Egypt In-Focus: Exports to EU surge 85.9% in 2021; $5.37m allocated to support micro-enterprises

RIYADH: Egyptian exports to the EU jumped a whopping 85.9 percent during 2021. The country’s Enterprise Development Authority has signed an agreement with the Regional Association for Enterprise to finance and back micro-enterprises in Suhag city. In addition, the Abu Dhabi Developmental Holding Co. is allocating a substantial amount to push the industrial partnership between the UAE, Egypt, and Jordan. Meanwhile, the Housing and Development Bank’s profits recorded a noteworthy growth rate in the first quarter.

·      The value of Egyptian exports to the EU recorded an 85.9 percent increase during 2021 to reach $14.6 billion, local newspaper Youm 7 reported, citing data from the Central Agency for Public Mobilization and Statistics. The figure reflects a $6.8 billion increase when compared to 2020’s $7.8 billion.

·      Egypt’s Enterprise Development Authority has signed an agreement with the Regional Association for Enterprise which aims to pump 100 million Egyptian pounds ($5.37 million) to finance and support micro-enterprises in Sohag city. This falls in line with the presidential initiative, also known as "A Decent Life," which includes facilitating access to micro finance for project owners in the areas that need it the most, local newspaper Youm 7 reported, citing Minister of Trade and Industry Nevin Jameh.

·      UAE-based investment company Abu Dhabi Developmental Holding Co. is dedicating $10 billion for projects that are part of the industrial partnership between the UAE, Egypt, and Jordan across specific sectors. The industrial partnership aims to build long-term strategic partnerships in an attempt to boost stability, support growth, progress, and achieve economic as well as social prosperity. 

·      Egypt’s Housing and Development Bank’s profits before provisions and taxes surged in the first quarter to reach 878 million Egyptian pounds, local newspaper Daily News Egypt reported. This reflects a 7.8 percent growth rate when compared to 2021’s 814 million Egyptian pounds. Additionally, the bank’s profits after provisions and taxes also jumped 3.2 percent to reach 640 million Egyptian pounds during the same period.