IMF Deputy Managing Director arriving in Cairo for economic discussions

Newsletter

11 Jun 2023

IMF Deputy Managing Director arriving in Cairo for economic discussions. Antoinette Sayeh, Deputy Managing Director of the International Monetary Fund (IMF), is visiting Cairo to hold discussions with Egyptian officials regarding the government’s economic reform program, as confirmed by IMF representative Said Bakhache. Sayeh is also scheduled to participate in the release of an IMF paper. (Enterprise)

Anticipating an imminent government decision: electricity price announcement expected in two weeks.
Recommendations for revised electricity tariffs have been submitted to the cabinet for review and are likely to be announced within the next two weeks. These proposed changes come after a year-long freeze in electricity prices aimed at safeguarding households against the escalating cost of living. The current freeze is set to expire at the end of the fiscal year on 30 June. (Enterprise)
Qatar Sovereign Fund nears acquisition of up to 30% stake in Vodafone Egypt.
Qatar Investment Authority (QIA) nears acquisition of 25-30% stake in Vodafone Egypt from Telecom Egypt. Talks had previously stalled as the Qatari fund sought to acquire Telecom Egypt's entire 45% stake, while the government preferred to limit the stake to 25%. However, negotiations have recently resumed, and the deal is expected to be finalized before the end of June. (Enterprise)
British-Malaysian alliance targets 2 billion USD Egyptian power plant acquisition.
Actis and Edra Power Holdings have once again shown interest in purchasing a significant Egyptian power plant, which could potentially contribute to stabilizing the economy of the country. The companies intend to bid for a substantial stake in the Beni Suef plant, with the goal of eventually obtaining full ownership and operating rights. Discussions for the deal had taken place in 2019 but did not reach a final agreement. (Asharq)
Minister of Supply secures contracts to import live and frozen meat from four African countries and India.
Ali El Meselhi, Minister of Supply and Internal Trade, has emphasized the ministry's efforts to expand and diversify meat import sources, whether live or frozen. In a statement, he revealed that contracts have been signed with African countries, as well as India, to import meat from countries such as Sudan, Djibouti, Tanzania, and Uganda. This diversification of sources is expected to ensure an adequate supply of meat to meet citizens' needs at lower prices compared to the market rates. (Arab Finance)
Finance Minister Maait releases interpretive rules for customs tariff schedules.
Mohamed Maait, the Minister of Finance, has issued a decision introducing interpretive rules for customs tariff schedules. These rules aim to enhance the clarity and understanding of goods classification, simplifying procedures and reducing disputes. It is expected to facilitate customs operations and improve the overall working environment at customs ports. (Arab Finance)
Egypt’s Co-operation Petroleum sets sights on 10 billion EGP to fund purchases.
Taawon Petroleum, Egypt's State-owned oil production and marketing entity, secures 10 billion EGP loan from a banking consortium led by Bank of Egypt and the National Bank of Egypt for urgent oil product purchases. With a 31% market share in major petroleum products and 20% in lubricants last fiscal year, Taawon Petroleum has undertaken renovation projects, constructed storage facilities, service stations, and acquired tanker trucks. (Asharq)
Minister of Transport to sign contract for first technological application-based passenger transportation license.
Egypt's Minister of Transport has signed a contract with Swvl, granting them the first license to transport passengers using technological applications in the country. This five-year license is awarded to Swvl after fulfilling all the necessary requirements specified in the relevant laws and regulations. Swvl's achievement marks a significant milestone as they become the first company to obtain such a license for passenger transportation in Egypt through technology-based applications. (Al Mal)
Head of Healthcare announces 4 strategic partnerships between the authority and global institutions.
The Public Authority for Health Care has recently entered into four bilateral cooperation agreements with the Arab Hospitals Federation, AstraZeneca, Sanofi Specialized Care, and Yateris Pharmaceuticals. These partnerships aim to strengthen collaboration across various healthcare domains and were formalized during the Africa Health ExCon 2023 Conference and Exhibition. (Arab Finance)
Ministry of Aviation subsidiary secures 44 million USD in borrowings.
SIAF, the aircraft and equipment leasing company affiliated with the Ministry of Civil Aviation, has secured credit facilities worth 44 million USD from the African Export-Import Bank. These funds will be utilized by SIAF to purchase three Embraer E-190 aircraft, bolstering its leasing operations. Established in 2009, SIAF operates in two main lines of business: LOB, which focuses on operational and financial leasing of narrow-body aircraft, and equipment leasing related to aviation. (Economy Plus)