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EXCLUSIVE- FinMin to set new medium-term economic targets as global macro headwinds build: The Finance Ministry is on track to specify “more realistic” medium-term targets for Egypt’s key macro indicators in light of a challenging outlook for global growth and volatility in emerging markets, according to official documents seen by Enterprise. It’s a tough pill […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt highly resilient “hidden gem” among EMs
Egypt is a highly resilient “hidden gem” among EMs -Bloomberg. Egypt, the Philippines, and India are sitting at the top of a Bloomberg ranking of the most resilient emerging markets amid the instability prompted by the US-China trade war. The study ranks 21 developing economies on factors including domestic demand and exposure to China or […]
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Egypt’s budget deficit hits 5.3% of GDP in 9M2018-2019
Egypt’s budget deficit fell to 5.3% of GDP in 9M2018-2019, compared to 6.2% in the same period the previous year, the Finance Ministry said in its April monthly bulletin (pdf). The primary surplus came at 0.7% of GDP during the first nine months of the fiscal year. The numbers came on the back of revenues […]
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Central bank to subsidize middle-income housing mortgage with EGP 50 bn
The Central Bank of Egypt (CBE) announced on Thursday it will provide EGP 50 bn to reintroduce subsidized mortgages for middle-income homeowners, according to a statement (pdf). A committee with members from the central bank, local banks, and real estate developers will be formed to discuss the specifics of the financing. The mortgage financing program […]
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Egypt just got its first licensed SME-focused lender
Egypt just got its first licensed SME-focused lender: UK-based development finance institution CDC Group has been granted a license from the Central Bank of Egypt (CBE) to act as a “tier two” lender in Egypt, according to a statement. CDC will offer as much as USD 200 mn to Egyptian banks, the lender said. “CDC […]
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Egypt’s customs exchange rate remains unchanged despite strengthening EGP
Customs exchange rate left unchanged despite strengthening EGP: The Finance Ministry left the discounted customs exchange rate for essential imports unchanged at EGP 16 for June despite the recent uptick of the EGP against the USD, according to a Customs Authority circular (pdf). An anonymous government official told Youm7 last week that the rate could […]
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Money supply growth continues slowing in April
Money supply growth continues slowing in April: The pace of M2 money supply growth continued to slow in April, falling slightly to 11.33% y-o-y from 11.39% in March, Reuters reported. The M2 gauge stood at EGP 3.76 tn at the end of April, up from EGP 3.72 tn a month earlier. M2 growth has consistently […]
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EFG Hermes tops Egypt’s brokerage league table for May
EFG Hermes topped the EGX’s brokerage league table for May with a market share of 26.0%, according to figures released by the EGX (pdf). CI Capital came in second with 14.7%, followed by Pharos (4.3%), Pioneers (3.8%) and Arqaam (3.7%).
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EgyptAir to offer inflight connectivity on Boeing 787-900 Dreamliner aircraft
EgyptAir will begin providing in-flight connectivity on its Boeing 787-900 Dreamliner aircraft in cooperation with Panasonic Avionics’s unit Aeromobile, the national air carrier said in a statement. The B787-900 fleet with in-flight mobile connectivity will serve destinations including Europe, America, and Asia during 2019. Meanwhile: If you’re travelling to the Land of the Free, prepare […]
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El Sisi attends Arab League, OIC summits in Mecca
El Sisi attends Mecca summit as Qatar takes a step in from the cold: President Abdel Fattah El Sisi affirmed Egypt’s commitment to protecting Saudi Arabia and the UAE from “terrorist threats” during an emergency Arab League summit in Mecca at the weekend, but stopped short of calling for action against Iran. Saudi Arabia called […]