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Finance Minister Mohamed Maait has exempted some government bodies from complying with the e-payments system introduced on 1 May, the ministry said in a statement. The new rules make it mandatory for all government transactions exceeding EGP 500 to be done electronically. The exclusion applies to economic bodies, the Social Housing and Mortgage Finance Fund, […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Egypt’s FRA mulls licensing companies and intermediaries to act as SME lenders
The Financial Regulatory Authority (FRA) is studying issuing licenses to allow companies and financial intermediaries to extend loans to SMEs, FRA boss Mohamed Omran told MENA, according to AMAY. The move comes as part of the authority’s 2018-2022 strategy to promote financial inclusion through offering more diversified non-banking financial services. We noted earlier this year […]
Posted inBanking + Finance
Empower seeks USD 154 mn in funding from banks
Renewable energy company Empower is currently in talks with local and international banks for a USD 154 mn loan to finance the construction of 32 waste-to-energy electricity stations, Chairman Hatem El Gamal said, according to the local press.
Posted inEgypt Politics + Economics
New regs to govern Egypt’s investment zones
Investment Minister Sahar Nasr has issued new regulations for investment zones outlining general stipulations and clarifying procedures to establish these zones, according to a ministry statement (pdf). The regs also specify the roles and responsibilities for zone boards and administrators, and include a mechanism to ensure contractors do not violate their contracts with the developers. […]
Posted inMy Morning Routine
My Morning Routine, with Jose Maria Magrina, managing director of Suez Cement
My Morning Routine looks each week at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Jose Maria Magrina, managing director of Suez Cement, the largest private supplier of cement and concrete in Egypt […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.10 | Sell 17.20 EGP / USD at CIB: Buy 17.08 | Sell 17.18 EGP / USD at NBE: Buy 17.10 | Sell 17.20 EGX30 (Wednesday): 14,027 (-2.5%) Turnover: EGP 585 mn (30% below the 90-day average) EGX 30 year-to-date: +7.6% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
May: 50 Egyptian companies are set to visit Libya to discuss trade, investment and reconstruction. May: An IMF delegation will be in town to conduct its final review of the reform program ahead of the disbursement of the sixth and final tranche of Egypt’s USD 12 bn IMF loan. 14 May (Tuesday): Egyptian Private Equity […]
Posted inWhat We're Tracking Today
What we’re tracking on 08 May 2019
The Ramadan news slowdown continues this morning, ladies and gents. Enjoy it while it lasts — the pace will inevitably pick up. Monthly inflation figures for April are due out tomorrow. Annual headline urban inflation eased slightly in March to 14.2%, down from 14.4% the previous month. Amazon subsidiary Souq will rebrand in Egypt to […]
Posted inEnterprise+: Last Night’s Talk Shows
Our talk shows roundup is on hiatus during Ramadan
Our talk shows roundup is on hiatus during Ramadan. Move along, ladies and gents.