Egypt Initiates 6th Phase of Immediate Cash Payment Scheme with an EGP 8.7B Tranche

Newsletter

26 Jun 2023

Egypt Initiates 6th Phase of Immediate Cash Payment Scheme with an EGP 8.7B Tranche. Egypt’s Export Development Fund has issued certificates for the first tranche of the sixth phase of the immediate cash payment initiative for exporters. The assistance totals EGP 8.7 billion with a net amount of EGP 7.4 billion, Minister of Trade and Industry Ahmed Samir announced. There were 1,130 exporting companies applying for the tranche, with 98 companies not having settled their debts. The initiative is part of a cooperation with the Ministry of Finance. (Arab Finance)

Egypt's IPO Program Goals Met, Says Hala Elsaid.
The Minister of Planning and Economic Development, Hala Elsaid, confirmed that all objectives of the state's initial public offering (IPO) program have been met. She mentioned that several deals under this program have been finalized and are set to be publicly announced post the Eid Al-Adha holiday. (Arab Finance)
Egyptian Tourists Import 306 kg of Gold Duty-Free in 43 Days.
From May 11th to June 22nd, over 306 kilograms of gold have been brought into Egypt by travelers, as reported in a statement on June 24th. This comes after the government approved a draft law in May exempting traveller-imported gold from customs duties for a six-month period. This initiative is intended to stabilize gold prices and curb smuggling. The exemption does not apply to natural pearls, cultured pearls, or precious and semi-precious stones. (Arab Finance)
Indian firms channel $170M into Egyptian investments over six-month period.
Indian businesses have invested around $170 million in Egypt over the past six months, particularly in green hydrogen and electric vehicles sectors, as stated by Egypt's Prime Minister Mostafa Madbouly. Total Indian investment in Egypt has reached $3.5 billion. The trade between the two nations is approximately $7 billion and is projected to rise to $12 billion within five years. (Arab Finance)
Eastern Tobacco Exports Valued at $15 Million Monthly, States Hani Aman.
Hani Aman, CEO of Eastern Company, stated that the company's monthly exports reach approximately $15 million. This figure constitutes less than 5% of the company's total production. (Hapi Journal)
Egypt Climbs Six Positions in 2023 Sustainable Development Goal Index Rankings.
In the 2023 Sustainable Development Goals (SDG) Index, Egypt's ranking improved to 81st out of 166 countries, up from 87th place last year, according to Minister of Planning and Economic Development Hala ElSaid. The country's score also improved to 69.62 from last year's 68.7. Assistant Minister Mona Essam commented that the results highlight Egypt's advancement towards accomplishing the SDGs in 2023. (Arab Finance)
Al-Ahly Financial Services Manages 20 Transactions Across Four Sectors Outside IPO Program.
Ahmed Salem, the CEO of Al-Ahly Financial Services, stated that the company is currently overseeing approximately 20 transactions across four sectors—consumer, healthcare, non-banking finance, and industrial. These transactions range from merger and acquisition deals to public offerings. (Hapi Journal)
From July 1, Electronic Invoicing Mandatory for All Importing and Exporting Companies, States Tax Authority.
From July 1, 2023, all Egyptian companies will be required to issue electronic tax invoices for any import, export, or customs dealings, as announced by the Egyptian Tax Authority. The statement released on Sunday clarified that only electronic invoices will be valid for validating deductible costs and expenses, as well as for VAT deductions or refunds. (Economy Plus)
Egypt Signs Hedging Agreements to Safeguard Against Unstable Oil Prices in Q4 of Fiscal Year 2022/23.
Egypt's government has secured hedging contracts to guard against global crude price fluctuations for Q4 of the FY 2022/23, covering nearly 25% of total imports, as per an official from the Ministry of Finance. These contracts will expire by the end of the current fiscal year in June. The government also plans to enter new contracts for FY 2023/24 to manage the risks of increasing crude prices, with the signing dates and oil prices to be established by the Ministries of Finance and Petroleum. (CNN Arabic)
CIHC and Global Steel to Form a Joint Venture for the Production of PC Wires.
CIHC and Egypt's Global Steel Company have signed an agreement to create a new joint venture, EgyDrew, with the aim of constructing and operating a factory for prestressed concrete (PC) wires production, as revealed in a cabinet statement dated June 22nd. PC wires, which are utilized in the production of railway flanges, electrical poles, precast architectural structures, and drainage pipes, will be the primary output of the new factory. (Arab Finance)