Egypt’s Back in JPMorgan’s Emerging Markets Bond Index✅
Egypt officially rejoined JPMorgan’s emerging markets bond index yesterday after not being part of it for more than 10 years.
More Details🧐 The reinclusion makes Egypt one of two countries in the MENA region to be part of this index. Finance Minister Mohamed Maait said Egypt is expected to enter with 14 issues, with a total value of $26 billion.
Why is this Important🤔 The move allows foreign investors to invest in EGP-denominated debt instruments, potentially bringing billions of dollars in investments, according to Maait.
EGX Launches Educational Book Series for Children🧒
The EGX has launched “The Five Investors” educational book series in its efforts to increase children’s’ financial literacy.
More Details🧐 The Five Investors series aims to portray the idea of owning a piece of a company through buying shares in a simplified way.
The series also aims to raise awareness about various saving & investing tools, such as investment funds which are recommended for first-time investors.
The series of books will be available at the 2022 Cairo International Book Fair, although EGX chairman Mohamed Farid hopes to see the series become part of schools curricula.
Why is this Important🤔 The series is the latest initiative by the EGX to raise financial awareness, with Dr. Farid adding that economic studies have proven that economic growth rates are positively affected by the rates of financial inclusion.
Hala El Saeed Raises Expectations for Economic Growth📈
Minister of Planning & Economic Development Dr. Hala El Saeed has raised economic growth rate expectations for the current fiscal year from 5.6% to 6%.
More Details🧐 El Saeed said economic growth figures for the current quarter are better than expected, & they will be released mid-February.
The IMF raised its expectations from 5.2% to 5.6%, while the World Bank raised it from 5.0% to 5.5%.
Although expected growth rates vary slightly between the three sources, they all raised their expectations.
Startup Spotlight💡 – Brimore Raises $25 Million in Series A Round💰
Social e-commerce platform Brimore has raised $25 million in a Series A round led by the International Finance Corporation (IFC) & Endure Capital. Several new & existing investors also participated in the round, including Fawry & Endeavor Catalyst Fund (new) & Algebra Ventures & Disruptech (existing).
More on Brimore🛒 Brimore is a social e-commerce platform that allows small businesses direct access to local communities who can promote &/or consume their products.
Social e-commerce is online shopping that’s inspired by what others purchase or recommend, such as customer ratings & reviews, for example.
More Details🧐 Brimore came to existence after its founders saw how emerging brands struggled to get their products to the market with so many established brands out there.
Brimore has grown its network to over 75k resellers, with 74% of them being women.
Why is this Important🤔 The social e-commerce market in Egypt is expected to be worth over $14 billion by 2024.
Brimore plans to use the funds to grow its product offerings & network suppliers as well as accelerate its expansion across Africa.
Spotify Stock Rebounds Following Joe Rogan Apology👨🦲
Spotify (NYSE: SPOT) stock rebounded after its shares fell sharply at the end of last week.
Backstory🔙 Joe Rogan, host of Spotify’s “The Joe Rogan Experience”, a podcast that is downloaded by millions daily, was accused of spreading COVID misinformation.
Joe Rogan has, on several occasions, discouraged vaccination for young people.
Artist Neil Young pulled his songs from the streaming platform, citing Spotify’s “very damaging” contribution in spreading misinformation about COVID.
Spotify lost more than $2 billion in market value amid the controversy.
Why is this Important🤔 Spotify shares rebounded in yesterday’s trading after Joe Rogan issued an apology to both Neil Young & his podcast owner, Spotify, which was under heavy fire the past few days.
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