Economy Egyptian interest rates nearing a 30-year high Interest rates in Egypt could soon reach a 30-year high, according to economists, amid fears that core inflation, already at a record 40.3 percent, will rise further. Last week, the Central Bank of Egypt (CBE) increased its overnight deposit rate and lending rate by 200 basis points (bps) to 18.25 percent and 19.25 percent respectively. […] April 7, 2023
Tourism Egypt’s five-year tourist visa meets an uncertain reaction Egyptian tourism will get a boost from a five-year tourist visa available for $700, the country’s government hopes. The visa has been announced as part of a national strategy to more than double tourist numbers over the next five years. Announcing the new visa at a press conference on Monday, Egyptian minister of tourism and […] March 29, 2023
Analysis Banking & Finance Rising demand for green bonds, despite ‘bleaching’ Global issuance of green bonds has increased by an average of 70 percent each year between 2016 and 2021. The market for environmental, social and corporate (ESG) governance finance in the Middle East and North Africa (Mena) region remains small compared to elsewhere, but it is growing quickly. Saudi Arabia’s Public Investment Fund issued $3 […] January 6, 2023
Cop28 Dispute over ‘loss and damage’ may extend talks for days Backroom disagreements on what should have been the final day of Cop27 have ensured that talks would spill over into Saturday and possibly beyond. Delegates have for the last few days been predicting that the talks would be extended. It was only on Friday morning that the conference presidency released the first official draft of […] November 19, 2022
Cop28 ‘Blame game’ and tension over lack of final proposal Cop27 attendees are preparing for a long weekend as it appears increasingly likely that talks in Sharm el-Sheikh will be extended. Speaking on Thursday evening at a press conference that was due to begin the process of wrapping up the summit, Cop27 president Sameh Shoukry told reporters that “there are still a number of issues […] November 18, 2022
Cop28 US plan to sell carbon credits to private firms gets mixed reaction With the opening speeches out of the way, day four of Cop27 was the first of the “thematic days”, as member parties moved into the back rooms out of view of the cameras to conduct the real negotiations. The biggest announcement of the day came via the US climate envoy, John Kerry. A new carbon […] November 10, 2022
Cop28 Developing countries call for new taxes on oil and gas producers By the end of the second full day of Cop27 the tone of the conference had been set. One after another, leaders of developing countries took to the plenary stage to voice their frustration and demand that rich nations offer more support to help combat the effects of climate change. After Barbadian prime minister Mia […] November 9, 2022
Cop28 Finance challenges burden Egypt’s clean energy goals A week before Cop27 began, the governor of South Sinai, Khaled Fouda, declared Sharm el-Sheikh “the first environmentally friendly tourist city in the Middle East.” His announcement marked the conclusion of the five-month “Green Sharm El-Sheikh” project, which introduced hundreds of electric cars, hybrid and hydrogen buses, and numerous vehicle charging points to the city […] November 8, 2022
Analysis Cop28 ‘Loss and damage’ to take centre stage at Cop27 The United Nation’s Cop27 summit has opened in Egypt with secretary-general Antonio Guterres stating that climate change is happening with “catastrophic speed” and the planet is sending a “distress signal”. More than 120 world leaders are due to arrive at the Cop27 summit being staged in the Red Sea resort of Sharm el-Sheikh. This will […] November 7, 2022
