Reforms have sparked improvements in Egypt’s public finances and economic conditions, but challenges remain, stated Moody’s Investors Service in its recent report “Credit Analysis – Government of Egypt”. Challenges include government’s relatively large financing needs, structural economic issues such as unemployment and inflation, and political risks; however, economic and fiscal reform momentum in Egypt will[…]

European Union (EU) has allocated EUR68 million as a grant contribution to Egypt Gas Connection Project, aiming to address key priorities in Egypt’s energy sector and boost its economic development. This project will be implemented in collaboration with French Development Agency (AFD) that will contribute with another EUR70 million loan and World Bank (WB) that[…]

Deposits held by Egyptian Banking Sector increased by 1.4% during September 2015 to reach EGP1,539 billion compared to EGP1,518 billion at end of August 2015, Central Bank of Egypt (CBE) reported. Deposits in local currency rose by 1.6%, reaching EGP1,264 billion at end of September 2015, reflecting both higher demand and time & Savings deposits[…]

Egyptian non-oil exports to Turkey reported EGP6.7 billion during first 9 months of 2015, down from EGP7.1 billion during same period a year earlier, General Organization for Exports and Imports Control (GOEIC) reported. Non-oil exports to Turkey during September 2015 reported EGP664 million, representing a decline of 10.3% compared to September 2014 and of 13%[…]

Egypt’s overall budget deficit for FY2014/15 declined to 11.5% of GDP, compared to 12.2% in FY2013/14 and 13.7% FY2012/13, Ministry of Finance (MOF) announced. Projected budget for FY2015/16 is set at a total deficit of EGP251 billion or 8.9% of GDP. For the first 2 months of this fiscal year, budget deficit reported EGP68.2 billion[…]

Qalaa Holdings, one of Egypt’s largest investment companies, announced that its business unit ASEC Cement signed agreements to sell its subsidiaries ASEC Minya Cement and ASEC Ready Mix to Misr Cement Qena for a total consideration of EGP1 billion. ASEC Cement owns 46.5% and 55% in ASEC Minya Cement and ASEC Ready Mix, respectively. ASEC[…]

Domestic liquidity (M2) rose to EGP1.850 trillion at end of September 2015 compared to EGP1.543 trillion at end of September 2014 (y-o-y increase of 19.9%) and compared to EGP1.819 trillion at end of August 2015 (m-o-m increase of 1.7%), Central Bank of Egypt (CBE) reported. Annual increase was driven by rise in Money Supply (M1)[…]

Egyptian non-oil exports to Italy posted EGP6.2 billion during Jan./Sept. 2015, down from EGP9.3 billion during corresponding period a year earlier, General Organization for Exports and Imports Control (GOEIC) reported. During September 2015, non-oil exports to Italy reported only EGP478 million, representing a decline of 57.9% (y-o-y) and of 26.8% (m-o-m). Main Egyptian non-oil exports[…]

Board of Governors of European Bank for Reconstruction and Development (EBRD) has voted to make Egypt a country of operations. Such development makes Egypt a formal recipient of finance and other support provided by EBRD, where all the bank’s investments in Egypt will be financed from ordinary capital resources. As a country of operations, Egypt[…]

US Agency for International Development (USAID) announced financing of 2 new programs worth US$45 million that will promote small businesses in Egypt and train students to help them successfully compete for jobs. An amount of US$22.9 million will be targeted to “Strengthening Entrepreneurship and Enterprise Development” (SEED), a 4-year program that will provide technical assistance[…]