Annual urban inflation has inched up to record 37.4% YoY in August, up from 36.5% in July. On a monthly basis, urban inflation eased slightly to 1.6% MoM in August, compared to 1.9% in July.
The Finance Ministry is looking to secure USD1.5-2 billion in fresh loans by 4Q2023.
Net foreign reserves were essentially flat in August at USD34.93 billion, up from USD34.88 billion in July.
Egypt has repaid about USD52 billion in interest and foreign debt installments during FY2022/23 and FY2021/22.
EGPC reached an agreement with local banks to reschedule the debt repayment dates worth USD2.25 billion, with increasing the repayment period by two years to reach five years.
Suez Canal recorded revenues of USD1.8 billion in July and August, the first two months of fiscal year 2023/24.
Trade deficit shrank to USD2.32 billion in June, compared to USD4.43 billion during the same month of the previous year, a decrease of 47.7% on lower value of imports.
More than six consortiums have expressed interest in the tender for five solar power plants up for grabs on the North Coast. The plants are expected to require a combined USD270 million worth of investment and will be built under a 25-year build-own-operate contract.
e& plans to invest up to EGP6 billion in Egypt in 2024, an amount similar to what was invested this year.
Savola postponed their plan to produce multiple bakery products in Egypt in their newly acquired factory from "Ole" due to the absence of utilities in the factory.
Dubai-based airline, Flydubai, will start running daily flights to Cairo’s Sphinx International Airport on 28 October 2023.