Latest news with #FY2023
Egypt Today
28-05-2025
- Business
- Egypt Today
Significant progress in stabilizing economy under EFF program says IMF in post-review statement
Cairo – May 28, 2025: A recent statement from the International Monetary Fund (IMF) indicates significant progress in Egypt's efforts to stabilize its economy under the Extended Fund Facility (EFF) program, following a thorough review mission earlier this month. From May 6 to May 18, an IMF delegation led by Vladkova Hollar met with Egyptian officials in Cairo to discuss economic policies and evaluate advancements in implementing the EFF program's commitments. The team also examined economic prospects for the forthcoming fiscal year. The IMF raised Egypt's economic growth projection for FY2024/2025 to 3.8 percent, driven by a stronger-than-anticipated performance during the first half of the fiscal period, according to the fund. Private investment has also surged, rising from 38.5 percent of total investment in the first half of FY2023/2024 to nearly 60 percent in the same period of FY2024/2025. While inflation edged up slightly to 13.9 percent in April, it remains on a downward trend. Despite positive developments, the current account deficit remains broad, impacted by rising imports, decreased hydrocarbon output, and disruptions to the Suez Canal, which offset gains from tourism, remittances, and non-oil exports. The IMF noted that fiscal prudence is being maintained, with public investment spending kept within the budget ceiling for July to December 2024, aided by improved oversight of large public infrastructure projects. The mission welcomed Egypt's ongoing efforts to modernize tax and customs procedures, which are beginning to improve efficiency and build confidence among economic actors. The IMF stressed the importance of continuing to widen the tax base and streamline exemptions to enhance domestic revenue mobilization, critical for financing development and social programs. Furthermore, Egypt is developing a medium-term debt management strategy aimed at increasing transparency and gradually lowering the high costs of debt servicing within the budget. Looking forward, the IMF underscored the urgency of deeper reforms to unlock Egypt's growth potential, create quality jobs, and boost economic resilience. Key priorities include reducing the state's footprint in the economy through implementation of the State Ownership Policy and asset divestment initiatives, while also improving the business climate to foster private sector-led growth. Hollar expressed gratitude for the hospitality extended during the mission and indicated that discussions will continue virtually to finalize the remaining policy measures necessary for completing the fifth review under the EFF program.
Egypt Today
13-04-2025
- Business
- Egypt Today
Egypt, Qatar trade volume records $128.4 million in 2024
CAIRO – 13 April 2025: The value of trade between Egypt and Qatar reached $128.4 million in 2024, showing an increase from $72.1 million in 2023, According to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). Egypt's exports to Qatar totaled $93.4 million in 2024, a notable rise from $44.3 million in the previous year. The main exported products included vegetables and fruits, valued at $38 million, electrical machinery and equipment at $8 million, and prepared vegetables and fruits at $6 million. Additionally, cocoa and its preparations accounted for $6 million, while miscellaneous food preparations reached $4 million. On the other hand, Egypt's imports from Qatar amounted to $35 million in 2024, compared to $27.8 million in 2023. The key imported goods from Qatar included plastics and their products, worth $14 million, followed by miscellaneous chemical products at $7 million, fuel and mineral oils at $5 million, aluminum at $4 million, and inorganic chemical products valued at $3 million. Furthermore, Qatari investments in Egypt saw an increase, reaching $618.5 million during FY2023/2024 fiscal year, up from $548.2 million in the previous fiscal year. Similarly, Egyptian investments in Qatar grew to $171.5 million in 2023/2024, compared to $86.8 million in 2022/2023, highlighting the continued strengthening of bilateral economic cooperation. President Abdel Fattah El-Sisi arrived in Qatar on Saturday, as the first stop of a two-leg Gulf tour that also includes Kuwait. Qatari Emir Sheikh Tamim bin Hamad Al-Thani received the president upon his arrival at Hamad International Airport in Doha. The two leaders is set to discuss enhancing bilateral relations across various fields, as well as regional developments. Notably, they will address efforts to achieve a ceasefire in Gaza.
