RIYADH: Egypt’s food sector recorded steady growth in the past seven years. The World Bank is on track to approve a major loan for the North African country. The volume of domestic consumption of rebar hit a significant amount in the first quarter of 2022. Meanwhile, the government has resorted to the issuance of sovereign sukuk to diversify financial resources and tools.

·      Egypt’s food industrial sector represents 24.5 percent of the country’s total gross domestic product, local newspaper Egypt Today reported, citing Ashraf El Gazairly, head of the Chamber of Good Industries in the Federation of Egyptian Industries. When it comes to exports, the food industrial sector represents 14 percent of the total export sector. This comes as the sector has been witnessing steady development for the past seven years as the number of firms increased to 17,000, up from 4,000 previously.

·      The World Bank is on track to approve the $2.48 billion loan which Egypt has been negotiating, local newspaper Youm 7 reported, citing Mirza Hassan, dean of the board of executive directors and executive director of the World Bank. The North African country has applied for the loan as part of nine programs it has submitted to the World Bank within the framework of cooperation between Egypt and the World Bank.

·      The volume of local consumption of steel rebar hit 2.1 million during the first quarter of 2022, local newspaper Youm 7 reported. This figure reflects a 38 percent surge when compared to the corresponding period a year earlier which stood at 1.5 million tons.

·      Egypt’s government resorted to the issuance of sovereign sukuk in an attempt to lure new segments of domestic and foreign investors who are interested in doing business the Islamic way, local newspaper Egypt Today reported, citing Finance Minister Mohamed Maait. This measure was taken in order to diversify the country’s resources and tools.