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Manage episode 425489983 series 2987212
*Key news articles for today*
The World Bank has announced that it will be providing Egypt with USD700 mn. The funding comes as part of a three-year USD6 bn financing package from the bank that was announced in March.
The government announced that it will carry on extending load-shedding for an “extra hour” until the end of the week.
The EGP weakened against the greenback to its lowest level since 21 April by the time banks closed yesterday, with the national currency settling at EGP 48.37 at the Central Bank of Egypt and other local lenders.
French glass and building materials manufacturer Saint-Gobain has filed a proposal to set up a new USD40 mn glass factory in the Sadat City.
The Korean Economic Development Cooperation Fund made available USD100 million financing with a 20-year term, including a 5-year grace period, at an interest rate of 1.5%.
The Egyptian-European Investment Conference will kick off in Cairo next Saturday for two days, and is expected to witness the conclusion of a number of investment deals and memorandums of understanding.
ADIB’s 1:5 bonus shares record date is 10 July, 2024 while distribution date is 11 July, 2024.
COMI will reduce its FX markup fees and increase local and international transaction limits for credit cards, effective as of tomorrow.
According to Fitch, foreign currency inflows and exchange rate stability following the float of the EGP in March and the country securing some USD57 bn in financing in 2024 have improved the forecasts for Egypt’s banking sector. Fitch expects banks to direct the uptick in inflows towards those importing non-essential goods and tackle any import backlogs, in addition to making arrear payments to oil companies and increase FX lending to companies. Lastly, Fitch believes that the EGP float will have a limited impact on the balance sheets and capital position of Egyptian banks as the sector is able to absorb the rise of the USD against the EGP by about 35%.
ETEL and Post for Investment are studying the acquisition of a 100% stake of Egypt Trust.
OLFI aims to pump investments worth no less than EGP350 million during 2024 to expand dairy production capabilities and establish a new processed cheese factory. Also, the company seeks to double its export revenues during the current year to reach USD40 million compared to around USD20 million achieved last year.
Friday Food Industries Company intends to list part of its shares on the Egyptian Stock Exchange by the end of 2026, following the completion of their project for the largest ice cream factory in the Middle East.
President Abdel Fattah El Sisi on Sunday ratified a bill allowing private entities to set up, manage, and operate healthcare facilities and public hospitals for a period of 3-15 years, according to the Official Gazette.
OCDI is planning to open its commercial project, EDNC, located in Eastown in East Cairo, in September 2024.
CCAP's MD, Hisham Alkhazendar, declared that the stake of Citadel Capital Partners - the principal shareholder- will not exceed 33%, up from 23.49% before the debt purchase deal.
The government’s digital customs window Nafeza has been non-operational for more than a month and a half, resulting in a backlog of 8k-9k imported cars stuck at the country’s ports, which is creating a shortage of vehicles in the market and pushing car prices up.
1405 episode
Manage episode 425489983 series 2987212
*Key news articles for today*
The World Bank has announced that it will be providing Egypt with USD700 mn. The funding comes as part of a three-year USD6 bn financing package from the bank that was announced in March.
The government announced that it will carry on extending load-shedding for an “extra hour” until the end of the week.
The EGP weakened against the greenback to its lowest level since 21 April by the time banks closed yesterday, with the national currency settling at EGP 48.37 at the Central Bank of Egypt and other local lenders.
French glass and building materials manufacturer Saint-Gobain has filed a proposal to set up a new USD40 mn glass factory in the Sadat City.
The Korean Economic Development Cooperation Fund made available USD100 million financing with a 20-year term, including a 5-year grace period, at an interest rate of 1.5%.
The Egyptian-European Investment Conference will kick off in Cairo next Saturday for two days, and is expected to witness the conclusion of a number of investment deals and memorandums of understanding.
ADIB’s 1:5 bonus shares record date is 10 July, 2024 while distribution date is 11 July, 2024.
COMI will reduce its FX markup fees and increase local and international transaction limits for credit cards, effective as of tomorrow.
According to Fitch, foreign currency inflows and exchange rate stability following the float of the EGP in March and the country securing some USD57 bn in financing in 2024 have improved the forecasts for Egypt’s banking sector. Fitch expects banks to direct the uptick in inflows towards those importing non-essential goods and tackle any import backlogs, in addition to making arrear payments to oil companies and increase FX lending to companies. Lastly, Fitch believes that the EGP float will have a limited impact on the balance sheets and capital position of Egyptian banks as the sector is able to absorb the rise of the USD against the EGP by about 35%.
ETEL and Post for Investment are studying the acquisition of a 100% stake of Egypt Trust.
OLFI aims to pump investments worth no less than EGP350 million during 2024 to expand dairy production capabilities and establish a new processed cheese factory. Also, the company seeks to double its export revenues during the current year to reach USD40 million compared to around USD20 million achieved last year.
Friday Food Industries Company intends to list part of its shares on the Egyptian Stock Exchange by the end of 2026, following the completion of their project for the largest ice cream factory in the Middle East.
President Abdel Fattah El Sisi on Sunday ratified a bill allowing private entities to set up, manage, and operate healthcare facilities and public hospitals for a period of 3-15 years, according to the Official Gazette.
OCDI is planning to open its commercial project, EDNC, located in Eastown in East Cairo, in September 2024.
CCAP's MD, Hisham Alkhazendar, declared that the stake of Citadel Capital Partners - the principal shareholder- will not exceed 33%, up from 23.49% before the debt purchase deal.
The government’s digital customs window Nafeza has been non-operational for more than a month and a half, resulting in a backlog of 8k-9k imported cars stuck at the country’s ports, which is creating a shortage of vehicles in the market and pushing car prices up.
1405 episode
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