Egypt in-focus — Development cooperation portfolio with partners hits $26bn; Wheat will last until 2022

RIYADH: Egypt’s development cooperation portfolio with partners has reached a significant figure, while wheat in the country is projected to last until the end of 2022.

Google products helped propel the Egyptian economy, according to a report, and the European Investment Bank has allocated a significant amount for the country’s third metro line.

In Focus

• Egypt’s development cooperation portfolio with partners reached $26 billion, local newspaper Youm 7 reported, citing the Head of the cooperation institutions sector at the Ministry of International Cooperation, Mohamed Abdel Gawad. Stimulating the private sector will have a major role to play in attracting further investments, he said.
• Egypt has enough wheat to last until the end of 2022, local newspaper Egypt Today reported, citing Finance Minister Mohamed Maait. This comes despite the global food crisis, which resulted due to the war between Russia and Ukraine, the minister highlighted.
• Egypt’s installment centric fintech platform Valu has signed an agreement with Egypt-based military organization Arab Organization for Industrialization and its high-tech security systems specialized Zero Tech to implement Valu’s installment solutions to customers of the two entities, local newspaper Daily News Egypt reported. Under the terms of the agreement, customers will be able to purchase products such as home appliances, as well as electronics, among other products, through Valu’s affordable installment plans. This will enable the two domestic firms to gain a wider customer base in the process. 
• American multinational technology firm Google has contributed to propelling the Egyptian economy by an estimated 11.2 billion Egyptian pounds ($604 million) in 2021, Youm 7 also reported, citing a study launched by British business management consultant Public First. This comes as Google products such as Google Search, Play, Google Maps, Youtube, and Google Ads had a major role in boosting local individuals, corporations, content creators, and software developers in the African country.
• The European Investment Bank has dedicated as much as 900 million euros ($965 million) for the implementation of the third metro line in the country, Youm 7 reported, citing the assistant minister of international cooperation.