The International Monetary Fund provides Egypt with 3 billion USD
The International Monetary Fund provides Egypt with 3 billion USD. An immediate payment of 347 million USD to help meet balance of payments and budget support needs. The IMF expected the agreement to “encourage the availability of approximately 14 billion USD in additional financing for Egypt from its international and regional partners, including new sources of financing from GCC countries and other partners through ongoing sales of state-owned assets and traditional financing channels from bilateral and multilateral creditors. (Bloomberg Asharq)
- CBE extends deadline for banks to allocate 25% of loan portfolios for MSME
The Central bank of Egypt (CBE) has extended the deadline for banks to dedicate 25% of their loan and credit portfolios for financing micro-, small-, and medium-sized enterprises (MSME) for another year that ends on December 31st, 2023. As per the decision, the banks shall also direct 10% of these portfolios to finance companies and small-sized enterprises. This comes as per the circular letter dated February 22nd, 2021, obliging banks to increase their portfolios of loans and credit facilities for MSME by 25%, of which 10% shall be directed to finance companies and small-sized enterprises. (Hapi Journal)
- Egypt dedicates 77.2 billion EGP for education sector under FY 2022/2023 plan
The Egyptian government has allocated around EGP 77.2 billion as investments for the education sector under the fiscal year (FY) 2022/2023 plan, Minister of Economic Development Hala El-Said said. The government targets increasing the production of the education sector in FY 2022/2023 by 16.3% to around 214.8 billion EGP, versus 184.8 billion EGP in FY 2021/2022. Regarding Hayah Karima initiative, the government aims to build and develop around 13,800 classrooms and perform maintenance at 1,430 schools as part of the initiative’s first phase. (Arab Finance)
- Ministers have awarded a golden license for a 5.5 billion USD green ammonia plant in Ain Sokhna
The plant will have an annual production capacity of 1 million tons and will create 10.6k jobs during the construction and operation phases. A company going by the name of the Egypt Green Ammonia Company was handed the license for the facility. We’ve so far been unable to obtain any information about the company or its ownership. (Hapi Journal)
- Egypt’s NIR hits 3-month high despite paying off 1.5 billion USD foreign debt
Egypt’s net foreign reserves (NIR) have surged for the third month in a row in November, despite paying off 1.5 billion USD of foreign debt. The size of external debt is still at safe levels, as the debt-to-GDP ratio is at around 34.1%, while the maximum risky limit amounts to around 50%. The Egyptian banking sector has managed to secure dollar liquidity worth more than 5.3 billion USD from November until mid-December. It is worth noting that Egypt’s NIR stood at 33.523 billion USD at the end of November, growing by 121 million USD from 33.411 billion USD at the end of October. (Arab Finance)
- Likewise, Egypt’s gold reserves, which is a key component of foreign cash reserves, rose to 7,078 billion USD at the end of November from 6,612 billion USD at the end of October
Moreover, foreign currencies listed in the country’s foreign reserves stood at 26.444 USD at the end of November. The country’s dollar-dominated resources are also growing, with exports climbing by 53.1% to 43.9 billion USD during the financial year that ended in June 2022. Additionally, the foreign direct investment inflows increased to nearly $9 billion, while the country’s tourism revenues surged by 121.1% to 10.7 billion USD, and its revenues from the Suez Canal recorded 7 billion USD in fiscal year (FY) 2021/2022. (Hapi Journal)
- ADI Finance-led consortium funds Kuwait’s Babtain Group with 420 million EGP
A consortium led by Abu Dhabi Islamic Finance (ADI Finance), a subsidiary of Abu Dhabi Islamic Bank Egypt (ADIB), signed an agreement with Kuwait’s Babtain Group to finance the latter’s Royal Park Mall project with 420 million EGP. The consortium includes Al Ahly Leasing and Factoring Company, a subsidiary of the National Bank of Egypt (NBE). CEO and Managing Director of ADI Finance, Mohammed Amiri, noted that the Royal Park Mall project was a new real estate investment step for Babtain Group in Egypt and an addition to the growing shopping malls market, which contributes to the growth of the Egyptian economy and the achievement of the sustainable development. (Arab Finance)
- valU partners with Saudi Geidea for payment aggregation solutions
valU, a subsidiary of EFG Hermes Holding (HRHO), entered into a partnership with Saudi digital payment provider Geidea to employ its payment aggregation solutions. The agreement will boost the growth of buy-now, pay-later (BNPL) merchants and enable Geidea to expand its package of services and solutions. (Al Mal)
- The EGX has approved the temporary listing of the Damietta Container & Cargo Handling Company’s (DCHC) shares ahead of a potential IPO next year
The shares will be listed for six months while the company works to meet the requirements to IPO on the exchange and obtain regulatory approvals. Port Said Container & Cargo Handling Company did the same last week: The firm listed its shares on the exchange last week as it moves forward with its IPO plans. The state-owned companies are reportedly considering offering stakes as large as 25% in the first half of 2023. (Al Mal)
- The World Cup’s 4th place is for Morocco while Croatia won the 3rd place
The Atlas Lions gave a strong performance against France in yesterday’s match, earning the respect of the entire world, although Croatia came out on top and secured its bronze medal with their experience. And let’s not forget today’s match between France and Argentina, the biggest battle between Messi vs. Mbappe. (Al Mal)
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