Egypt’s interim government unveiled its second stimulus package today, which will inject EGP 33.9 billion ($4.87 billion) into the economy, with most of that money coming from aid pledged by the United Arab Emirates. Previously the finance ministry said Egypt planned to spend around EGP 30 billion. The first stimulus package, amounting to EGP 30 billion, was launched in August. [Reuters]

 

Ministry of Finance announced the completion of a draft law aimed to add a EGP 33.9 billion allocation for the budget of 2013/2014 in collaboration with Ministry of Planning. Minister of Finance Ahmed Galal explained that the new allocation will be funded from the cash and in-kind aid pledged to Egypt from the UAE during July to December of 2013. Galal also explained that the draft law will be presented soon to the Cabinet for approval before being submitted to interim President Adly Mansour to issue it. [Cairo Post]

 

The explosion of small shops and businesses is accompanied by a jump in construction across the country, even in some of its poorest and most neglected areas. It is fuelled by increased public sector salaries and 40 years of pent-up demand for western brands and accoutrements. Large-scale private and public investment that would produce jobs remains scant; many of the new enterprises employ mostly foreign staff. [FT]  

 

The preferential trade agreement between Tunisia and Algeria adopted Saturday by the High Joint Committee held in Tunis will come into force from next March and is likely to increase the volume of trade between the two countries and the development projects of the border areas discussed at the meeting will help improve the living conditions of population of these regions. Bilateral relations cannot in fact be enhanced in terms of complementarily and strategic partnership, if the two countries do not invest in border areas, said Tunisian Prime Minister at the end of work of the High Committee. [African Manager]

 

 

 

 

Egypt inflation rises to 12.2 percent in January | DNE, Trade Arabia

Egypt gov’t issues one million fuel smart cards | Ahram

Egypt scrambling to meet summer energy needs | Reuters

IDB allocates $220 million for Egyptian power project | SG

Russia, Egypt sign $2 billion arms deal | VOR

Jordan, EU urge more Arab states to join Agadir Agreement | Jordan Times

Libya cabinet reshuffle announced: New Economy Minister | Libya Herald

Turkish contractors eye to procure Libya losses | HDN

Morocco panel pushes for Maghreb integration | Magharebia

Google Partner status awarded to Tunisian company | TAP