Manage episode 377810768 series 2987212
The CBE decided to keep interest rates unchanged at 19.25% and 20.25% for overnight deposit and overnight lending rates, respectively, citing a slight decline in core inflation and a moderation of real GDP growth.
Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat purchases from Kazakhstan, as a cheap alternative to grain from Russia.
The Asian International Infrastructure Bank (AIIB) is holding its annual meeting in Sharm El-Sheikh on 25-26 September. AIIB's current investment portfolio in Egypt amounts to USD1.3 billion. The most important part of the portfolio is the Benban Solar Park project with anticipated investments in the pipeline total just over USD1 billion, mainly in infrastructure financing.
The Ministry of Petroleum has upped its investment forecast for the oil and gas sector to USD8.5-9 billion in FY2023/24 up from its previous estimate of USD7.7-8 billion.
The Trade Ministry will bring its three-month export ban on onions into effect on 1 October.
The USD index reached its highest level in six months, rising by more than 6% since its recent low in mid-July, as investors took a pessimistic view on interest rates in the wake of the Fed's indication that interest rates will need to stay higher for longer.
The CBE directed banks to repeal the subsidized interest rate on loans and facilities obtained by government economic authorities, as the CBE had been granting economic authorities loans at a subsidized interest of 5% for two years, which was objected to by an international agency.
The government intends to grant tax incentives and exemptions recently approved, including exemption from all types of taxes for up to 5 years, except for value-added tax, to investments worth more than USD500 million, especially in sectors that have an import gap.
Suez Canal revenues recorded USD888.6 million in August 2023, compared to USD745.6 million in the same month last year, an increase of 19.2% YoY.
The government-owned real estate company Mohammed Alabbar is reportedly considering to acquire through his Eagle Hills company is City Edge, according to local media.
SKPC decided to postpone the acquisition of Ethydco until finalizing the study of an offer by a strategic investor to acquire a share of Ethydco’s capital through a partial exit of some of the company’s existing shareholders.
The government hopes to sign final contracts with ADQ before the end of this week for the sale of shares in Egyptian Ethylene and Derivatives Company (Ethydco), Egyptian Linear Alkyl Benzene (Elab), and Egyptian Drilling Company (EDC). It came to an initial agreement with the Abu Dhabi wealth fund earlier this year to sell 25-30% stakes in the three companies for USD800 million.
President Abdel Fattah El Sisi has signed a law authorizing Oil Minister Tarek El Molla to contract Chile’s Enap Sipetrol and the Egyptian General Petroleum Corporation to carry out oil exploration and extraction in the Gulf of Suez.
OIH’s Board has agreed to sell 100% of the assets it owns in Brazil.
Ashry Steel submitted an offer to the state-owned Metallurgical Industries Holding (MIH) to acquire its subsidiary Delta Steel, according to local media.
The Trade Ministry has extended its sugar export ban for another three months until 20 December.
MNT-Halan issued a securitization worth EGP1.04 billion, as part of a three-year program worth EGP3.0 billion. This is the second issuance in the program.