Associated Press
27-03-2025
- Business
- Associated Press
CTF Life's Carbon Reduction Targets Validated by SBTi Reinforcing the Company's Commitment to Climate Action
HONG KONG SAR - Media OutReach Newswire - 27 March 2025 - CTF Life announced today that its carbon reduction targets have been officially validated by the Science Based Targets initiative (SBTi). The result shows CTF Life's commitment to decarbonisation and provides a set of measurements by which the company's stakeholders can monitor its ongoing efforts. In October last year, CTF Life demonstrated leadership in advancing sustainability through science-based targets aligned with the Paris Agreement and became the first company from the Banks, Diverse Financials and Insurance sector that primarily operates in the Greater Bay Area to submit a carbon reduction commitment letter to the SBTi, a corporate climate action organisation that enables businesses worldwide to play their part in combating the climate crisis. CTF Life targets to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 37.8% by financial year (FY) 2029 (from the FY2023 base year). Additionally, within its Scope 3 emissions, CTF Life commits the following which covers 65% of its total investment and lending by assets: To reduce the GHG emissions per MWh from the electricity generation sector within its listed equity and corporate bond portfolio by 59% by FY2029 (from the FY2023 base year), and To have at least 44.8% of the invested value in its listed equity and corporate bond portfolio allocated to companies that set SBTi-validated targets by FY2029. Man Kit Ip, Executive Director and Chief Executive Officer of CTF Life, said: 'At CTF Life, we recognise that climate action is both a critical responsibility and a powerful opportunity to inspire and drive meaningful change. CTF Life has been collaborating closely with CTFS to align our overall Net Zero 2050 ambition; the validation of our targets underscores our unwavering commitment to reducing emissions across our operations and investment portfolio. This milestone reaffirms our dedication to building a sustainable future while creating value beyond insurance for our stakeholders.' CTF Life will implement the following strategy and actions to achieve its targets: Decarbonisation levers for Scope 1 and 2 operational emissions: Electric vehicles (EV) transition: Replace leased/owned fleet with EVs. Energy efficiency: Explore opportunities to improve energy efficiency in the office buildings. Purchase of renewable energy certificates: With priority focuses on exploring EV transition and energy efficiency, CTF Life may also explore the sourcing and purchase of renewable energy or renewable energy certificates (REC) from local energy suppliers, or International Renewable Energy Certificate (I-RECs) from Asia or other oversea markets to reduce the residual Scope 2 operational emissions, if no options are available within the same market. Levers for Scope 3 category 15 emissions: Active ownership and engagement strategy: Implement engagement strategy with a phased approach to facilitate real world reductions. Climate financing: Explore ESG-related products and climate financing opportunities. Strategy and governance: Establish robust governance structure to drive climate actions. Policy and advocacy: Explore opportunities for collaboration and partnership to scale impacts. CTF Life selected these actions because the above-mentioned decarbonisation levers are expected to have the most direct impacts on the company's climate transition journey. As of June 2024, the company had already reduced its investment portfolio carbon footprint by more than 15% compared to baseline figures from June 2023. Additionally, CTF Life has invested over HKD3.5 billion in ESG-labelled bonds and decarbonisation impact funds, primarily focused on Asia, to support the region's transition to a greener economy. Hashtag: #CTFLife The issuer is solely responsible for the content of this announcement. About CTF Life Chow Tai Fook Life Insurance Company Limited ('CTF Life') is proud of its rich, 40-year legacy in Hong Kong. CTF Life is a wholly-owned subsidiary of CTF Services Limited ('CTFS') (Hong Kong Stock Code: 659) and one of the most well-established life insurance companies in Hong Kong. As a member of Chow Tai Fook Enterprises Limited, CTF Life consistently strengthens its collaboration with the diverse conglomerate of the Cheng family ('Chow Tai Fook Group' or 'the Group') to support customers and their loved ones in navigating life's journey with personalised planning solutions, lifelong protection and diverse lifestyle experiences. By leveraging the Group's robust financial strength and strategic investments across the globe, CTF Life aspires to become a leading insurance company in Asia while continuously creating value beyond insurance.
