The World Bank is considering providing a USD300 million loan to the Small and Medium Enterprises Agency, with the aim of enhancing the flexibility of small businesses in Egypt.
Egypt's CDS rate rose during the past week, which witnessed an increase in geopolitical tensions in the Middle East, to 6.93% for 5 years at the close of trading on Friday, compared to 5.8% at the end of the previous week.
The government aims to raise around USD1 billion through the privatization of state-owned companies and assets via stake sales to strategic investors or EGX listings this year, and USD1.5 billion next year.
The next stage for Egypt is to “to accelerate the pace of reform” by achieving four goals, IMF Middle East and Central Asia head Jihad Azour said on the sidelines of the IMF and WB spring meetup in Washington. The goals are:
1. To reduce the risks to the Egyptian economy. “The flexibility of the exchange rate contributes to this matter”.
2. Bringing down inflation.
3. Raising the level of social protection.
4. Promote the private sector and job creation.
The price of non-subsidized bread will start falling starting today until it reaches normal levels.
Minister of Supply announced a decrease in oil prices by 14%, in addition to previous reductions, bringing the total reductions on oil to 36%.
Finance Minister and Planning Minister will head to the House tomorrow to give statements on the draft state budget and socioeconomic development plan for FY2024-25.
Egypt has inked 14 agreements with Chinese companies to set up projects alongside our local private sector.
The government aims to extend the average maturity of its debt instruments to 4.5-5 years as it focuses on longer-term bonds.
The Egyptian government received seven offers from international hotel chains to take advantage of old ministries’ headquarters.
Cabinet approved extending foreign operators’ exemption from airport fees until November 2024 as part of the state’s efforts to boost tourism.
ADIB is in talks to purchase a 15% stake in Bank Syariah Indonesia, Indonesia's biggest Islamic bank, for USD1.1 billion.
Mortgage finance firms could soon see their capital requirement doubled to EGP100 million local currency or its equivalent in FX, up from EGP50 million under new amendments.
The FRA is working on developing a plan to implement Solvency II standards to enhance the financial and operational efficiency of insurance companies.
PHDC (FV: EGP7.11, OW) confirmed that it is co-developing a 415 feddan project in Sidi Heneish on the North Coast and stated that expected revenue and revenue share are still to be determined. The project will be launched in 2Q24.
According to local media, PHDC (FV: EGP7.11, OW) is preparing to take out a EGP1.7 billion loan.
According to local media, natural gas production in Egypt declined to 4.286 bcf in February 2024 from 4.651 bcf in January 2024, the lowest since February 2018.
Energean plc, an international hydrocarbon exploration and production company, expects to invest USD30-50 million in Egypt during 2024.
SDX sold its 50% working interest in two blocks in the West Gharib concession in the Eastern Desert to Horizons LLC and NPC Petroleum Services for USD6.6 million.
According to local media, in light of the decrease in price of locally produced cars, GBCO will compensate distributors for these price differences.