Episode Details

Egypt expects to receive between USD5-6bn [EUR4.6-EUR6.5bn] in funding from the EU under a major 'cash for migrant control' pact which is set to be finalised this weekend.

The IMF intends to provide about USD1.5 billion to Egypt within weeks, within the framework of the loan program that was agreed to increase last Wednesday from USD3 billion to USD8 billion.

Customers have sold over EGP1.05 bn worth of foreign currency at the National Bank of Egypt’s foreign exchange bureau Al Ahly Exchange, Banque Misr’s Misr Exchange, and Banque du Caire’s Cairo Exchange following the central bank’s decision to float the currency last Wednesday.

The UAE’s largest FX bureau and remittances company, Al Anasri Exchange, has seen a “remarkable increase” in transfers sent from the UAE to Egypt as Egyptian expats go back to using official money transfer channels post float.

The government will use 50% of the money generated through its privatization program as well as the country’s primary surplus to service and reduce outstanding debt in the upcoming fiscal year, according to Finance Minister.

The Ministry of Finance intends to set a ceiling on government guarantees as part of its plan to limit external debt, with a debt ceiling that cannot be breached without a Presidential greenlight.

Finance Minister said that the budget for FY2024-25 includes revenues of EGP2.5 trillion, while expenditures will reach about EGP3.8 trillion.

There will be no tax increases for investors in the next fiscal year. Additionally, mandatory solidarity contributions to the universal health ins. system will be deducted from taxpayers’ tax base.

Four international companies are competing to win gold exploration concessions in two areas near the Sukari mine in southern Egypt, during the first global bidding offered by the Shalatin Mineral Resources Company, including “Lotus” Canadian Gold and Russian "Infinity".

Moody’s has upgraded the long-term deposit ratings outlook of five local banks to positive from negative. The five banks are: National Bank of Egypt, Banque Misr, and Banque du Caire, COMI , and Bank of Alexandria. 

BTFH turned profitable in 2023 after years of losses, recording EGP369 mn in net income compared to a net loss of EGP269 mn in 2022.

BTFH is seeking to complete the dual listing process for its shares on the Nasdaq Dubai stock exchange during the coming period. The sources expected that the registration process would be completed by the end of this year or first quarter of 2025.

The National Bank of Egypt (NBE) is considering investing over EGP2.5 bn to acquire at least 20% of an unnamed major real estate firm.                   

Abu Dhabi Commercial Bank and ADIB are the latest in line to revise their monthly credit card FX spending limits.

Aman Holding for Financial Services, a subsidiary of RAYA, is planning an EGP3-4 billion Sukuk issuance during 2024.

FWRY intends to settle on the company’s most appropriate partner for the digital bank and conclude the studies within a couple of months.  

SWDY's subsidiary, Elsewedy Electric for Electrical Products, wants to establish a USD50 million power transformers factory in Saudi Arabia in partnership with an unnamed Saudi partner.

OPEC still sees strong demand for oil this year and next, saying in its latest monthly report that it still sees demand rising 2.25 million barrels per day this year and 1.85 million bpd in 2025. It sees some room for global growth to pick up and, if it does, drive even more demand.