Zawya
27-03-2025
- Business
- Zawya
CTF Life's Carbon Reduction Targets Validated by SBTi Reinforcing the Company's Commitment to Climate Action
HONG KONG SAR - Media OutReach Newswire - 27 March 2025 - CTF Life announced today that its carbon reduction targets have been officially validated by the Science Based Targets initiative (SBTi). The result shows CTF Life's commitment to decarbonisation and provides a set of measurements by which the company's stakeholders can monitor its ongoing efforts. In October last year, CTF Life demonstrated leadership in advancing sustainability through science-based targets aligned with the Paris Agreement and became the first company from the Banks, Diverse Financials and Insurance sector that primarily operates in the Greater Bay Area to submit a carbon reduction commitment letter to the SBTi, a corporate climate action organisation that enables businesses worldwide to play their part in combating the climate crisis. CTF Life targets to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 37.8% by financial year (FY) 2029 (from the FY2023 base year). Additionally, within its Scope 3 emissions, CTF Life commits the following which covers 65% of its total investment and lending by assets: To reduce the GHG emissions per MWh from the electricity generation sector within its listed equity and corporate bond portfolio by 59% by FY2029 (from the FY2023 base year), and To have at least 44.8% of the invested value in its listed equity and corporate bond portfolio allocated to companies that set SBTi-validated targets by FY2029. Man Kit Ip, Executive Director and Chief Executive Officer of CTF Life, said: "At CTF Life, we recognise that climate action is both a critical responsibility and a powerful opportunity to inspire and drive meaningful change. CTF Life has been collaborating closely with CTFS to align our overall Net Zero 2050 ambition; the validation of our targets underscores our unwavering commitment to reducing emissions across our operations and investment portfolio. This milestone reaffirms our dedication to building a sustainable future while creating value beyond insurance for our stakeholders." CTF Life will implement the following strategy and actions to achieve its targets: Decarbonisation levers for Scope 1 and 2 operational emissions: Electric vehicles (EV) transition: Replace leased/owned fleet with EVs. Energy efficiency: Explore opportunities to improve energy efficiency in the office buildings. Purchase of renewable energy certificates: With priority focuses on exploring EV transition and energy efficiency, CTF Life may also explore the sourcing and purchase of renewable energy or renewable energy certificates (REC) from local energy suppliers, or International Renewable Energy Certificate (I-RECs) from Asia or other oversea markets to reduce the residual Scope 2 operational emissions, if no options are available within the same market. Levers for Scope 3 category 15 emissions: Active ownership and engagement strategy: Implement engagement strategy with a phased approach to facilitate real world reductions. Climate financing: Explore ESG-related products and climate financing opportunities. Strategy and governance: Establish robust governance structure to drive climate actions. Policy and advocacy: Explore opportunities for collaboration and partnership to scale impacts. CTF Life selected these actions because the above-mentioned decarbonisation levers are expected to have the most direct impacts on the company's climate transition journey. As of June 2024, the company had already reduced its investment portfolio carbon footprint by more than 15% compared to baseline figures from June 2023. Additionally, CTF Life has invested over HKD3.5 billion in ESG-labelled bonds and decarbonisation impact funds, primarily focused on Asia, to support the region's transition to a greener economy. Hashtag: #CTFLife The issuer is solely responsible for the content of this announcement. About CTF Life Chow Tai Fook Life Insurance Company Limited ("CTF Life") is proud of its rich, 40-year legacy in Hong Kong. CTF Life is a wholly-owned subsidiary of CTF Services Limited ("CTFS") (Hong Kong Stock Code: 659) and one of the most well-established life insurance companies in Hong Kong. As a member of Chow Tai Fook Enterprises Limited, CTF Life consistently strengthens its collaboration with the diverse conglomerate of the Cheng family ("Chow Tai Fook Group" or "the Group") to support customers and their loved ones in navigating life's journey with personalised planning solutions, lifelong protection and diverse lifestyle experiences. By leveraging the Group's robust financial strength and strategic investments across the globe, CTF Life aspires to become a leading insurance company in Asia while continuously creating value beyond insurance. CTF Life
Egypt Today
18-03-2025
- Business
- Egypt Today
Egypt Transitions to Medium-Term Economic Planning in FY2026/2027
Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, announced that the ministry is currently preparing the economic and social development plan for FY2025/2026. However, beginning FY2026/2027, the planning process will transition from an annual cycle to a three-year framework, in line with the Unified Public Finance Law. Discussing the performance of the FY2023/2024 plan, Al-Mashat noted that the initially projected economic growth rate of 4.1 percent had slowed to 2.4 percent by the end of the fiscal year. This decline continues a downward trend from 3.8 percent in FY2022/2023 and 6.6 percent in FY2021/2022. The minister attributed this slowdown to external shocks, economic pressures, and geopolitical instability, which significantly affected key sectors, including the Suez Canal, petroleum, and manufacturing industries. Despite these challenges, total executed investments for FY2023/2024 reached LE 1.626 trillion, reflecting a 5.8 percent increase compared to the previous year, with an execution rate of 98.5 percent of the targeted LE 1.65 trillion. Public investments alone amounted to LE 926 billion, showing 6.3 percent growth year-on-year but achieving only 88 percent of the targeted LE 1.05 trillion. Consequently, the share of public investments within total investments fell to 57 percent, compared to the original target of 64 percent, aligning with the government's strategy to encourage private sector-led economic growth. Al-Mashat made these remarks during a meeting with the Senate's Financial, Economic, and Investment Affairs Committee, where she reviewed the implementation of the FY2023/2024 investment plan. The minister also highlighted positive GDP growth indicators in the first quarter of the current fiscal year, which stood at 3.5 percent. Additionally, she emphasized the positive impact of public investment governance measures and structural economic reforms, which have spurred a surge in private sector investments. In the first quarter of the current fiscal year, the private sector contributed 63 percent of total investments, surpassing public sector investments. Regarding the FY2025/2026 development plan, Al-Mashat introduced a new methodology aimed at directing public investments toward priority projects that support Egypt's sustainable development goals.
