New central bank projections out on Thursday see us spending at least 42.3 billion USD on foreign debt repayments in 2024
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New central bank projections out on Thursday see us spending at least 42.3 billion USD on foreign debt repayments in 2024. Egypt will have to pay some 32.8 billion USD, around 20% of our total external debt, to fulfill medium and long-term debt obligations in 2024. This marks a 3.6 billion USD increase from the bank’s September estimates, which put our medium and long-debt repayments at 29.2 billion USD for next year. (Asharq Business)
- Egypt will have to repay an additional 9.5 billion USD in short-term debt obligations during the first half of 2024.
The largest chunk of the payment is scheduled for February and March. Short-term debt payment projections don’t extend beyond June. By the end of the fiscal year 2022-2023, Egypt’s total external debt sat at 164.7 billion USD, down from 165.4 billion USD in March 2023, but still about 9 billion USD higher from the figure recorded at the end of the fiscal year 2021-2022. (Asharq Business)
- Kuwait has renewed a 2 USD bn deposit that matured in April 2023 to now be due in April 2024.
Kuwait has 4 billion USD in total deposited at the CBE. A local report suggested last month that Kuwait also renewed the other 2 billion USD deposit to be due in September 2024. Another 5 billion USD could be coming our way from UAE and Saudi, although this could also refer to a rollover of maturing portions of existing deposits. (Asharq Business)
- Egypt's net foreign assets deficit hit 839.2 billion EGP in October: CBE.
Egypt's net foreign assets (NFAs) hit a negative 839.219 billion EGP in October, compared to a negative 828.733 billion EGP at the end of September. The data also showed that foreign assets with the CBE amounted to 1.06 trillion EGP at the end of October, and the foreign assets with banks stood at 426.232 billion EGP. Meanwhile, foreign liabilities with the CBE and banks totaled 2.322 billion EGP. (Hapi Journal)
- The IMF is “seriously considering” increasing our 3 billion USD loan program as the conflict in Gaza poses difficulties for the country,
with Egypt reportedly in talks to raise the program to 5 billion USD. The government wants to raise FDI of USD 12 bn in the current fiscal year, almost half of which is expected to come from the state privatization program, which is expected to raise around 5 billion USD until the end of June 2024. (Arab Finance)
- Egypt is looking to secure 3 billion USD by the end of the current fiscal year through bond issuances and international loans.
Egypt is already halfway through our target after securing USD 500 mn from Deutsche Bank and the Arab Banking Corporation, 500 million USD from a samurai bond issuance in November, and 478.7 million USD from our maiden panda bond issuance in October. (Hapi Journal)
- Sawiris seeks to execute 120 million USD project to convert motorcycles, tuk-tuks to EVs.
Egyptian billionaire Naguib Sawiris is planning to implement a project worth at least 120 million USD to convert fuel-powered motorcycles and tuk-tuks to electric vehicles (EVs). This plan aims to reduce carbon emissions. (Asharq Business)
- Egypt to sign 270 million USD deals to reduce emissions in industrial sector.
Egypt will seal project agreements to reduce carbon emissions in the industrial sector with investments of up to 270 million USD. The Egyptian government plans to complete the clean transport project, which is part of the national contributions to reduce the emissions of the transport sector in the country by 7%, she added. (Asharq Business)
- Egypt studies 8 billion EGP partnership offers from investors in real estate sector.
The Egyptian government is considering offers worth around 8 billion EGP to partner with investors in the real estate sector within the first quarter (Q1) of 2024. The potential partnerships include ones with Saudi investors, noting that the firms affiliated with the ministry will provide the lands needed for the projects, while the investors will execute the development works. (Asharq Business)
- Egypt’s auto sales fall 65% YoY in October.
Egypt’s auto sales dropped 65% year on year (YoY) in October 2023 to 6,077 vehicles from 19,300 vehicles. This marks the lowest auto sales over the past two years. The Nissan brand topped the market in terms of sales with 16,800 vehicles, or a market share of 36.5% in October. (Al Mal News)
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