Finance Egypt gets $6bn from World Bank to spur growth The World Bank Group will offer more than $6 billion over the next three years to support Egypt’s economic recovery amid its foreign currency crunch. The Washington-headquartered group will allocate $3 billion for financial support to government programmes and the remaining $3 billion to the private sector, subject to board approval. The announcement comes after […] March 19, 2024
Economy EU agrees $8bn funding package with Egypt The European Union has agreed a €7.4 billion ($8 billion) funding package and upgraded its relationship with Egypt after a meeting in Cairo on Sunday between the European Commission president, Ursula von der Leyen, and Egypt’s president, Abdel Fattah al-Sisi. The deal consists of €5 billion in concessional loans, €1.8 billion of investments and €600 […] March 18, 2024
Video length: 09:01 Analysis Economy Currency bond traders flow into Egypt after bailout deals JPMorgan Chase & Co has issued a circular urging its clients to buy up Egyptian sovereign debt, less than two months after it removed Egypt from local-currency bond indexes. “The Egypt carry trade is back in focus, and this time should be different,” the New York bank’s Gbolahan Taiwao wrote in a note on March […] March 14, 2024
Economy Germany commits $282m in low-cost funding to Egypt Germany has pledged to commit €258 million ($282 million) to Egypt in the form of debt swaps, grants and concessional financing, Egyptian minister of international cooperation Rania Al Mashat said. The government has approved €54 million from Germany to finance the smart energy project within the national platform of the Nexus of Water, Food and […] March 14, 2024
Industry Egypt and China in talks to set up industrial zone Egyptian and Chinese officials have engaged in further discussions about setting up a Chinese industrial zone along the Mediterranean Sea, according to a local news report. Egypt’s Minister of Trade and Industry, Ahmed Samir, and Zhang Tao, the acting Chinese Ambassador to Cairo, discussed the progress made since last month’s meeting with Samir’s Chinese counterpart, […] March 13, 2024
Opinion Tech Think local: the best weapon in the fight to topple an e-commerce giant A Mena startup can outwit a global behemoth if it uses its insider knowledge of its customers March 12, 2024
Economy Egypt’s inflation rate makes record jump in February Inflation in Egypt rose unexpectedly in February, authorities reported this week, just days after the pound plummeted more than a third against the US dollar. On Sunday, the Egyptian state statistics agency Central Agency for Public Mobilisation and Statistics (Capmas) announced that annual urban consumer price inflation rose to 35.6 percent last month, from 29.8 […] March 11, 2024
Economy Egypt to get $20bn loan from global funders says minister The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […] March 11, 2024
Finance Egypt outlook revised to positive after lending deals Moody’s has upgraded Egypt’s outlook from negative to positive following the expanded $8 billion funding from the International Monetary Fund (IMF). The credit-rating company also affirmed Egypt’s foreign currency ratings. The revision reflects the significant official and bilateral support announced and marked policy steps taken in the past week that will, if maintained, support macroeconomic […] March 8, 2024
Opinion Economy Egypt’s $8bn rescue package brings new challenges International Monetary Fund negotiations have been protracted – to say the least March 7, 2024
Economy Egypt secures expanded $8bn loan from IMF Egypt will receive an expanded $8 billion loan from the International Monetary Fund (IMF) after agreeing to implement a set of reforms and policies. The country is experiencing significant macroeconomic challenges due to the impact of the Gaza conflict on tourism and lower Suez Canal receipts, the IMF said in a statement. “The authorities are […] March 7, 2024
Markets Egyptian pound plunges 55% to match black market dollar The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate. The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces. At 2pm […] March 6, 2024
Oil & Gas Saudi’s Taqa to quadruple energy investments in Egypt Saudi Arabia’s Industrialization and Energy Services Company (Taqa) plans to quadruple investments in Egypt’s energy sector over the next two years, according to a media report. The company aims to double its business and services in Egypt, as well as expand into deepwater petroleum services by 2026, Daily News Egypt reported, citing Mario Ruscev, executive […] March 6, 2024
Infrastructure Egypt plans extension to make Suez Canal a ‘dual carriageway’ Egypt is to extend the “dual carriageway” segment of the Suez Canal, to allow northbound ships and southbound ships to travel the full length of the canal simultaneously. The canal’s first double-channel stretch opened in 2015. This extension will add 50km in the north and 30km in the south, the chairman of the Suez Canal […] March 5, 2024
Food & Drink Egyptian food producer plans European expansion An Egyptian food producer is planning to expand into European markets on the back of a significant rise in US sales. City Farm, a frozen fruits and vegetables processor, intends to open representative offices in Germany, Belgium and the Netherlands first. CEO Mahmoud Lamei said the plan followed “remarkable success” in the United States and […] March 4, 2024
Video length: 05:02 Food & Drink Agthia increases stake in Egyptian snack group Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022. In […] March 1, 2024
Oil & Gas BP invests $1.5bn in gas projects in Egypt BP will invest $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years. It was revealed two weeks ago that the UK-based energy business and Abu Dhabi state oil company Adnoc have agreed to pursue a natural gas joint venture in Egypt. The venture, reported by Bloomberg on […] March 1, 2024
Renewable Energy Egypt signs $40bn deals to develop green energy sector Egypt has signed seven agreements with global companies to develop green hydrogen and renewable energy projects in the Suez Canal Economic Zone, with expected investments worth $40 billion over 10 years. Investment of nearly $12 billion is expected for a pilot phase, followed by another $29 billion for the first phase, the government’s information department […] February 29, 2024
Economy IMF expects bigger loan deal for Egypt within weeks The International Monetary Fund expects a financing package for Egypt to be finalised within weeks, its chief said on Tuesday – while also entertaining speculation that the loan could rise to $12 billion. Speaking on the sidelines of a G20 finance meeting in Brazil, IMF managing director Kristalina Georgieva told Reuters that issues delaying the […] February 28, 2024
Analysis Banking & Finance GCC banks look to US and Europe GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […] February 28, 2024
Analysis Economy Abu Dhabi’s $35bn throws Egypt a liquidity lifeline A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […] February 27, 2024
Renewable Energy DP World and Masdar link up for project to decarbonise ports Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […] February 27, 2024