Before becoming an entrepreneur, Galitsky served as one of the top Technical Executives at the Soviet Space Agency and Defense Industry. He pioneered Wi-Fi and Virtual Private Network technologies, as well as product development on the global market in partnership with Sun Microsystems. He has over 30 patents for numerous inventions. FIND ALEXANDER ON SOCIAL MEDIA LinkedIn | Twitter | Facebook | Instagram ================================ SUPPORT & CONNECT: Support on Patreon: https://www.patreon.com/denofrich Twitter: https://twitter.com/denofrich Facebook: https://www.facebook.com/denofrich YouTube: https://www.youtube.com/denofrich Instagram: https://www.instagram.com/den_of_rich/ Hashtag: #denofrich © Copyright 2022 Den of Rich. All rights reserved.

In today's daily round-up of export, trade and commodity finance news, TXF's Max Thompson covers the latest stories and trends across the market: The European Bank for Reconstruction and Development (EBRD) is considering lending up to €75 million ($88.5 million) to Hellenic Petroleum to finance 204MW of solar projects in Greece European refining capacity is likely to be trimmed permanently in the wake of the COVID-19 pandemic's impact on margins and inventories The International Islamic Trade Finance Corporation (ITFC) has signed an $8 million Murabaha-structured line of trade finance with Trustbank in Uzbekistan.  Like what you hear? Hit subscribe to stay up to date and for all the latest news online visit www.txfnews.com today.

Akhil's expertise is in property, economic, and stock market and commodity cycles. He became interested in economic cycles during his school years when he came across Henry George's 'Progress and Poverty', which explained why economies go through periods of boom and bust. Later on, he witnessed the negative effects of not understanding economic cycles when his family's business went through difficult periods during the major recessions in the early 1990s and during the global financial crisis after 2008. He became determined to develop a body of work that would help people – particularly investors - so that they could grow and preserve their wealth during the course of each economic cycle. He is currently a Director of Property Sharemarket Economics, a subscription service to provide investors with guidance on how to take advantage of short- and long- term cycles. He is also a contributing editor to Frontier Tech Investor, published by Southbank Investment Research. His work has also been featured in a number of media outlets including the BBC and dedicated investor or professional publications, such as _MoneyWeek, Estates Gazette, PropertyWeek and Family Office Real Estate. Akhil has professional experience in audit, government and international banking and has worked on a range of issues from reviewing large infrastructure public private partnerships (PPP) deals to helping establish the UK's £3 billion International Climate Fund. He has two Masters Degrees (in Finance and Public Policy) and a first degree in the Classics from Oxford. He is also currently a principal policy advisor to the European Bank for Reconstruction and Development (EBRD). Media picks: The Forecaster https://g.co/kgs/zjG5YZ Bad Education https://g.co/kgs/ndbAzx Buffaloed https://g.co/kgs/yWip4E Dark https://g.co/kgs/9yEy2X State of the Markets Podcast Paul Rodriguez of https://ThinkTrading.com https://twitter.com/prodr1guez Tim Price of https://Pricevaluepartners.com https://twitter.com/timfprice Podcast links: https://sotmpodcast.com https://anchor.fm/stateofthemarkets https://apple.co/2OUGW6R All podcasts available on youtube: https://www.youtube.com/channel/UC-tcfr0by81zN6DMn2Oii0A --- Send in a voice message: https://anchor.fm/stateofthemarkets/message

Deepshikha, SpeakIn's Founder speaks talks to Tom Mills about the global macroeconomic impact of a crisis like Covid-19. Tom is the Director and Head of Research at Two Oceans Strategy, a company providing research on energy and mining in Asia. He has dedicated his career to understanding the intersection between politics, society and economics in natural resource and energy industries in emerging markets. He has worked in the mining and energy sectors, both in industry and as a governance advisor. Tom has delivered impactful, multi-million-pound consultancy, development and research projects related to governance and above ground risk of natural resource industries for the European Bank for Reconstruction and Development (EBRD), the World Bank, the Asian Development Bank, the Department for International Development and a range of investors as both a Team Leader and Project Director.

In Montenegro, smallholder farmers rely heavily on traditional agriculture practices for their livelihoods. So much so, that a poor blueberry harvest or honey season can have devastating impacts on rural households. That’s why the Food and Agriculture Organization of the United Nations (FAO) and the European Bank for Reconstruction and Development (EBRD)are rolling out a project there that links rural farming households with agritourism. The project aims to diversify the incomes of farmers in small villages across the region as well as promote Montenegrin cuisine and preserve traditional food production practices. And it’s having all kinds of positive impacts, particularly on young people, as FAO’s Charlotta Lomas has been finding out.

