Egypt In-Focus — Cairo needs less than $15bn from IMF; Homzmart raises $23m in pre-series B round

CAIRO: Egypt needs less than $15 billion from the International Monetary Fund to help support its financial needs, Asharq reported citing Finance Minister Mohamed Maait.
It comes on the heels of a Goldman Sachs Group Inc. report estimating that the North African country may need to secure a $15 billion package from IMF to meet its financing needs over the next three years.
 
Transport sector
The Egyptian government seeks to increase investments in the transport sector by 27.5 percent during the current fiscal year to reach 307 billion Egyptian pounds ($16 million).
According to the Ministry of Planning and Economic Development, production of the transport sector at current prices during the year 22/2023 is targeted to reach 672 billion pounds, compared to 586.5 billion pounds in the year 2021/22.
 
Ecommerce startup
Cairo-based furniture and home goods ecommerce platform Homzmart has raised $23 million in a pre-series B round, bringing its total investments up to almost $40 million, according to a statement.
The investment comes after the company’s expansion to Saudi Arabia earlier this year.

Egypt In-Focus — Cairo needs less than $15bn from IMF; Homzmart raises $23m in pre-series B round