Net International reserves surged to record USD 40.46 billion in March, up from USD35.31 billion in February.
Foreign investors have poured USD17.8 bn into Egyptian government debt in the first quarter of 2024.
The cabinet approved the new EGP120 bn program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies — which offers financing at an interest rate of 15%.
The cabinet approved the executive regulations for the new Building Reconciliation Act.
The cabinet approved amendments to executive regulations of the Competition Act.
The cabinet also approved amendments to the law regulating the importers registry with the aim of facilitating the registration process for importers.
Egypt is negotiating with the European Union to get a EUR2 billion grant, within the framework of implementing electrical interconnection projects with Italy and Greece.
ORWE approved cash dividends for FY23 of EGP1.25/share to be distributed in May 2024, implying payout ratio of 48% and dividend yield of 7.8%.
According to local media, Tobacco distributors got the government’s approval to hike prices by up to 12%. EAST CEO said it will raise its prices by a lot less than the 12% cap.
According to local media, the Egyptian Drug Authority (EDA) is studying a number of requests and proposals for new medicine pricing schemes put forward by local pharma companies.
The Egyptian Railway Authority of the Ministry of Transportation plans to offer a tender worth USD300 million, early 2025, to develop the signaling and control systems for the Luxor-High Dam railway.
EBRD agreed to provide a loan worth EGP700 million to Tasaheel Microfinance Company, to support the European Bank’s “Women in Business” program in Egypt, which targets supporting female entrepreneurs.