Alexander De Croo, Deputy Prime Minister, Minister of Finance, in charge of the Fight against Tax Fraud, and Minister of Development Cooperation, Belgium Alexander De Croo, Deputy Prime Minister, Minister of Finance, in charge of the Fight against Tax Fraud, and Minister of Development Cooperation, Belgium Katarína Mathernová, Deputy Director General, European Commission Moderator: Daniel F. Runde, Senior Vice President, CSIS Liz Lloyd, Chief Impact Officer, CDC Group (UK) Chantal Korteweg, Director, Stakeholders, Strategy & Knowledge Management, FMO (Netherlands) Sanjeev Gupta, Executive Director for Financial Services, Africa Finance Corporation Paul Lamontagne, Chief Executive Officer, FinDev Canada  Moderator: Romina Bandura, Senior Fellow, CSIS Bruno Wenn, Chairman, EDFI On October 8, 2019, the Council of the European Union published a report by a High-level Wise Persons Group on the European financial architecture for development. The report made bold suggestions for setting a stronger policy direction for European development finance and called for consolidating responsibilities between the European Commission, European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). It also called for a greater emphasis on Africa and climate change in investments by all of European development finance institutions (DFIs) and aid agencies. These proposals make it worth reviewing DFIs' role in mobilizing private investment is and in job creation. DFIs are instrumental in bridging investment gaps and steering private capital into developing countries. Many groups reference the transformative power and scale of the private sector as the answer for filling global development investment gaps, but questions remain from these private institutions around risk and other issues. Private sector development funding now outpaces official development assistance (ODA), underlining the important role DFIs can play in the global development community. DFIs are essential to catalyzing private investment and building the relationship between private sector industries and public sector institutions. There are many channels, including financing for policy reforms, that enable investment within the private sector and improve infrastructure. This will ultimately create jobs, boost growth, and set an example for other private businesses and investors. Maximizing private investment in target markets, therefore, will expand job impact and contributions to the UN Sustainable Development Goals (SDGs).  CSIS is hosting this event in partnership with EDFI-the Association of European Development Finance Institutions.   

Since free elections were introduced in Turkey, no other party has been able to retain its incumbency as much as the Justice and Development Party (AKP). Given incumbents’ tendency to lose support over time, what are the factors which explain the electoral durability of the party? In this event, Dr Luca will explore the rising consolidation of power by the AKP through the lens of distributive politics, aiming to assess how the ruling party has deployed the geographical distribution of public monies towards distinct political ends. Throughout the 2000s, Turkey was portrayed as a model of social and economic success for other countries in the Middle East and North Africa region. Yet, the incumbent government and its economic development model face increasing criticism for corrupt and discretionary practices and arbitrary decision-making. The talk will ultimately argue that the AKP has skilfully used public monies and abused state resources to cement its power and develop its populist, electoral authoritarian regime. Registered on 23 May. ------------------------------------------------------------------------------------------------- Davide Luca is a Visiting Fellow at the Middle East Centre and a Research Associate at Cambridge University. His research combines Geography, Political Economy, and Public Economics to focus on the politics of policy delivery and development at the local level. Çağatay Bircan is a Senior Research Economist at the European Bank for Reconstruction and Development (EBRD) in London. His current research is on the effects of international trade, private equity, and banking on innovation and productivity. Ece Kocabıçak is currently working as Fellow of Globalisation, Gender and Development in the Department of Gender Studies at London School of Economics and Political Science. Her teaching and research engage with the contemporary debates in international development, comparative political economy, political sociology, and social inequalities. Image: An AKP supporter. Source: Leonie Balci

Plum, the money management chatbot, raises another $4.5M and lands on iOS Plum, the chatbot-based app that helps you manage your money, is disclosing $4.5 million in further funding. The round, which quietly closed in the summer, was led by venture firm VentureFriends and the European Bank for Reconstruction and Development (EBRD). It brings total funding for the London and Athens-based fintech to $6.3 million.

Wendy Carlin is Professor of Economics at University College London (UCL), Research Fellow of the Centre for Economic Policy Research (CEPR), London, and Fellow of the European Economic Association. Her research focuses on macroeconomics, institutions and economic performance, and the economics of transition. She is a member of the Expert Advisory Panel of the UK’s Office for Budget Responsibility. She has acted as a consultant for international organizations such as the European Bank for Reconstruction and Development (EBRD), London, and the World Bank. She has co-authored with David Soskice three macroeconomics books. Macroeconomics and the Wage Bargain (1990),
Macroeconomics: Imperfections, Institutions and Policies (2006) and
Macroeconomics: Institutions, Instability and the Financial System (2015). She is leading an international project – the CORE project – funded by INET on undergraduate economics curriculum reform. The CORE project has published The Economy, which is free on-line at www.core-econ.org. In 2016 Wendy was awarded the CBE for services to economics and public finance.  Check out www.economicrockstar.com/wendycarlin for all books, links and resources mentioned in this episode.  

