Below please find a summary of news you may have missed in the last week about Egypt, the Egypt-U.S. partnership, and other relevant issues. In this issue:

1. President El Sisi Wishes Coptic Christians a Happy Easter
2. Islamic Development Bank Announces $3 Billion Investment in Egypt
3. Egypt Makes Major Investment in Railway System
4. Egypt Leads Economic Rebound in Middle East Region
5. Bloomberg: Egypt’s Reforms Begin To Bear Fruit
6. New Egypt Wealth Fund Will Improve Egypt’s Competitive Position
7. Cairo Airport Establishes New Services for People With Special Needs, Elderly
8. 4,500 Artifacts Belonging to King Psamtek I Colossus Discovered in Matariya

PRESIDENT EL SISI WISHES COPTIC CHRISTIANS A HAPPY EASTER
On Sunday, 6 April, President El Sisi wished Egypt’s Coptic Orthodox community, as well the rest of the Egyptian people, a happy Easter. “I call on all of us to remember the teachings of Jesus Christ that lead humanity to the ways of love and peace,” President El Sisi said, adding “Peace upon Egypt and its people.” Egypt’s Coptic Orthodox faithful, which make up about 10 percent of Egypt’s population of 90 million people, are the Middle East’s largest Christian community.

ISLAMIC DEVELOPMENT BANK ANNOUNCES $3 BILLION INVESTMENT IN EGYPT
The Islamic Development Bank has announced that it will invest $3 billion in Egypt over the next three years. The IDB’s investments will include projects around Egypt, including developmental projects in Sinai, water desalination, and a $500m fund to support small- and medium-sized projects. Minister of Investment and International Cooperation Sahar Nasr also called upon the bank to support innovative projects and young entrepreneurs.

EGYPT MAKES MAJOR INVESTMENT IN RAILWAY SYSTEM
The Government of Egypt announced this week that it will make major improvements to the country’s railway system. A new EGP 55 billion investment will provide modernized and renovated locomotives across Egypt. According to Cairo Scene, several of these improvements to infrastructure, stations and carriages are set to be complete by next year. The outlet added that “as part of the comprehensive plan, a new high-speed railway linking the Mediterranean areas to the Red Sea areas is also being constructed….An electric train from Cairo to the new Administrative capital is set to be completed by 2020.”

EGYPT LEADS ECONOMIC REBOUND IN MIDDLE EAST REGION
Global Finance Magazine reported this week that a “newly competitive Egypt” is leading the region’s economic rebound, especially because of the country’s cultivation smaller businesses, which show strong growth potential. The article added that “Egypt is expected to be the fastest-growing economy in the Middle East in the next 12 months, as exports rise, more tourists visit the pyramids and a growing number of ships pass through the Suez Canal.” The article also stated that Egypt is reaping benefits from an ambitious program of reforms, as well as from cuts in energy subsidies. This positive economic outlook is expected to continue, with Capital Economics forecasting a real GDP growth rate of 5.3% this year, followed by 5.5% in 2019.

BLOOMBERG: EGYPT’S REFORMS BEGIN TO BEAR FRUIT
This week, Bloomberg reported that Egypt’s economic reforms have begun to bear fruit. “It’s been extremely impressive …. We have seen the current account deficit fall by two thirds … and that’s on the back of better tourism revenues, better remittances, and higher exports,” Middle East Senior Economist at HSBC Razan Nasser told Bloomberg. Looking forward, Bloomberg noted that President El Sisi’s electoral victory is expected to pave the way for further economic reforms. This week, Egypt’s official statistics agency also reported that overall and core urban inflation decreased in Egypt during March 2018.

NEW EGYPT WEALTH FUND WILL IMPROVE EGYPT’S COMPETITIVE POSITION
This week, the government approved a draft bill to establish the Egypt Fund, a sovereign wealth fund of LE 200 billion ($11.3 billion) that will improve Egypt’s competitive position and reduce the risk premium of investing in Egypt. Planning Minister Hala al-Saeed noted that that this fund “will have a positive effect on Egypt’s sovereign credit situation; thereby reducing the cost of debt servicing and consequently the government expenditure and budget deficit.” She also added that the Egypt Fund will add value in various economic sectors “through partnership with international companies and institutions, in addition to the direct economic gains of the Egyptian economy.” This is just one of the latest economic reforms in Egypt that will continue to increase investment, employment and optimal utilization of state assets and resources.

CAIRO AIRPORT ESTABLISHES NEW SERVICES FOR PEOPLE WITH SPECIAL NEEDS, ELDERLY
EgyptAir, in cooperation with the Cairo Airport Company and the General Directorate of Passports, has made a number of improvements to the Cairo International Airport to assist special needs and elderly passengers. Egypt Independent reported this week that Terminal 3 now has special pathways for passengers with special needs to help them avoid crowded areas. Wheelchairs and golf carts were distributed in a number of places inside the airport. A new office outside the customs area will also greet special needs and elderly travelers to inform them about the new services. These airport enhancements are part of Egypt’s announcement that 2018 will be the “year of people with special needs.”

4,500 ARTIFACTS BELONGING TO KING PSAMTEK I COLOSSUS DISCOVERED IN MATARIYA                                   
This week, an Egyptian-German excavation mission at Matariya, in Heliopolis, uncovered roughly 4,500 fragments of King Psamtek I’s quartzite colossus according to Al Ahram Online. Ayman Ashmawy, head of the ancient Egyptian antiquities department at the Egyptian Ministry of Antiquities, said that these fragments, along with 6,400 previously discovered pieces, allow researchers to calculate the original size and shape of the colossus. “The new fragments confirm that the colossus once depicted King Psamtek I standing, but it also reveals that his left arm was held in front of the body, an unusual feature,” Ashmawy said, adding that a carefully carved scene on the back pillar shows the kneeling king Psamtek I in front of the creator-god Atum of Heliopolis.