A delegation from the International Monetary Fund met with local authorities and highlighted the need for economic reforms so that the country can achieve greater growth.
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The Arab-Brazilian Chamber’s office in Cairo hosted a meeting that discussed the creation of a Brazilian logistics zone in the Suez Canal Economic Zone.
After meetings to review the financing program for Egypt, the International Monetary Fund issued a statement on the country’s economy. There has been progress with the implemented reforms, reflecting on the balance of exchange rates and inflation, but the regional environment, with the conflict in Gaza and attacks in the Red Sea, impacts the economic landscape.
Egypt announced a 15% in petrol prices ahead of an IMF meeting to review the payout package. Egypt suffers with inflation and devaluations of the currency. Attacks around the Red Sea hit revenues from the Suez Canal.
The North African country’s exports soared by 9.8% year-on-year in the first five months of 2024 to reach USD 16.55 billion.
FGV Europa and CIITTA representatives visited the Suez Canal Economic Zone and learned about the region’s prospects for investments and projects.
Arab Brazilian Chamber heads spoke with the Egyptian assistant foreign minister for American Affairs, Hazem Fahmy, about establishing a logistics area for grains in the Suez Canal Economic Zone.
Egypt’s canal was crossed by 1,847 vessels, with a net tonnage of 112.1 million tons in October.
A freighter ed in Panama grounded on the Canal this Thursday (9), but according to the Suez Canal Authority, the incident has been resolved, and traffic has not been interrupted.
For Jean Stoll of A.P. Moller-Maersk, containers that return to Brazil after exports to the Arabs are still little used. He spoke in a webinar on logistics this Tuesday (6).
General Authority for the Suez Canal Economic Zone (SCZone) counselor Mohamed Abdelaziz discussed the features of the economic zone in webinar hosted by the Arab Brazilian Chamber on Tuesday (6).
Opportunities, challenges, and the role of the Suez Canal maritime route, in Egypt, will be discussed at the online seminar organized by the Arab Brazilian Chamber on July 6. Registration open.
Egyptian president approved the Suez Canal Authority’s plan to widen and deepen the southern part of the canal, where a ship had got stranded in March.
Egypt’s Suez Canal remained obstructed for around a week because of a stranded ship. This is expected to cause delays in the delivery of goods from Brazil to some Arab countries. The Canal is one of shortest shipping routes between Brazil and the Gulf.
