Your top 5 pieces of business and economic news in December 2023:

  • The IMF approved a USD 3 bn, 46-month loan for Egypt, which is expected to unlock bns of USD of vital funding as the country struggles amid global headwinds.
  • Major banks tightened foreign currency withdrawal limits for Egyptian customers abroad.
  • The Madbouly government approved the final draft of the state ownership policy document.
  • Egypt signed MoUs with seven companies and consortiums to conduct feasibility studies on new projects to produce green hydrogen and its derivatives
  • Vodafone Group transferred its 55% stake in its Egyptian unit to its South African subsidiary Vodacom in a EUR 2.37 bn cash and stock transaction
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