Egypt and the African Export–Import Bank (Afreximbank) have taken a significant step toward reshaping Africa’s gold economy, signing a memorandum of understanding (MoU) to explore the creation of a pan-African Gold Bank. The initiative aims to formalise gold value chains, strengthen central bank reserves and reduce the continent’s dependence on foreign refining and trading hubs. The agreement was signed at the Central Bank of Egypt’s headquarters by CBE Governor Hassan Abdalla and Afreximbank President and Chairman George Elombi. Under the MoU, the two institutions will jointly commission a feasibility study to assess the technical, commercial and regulatory requirements for establishing…
Author: Rana Salem
Egypt’s central bank has initiated its long-anticipated easing cycle with a 100 basis point rate cut, but policymakers and analysts agree that further reductions will be gradual and highly sensitive to both domestic inflation trends and external risks. The Central Bank of Egypt (CBE) cut the overnight deposit rate to 20 percent, the overnight lending rate to 21 percent, and the main operation and discount rates to 20.5 percent. The move marks the first rate reduction in nearly two years, following an extended tightening cycle aimed at restoring macroeconomic and financial stability. Real rates are still doing the heavy lifting…
Egypt’s non-oil private sector activity surged to a five-year high in November 2025, snapping an eight-month streak of contraction. The S&P Global Egypt Purchasing Managers’ Index (PMI) rose to 51.1, up from 49.2 in October, crossing the 50.0 growth threshold for the first time since February. Local surge vs. global cooling The acceleration in Egypt comes at a notable moment for the global economy. While the J.P. Morgan Global PMI Composite Output Index remained in expansion territory at 52.7 in November, it registered a slight dip from the previous month, driven by softening growth in emerging markets. Egypt’s rebound effectively…
The Central Bank of Egypt (CBE) has announced a bold new step in its digital transformation journey, unveiling plans to establish a national digital financial identity system that will allow citizens to access banking services securely without visiting physical branches. The announcement was made during the opening of the 12th International Conference on Digital Payments, Financial Inclusion, and Digital Banking (PAFIX), where Central Bank Governor Hassan Abdullah’s keynote address was delivered on his behalf by Mohamed Amer, Acting Deputy Governor for Banking Operations and Payment Systems. Digital transformation as a strategic imperative In his remarks, Amer emphasized that digital transformation…
Cairo is bracing for a crucial engagement with the International Monetary Fund (IMF) as the Fund’s mission arrives in December to conduct the combined fifth and sixth reviews of Egypt’s $8 billion Extended Fund Facility (EFF) program, alongside the first review of the Resilience and Sustainability Facility (RSF). The outcome of these deliberations will be pivotal in unlocking further tranches of IMF financing and signaling the trajectory of Egypt’s economic reform agenda. At a recent press briefing, IMF Communications Director Julie Kozack confirmed the timing: “The mission for the Fifth and Sixth Reviews under the EFF and the First Review…
The official inauguration of the Grand Egyptian Museum (GEM) on November 1, 2025 marks a watershed moment in Egypt’s modern economic trajectory. More than a cultural milestone, the $1 billion complex is the centerpiece of a national strategy to turn heritage into a high-yield economic engine—one capable of spurring investment, reshaping tourism, and redefining Egypt’s global brand. Two kilometers from the Pyramids of Giza, the world’s largest museum dedicated to a single civilization now houses over 100,000 artifacts, including the full Tutankhamun collection displayed together for the first time. But the GEM’s significance goes well beyond its monumental scale. It…
Egypt has unveiled the country’s first amphibious bus, a dual-purpose vehicle capable of traveling seamlessly on both land and water. The launch was highlighted at the International Smart Transport and Logistics Exhibition (TransMEA), held in Cairo from November 9 to 11, 2025, where Prime Minister Mostafa Madbouly inspected the vehicle, dubbed the “Nile Bus.” The project represents a major milestone in the Ministry of Transport’s strategy to localize transport industries while diversifying tourism experiences across Egypt. A dual experience for tourists Operated by the Prime Group—the same company behind the recently launched “Air Taxi” service—the amphibious bus is designed to…
Egypt is ramping up efforts to decarbonize its industrial sector ahead of the European Union’s Carbon Border Adjustment Mechanism (CBAM), securing €62.6 million in new financing to accelerate the shift toward green manufacturing and protect export competitiveness before the 2026 deadline. Cutting emissions At an orientation session on the Green Sustainable Industry (GSI) program and CBAM, Vice Prime Minister and Minister of Industry and Transport Kamel El-Wazir announced a package of measures aimed at helping Egyptian manufacturers meet rising global emissions standards. The event also saw the signing of a €53.8 million concessional loan and grant package from the French…
Gold prices rose over 1% on Thursday after two consecutive sessions of losses, as renewed geopolitical risks bolstered safe-haven demand and as investors sought safety. Gold prices rebound Spot gold was up 1% at $4,132.76 per ounce, after falling to a near two-week low in the previous session. U.S. gold futures for December delivery settled 2% higher at $4,145.60 per ounce. Prices hit a record high of $4,381.21 on Monday, but logged their steepest drop in five years in the following session. “All the fundamental factors that have driven gold higher this year remain very much in place. There was…
Egypt reaffirmed its role as a cornerstone of regional stability and diplomacy during the Sharm El-Sheikh Peace Summit held on 13 October, co-chaired by President Abdel Fattah El-Sisi and U.S. President Donald Trump. The landmark gathering, which united leaders from over twenty nations to endorse a peace declaration supporting the Hamas–Israel agreement, also opened the door to significant economic opportunities for Egypt. Beyond its diplomatic success, the summit positioned Egypt as a key player in the region’s post-conflict reconstruction and trade revival. By leading the path toward peace, Cairo stands to benefit from increased investment flows, expanded regional partnerships, and…