Today we will be continuing the Trade Finance series with our Relationship Directors, Mike Backhouse and David Morrish. The continue their journey abroad, recently visiting Kiev and Tbilisi to attend meetings of the European Bank for Reconstruction and Development (EBRD) and also the ICC Banking Commission.

In this episode we dive into the world of photography with Mike's old friend and colleague Chris Booth. Mike and Chris worked together on the intake desk at APTV back in 1997 and later found themselves in Baghdad with the BBC at the peak of the post-conflict violence. After leaving the BBC and during a spell at the European Bank for Reconstruction and Development (EBRD), Chris found a new passion in photography - where his eye for a story has delivered some remarkable images. We talk about the role of the picture in the world of PR and comms and how stills photography measures up against video. Chris uses photography as a form of therapy too - a way of processing a troubled world...and seeing the beauty too.

The Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD) held their annual meeting in May. Adrienne Klasa, fDi Magazine's development finance editor, and Jacopo Dettoni, fDi Magazine's deputy editor, share their main takeaways from both events. The podcast features interviews with: · Jonathan Charles, managing director for communications at the EBRD;· Bambang Brodjonegoro, national development planning minister, Indonesia;· Basim Al Saleh, managing partner, Greentech;· Muhannad Shehadeh, minister of state for investment affairs, Jordan;· Mamuka Bakhtadze, finance minister, Georgia. See acast.com/privacy for privacy and opt-out information.

Sam Fankhauser is Director of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics. He has been at the institute since its inception a decade ago, where he initially joined as a Principal Research Fellow. He also holds positions as Deputy Director of the Centre for Climate Change Economics and Policy, Non-Executive Director the CDC Group and a member of the editorial board for the journals Global Environmental Change, Climate Policy and Global Sustainability. Prior to joining the Grantham Institute, Sam served as Deputy Chief Economist at the European Bank for Reconstruction and Development (EBRD). He has also worked at the World Bank, the Global Environment Facility and in the private sector. His research interests include the economics of adaptation to climate change, climate finance and the functioning of carbon markets and climate change policy in the UK. In this episode, Sam provides an excellent overview of the state of carbon pricing today and outlines its two principal forms; carbon taxation and carbon trading. He discusses the merits and disadvantages of each, stressing that all carbon pricing is ultimately results based. Noting that current carbon prices are far too low to meet the objectives of the Paris agreement, he provides words of cautious optimism looking at successful schemes in Sweden and British Colombia in Canada which show the effectiveness and viability of carbon trading. Sam also discusses significant barriers around issues of political economy and voters' suspicion of government taxation, and how this renders carbon trading easier to implement practically. He also addresses “shadow pricing” and how the private sector's growing enthusiasm seems to reflect an understanding that the economic growth of this century will arise from low-carbon opportunities. Finally, he stresses the need for collaboration around carbon pricing to avoid “carbon leakage.” He also points to how empirical evidence suggests that successful schemes can be imported as regulators in different jurisdictions learn from one another. The post Episode 38: Sam Fankhauser, Director of the Grantham Research Institute on Climate Change and the Environment at LSE, discusses carbon pricing appeared first on The Sustainability Agenda.

Sauli Väinämö Niinistö, the 12th President of the Republic of Finland, was inaugurated on 1 March 2012. Sauli Niinistö was born in Salo on 24 August 1948 and graduated from the University of Turku with a Bachelor of Laws degree in 1974. He served as a rural police chief and as an assistant judge at the Turku Court of Appeal. He practiced law as an attorney and gained experience of corporate administration. He was elected to the Town Council of Salo in 1977 and continued to hold elected posts in local government until the 1990s. Sauli Niinistö was first elected to Parliament in 1987. In 1995, he was appointed Minister of Justice and Deputy Prime Minister in the Government of Prime Minister Paavo Lipponen. He was appointed Minister of Finance in 1996 when the aftermath of the 1990s recession was at its worst, and unemployment was at record high levels. Those difficulties were overcome, however, and Finland entered the new millennium with a robust economy. In 2003, Sauli Niinistö took up the post of Vice President of the European Investment Bank in Luxembourg. His purview included R&D funding and funding activities in the Nordic countries and Russia, and he was also chairman of the Northern Dimension Partnership Programme. He has also been a Member and Chairman of the Board of Governors of the European Bank for Reconstruction and Development (EBRD) and a Member of the International Monetary and Financial Committee (IMFC). Sauli Niinistö returned to the Finnish Parliament in the 2007 election with the highest number of votes ever gained by a candidate. He was Speaker of Parliament from 2007 to 2011. President Niinistö is married to Jenni Haukio and has two adult sons from his previous marriage. President Niinistö is active in sports and was also Chairman of the Finnish Football Association from 2009 to 2012 and Chairman of the organizing committee for the 2009 European Figure Skating Championships. He has written two books.