Egypt's net international reserves increased to $34.806B at the end of June: Central Bank of Egypt | Zilla Capital

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10 Jul 2023

Egypt’s net international reserves increased to $34.806B at the end of June: Central Bank of Egypt

Egypt’s net international reserves increased to $34.806B at the end of June: Central Bank of Egypt. As of June’s end, Egypt’s net international reserves (NIR) rose to $34.806 billion, as stated by the Central Bank of Egypt (CBE) on July 6th. It’s noteworthy that the NIR was slightly lower at $34.660 billion at the close of May. (Arab Finance)

Egypt plans to build six gold extraction facilities in the Eastern Desert.
Egypt plans to set up six gold extraction facilities in the Eastern Desert to boost gold supply to the government, as per Shalateen Mineral Resources, a government-affiliated company. The initial complex, estimated to cost EGP 250 million, will be established near Aswan, covering an area of 6 million square meters. Another facility will be situated near Marsa Alam, southeast of Cairo. From January to April 2023, Shalateen supplied 240 kilograms of gold to the Central Bank of Egypt. (Arab Finance)
Egypt's legislature greenlights two Suez Canal container terminal initiatives.
Egypt's House of Representatives endorsed a $65 million project to construct a multi-purpose terminal at East Port Said port, expected to create 550 jobs, as per Suez Canal Economic Zone's announcement on July 6th. The project will be handled by Sky Logistics and Reliance Logistics alliance under a 30-year build-operate-transfer contract. Additionally, Parliament approved a $500 million plan by Suez Canal Container Terminal Company to expand the SCCT 2 terminal, creating 1,000 jobs and making it one of the largest in the eastern and southern Mediterranean. (Arab Finance)
Egyptian agricultural exports surpass 4.6 Million tons year-to-date.
Year-to-date, Egypt's agricultural exports rose 18.24% to 4.654 million tons, up from 3.936 million tons during the same period last year, as per the Minister of Agriculture and Land Reclamation, Al-Sayed Al-Qusair. The primary exported goods included citrus, potatoes, fresh onions, and sweet potatoes, amongst others. Citrus led the exports with 1.894 million tons, trailed by fresh potatoes at 876,241 tons, and onions at 323,783 tons. The rise showcases the robust performance of Egypt's agricultural sector. (Arab Finance)
CIB procures $250M loan from IFC for capital enhancement and green project funding.
CIB, Egypt's top private sector bank, has secured two loans totalling $250 million from the International Finance Corporation (IFC), a World Bank Group member. The loans are set to fortify the bank's capital and back green initiatives, as per CIB's Head of Financial Institutions, Heba Abdel Latif. A $150 million, ten-year loan is targeted at supporting the bank's growth, while a seven-year loan of $100 million will fund various eco-friendly initiatives, ranging from renewable energy to sustainable agriculture. (Arab Finance)
Prime Minister announces unprecedented stimuli to establish certain strategic industries locally.
The Prime Minister of Egypt, Dr. Mostafa Madbouly, has announced a new series of exceptional incentives designed to foster local growth in strategic industries. He expressed this during a recent meeting, highlighting the government's intent to promote the domestic production of diverse goods. Furthermore, he mentioned that 152 potential investment opportunities in the industrial sector have been identified for localization. (Hapi Journal)
Future for urban development undergoes rebranding ahead of inclusion in the proposals program.
The Egyptian joint stock company, The Future Company for Urban Development, has rebranded itself as "Medar" for Investment and Urban Development. This change is in anticipation of its inclusion in the government's public offering program. Originally founded in 2006, Medar was responsible for the comprehensive development of the city of the future, located east of Cairo. The company's total shareholder equity is currently valued at around 5 billion Egyptian pounds. (Economy Plus)
Shell plans to drill three new wells in its Egyptian mediterranean WDDM concession.
Shell Egypt and its partners are set to dig three new development wells in the offshore West Delta Deep Marine (WDDM) concession later this year, according to a recent statement. With an investment exceeding $200 million, the project is anticipated to deliver an extra 200 million cubic feet of gas per day. (Ashraq)
Safaga identified as a key focus in the government's economic development scheme for the golden triangle..
Prime Minister Mostafa Madbouly confirmed that the development of the Safaga region is a major priority in the stages of the Golden Triangle economic development project. In a meeting with the head of the Golden Triangle Economic Zone Authority, they discussed the latest progress in the project. (Economy Plus)
"Arab Investment" unveils “Ai Premier Elite” service for high-value clients.
Arab Investment Bank (aiBANK) has launched "ai Premier Elite", a unique service package tailored for VIP clients. The service offers a variety of both banking and non-banking benefits. While the banking services cover a broad spectrum, the non-banking services include personal, health, sports, and travel perks, according to a statement from the bank. (Economy Plus)