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Egypt needs to deepen structural reforms if it wants to spur private-sector investment and job creation, BNP Paribas said in a recent report (pdf). While macroeconomic imbalances have largely been corrected, structural issues such as the informal economy have not yet been fixed, BNP says. High government debt, insufficient job creation, and capacity constraints to […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Government sets USD 110 bn cap on foreign debt
EXCLUSIVE- The finance and planning ministries have agreed to set a USD 110 bn cap on foreign debt, a figure the government expects to reach within two to three years, a senior government official told Enterprise. Once we reach that mark, the government will move to cut its foreign borrowing as the financing gap shrinks […]
Posted inSpeed Round
Money supply growth slows in March
Money supply growth slows again: The pace of M2 money supply growth continued to slow in March, falling slightly to 11.38% y-o-y from 11.55% in February, Reuters reported. The M2 gauge stood at EGP 3.72 tn at the end of March, up from EGP 3.67 tn a month earlier. M2 growth has consistently slowed over […]
Posted inSpeed Round
Earnings watch: CI Capital, Juhayna report 1Q19 results
EARNINGS WATCH- CI Capital Holding reported a 41% y-o-y increase in net profit after tax to EGP 115.5 mn in 1Q2019, according to the company’s earnings release (pdf). Revenues for the period came in at EGP 728.6 mn, up 34% y-o-y. Juhayna Food Industries’ net profits dropped 11% y-o-y in 1Q2019 to EGP 72 mn, […]
Posted inSpeed Round
EBRD appoints Khalid Hamza as deputy director of its Egypt office
MOVES- The European Bank for Reconstruction and Development (EBRD) has appointed veteran banker Khalid Hamza (LinkedIn) as deputy director of its Egypt office, the lender said in a statement (pdf). Hamza, who assumed the role yesterday, joined the institution in 2012 as a principal banker. He was most recently a senior VP at Rasmala, and […]
Posted inUncategorized
** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]
Posted inTHE MACRO PICTURE
“Made in Africa” could be the new “Made in China” in 50 years
“Made in Africa” could be the new “Made in China” in 50 years if enough focus is given to investing in manufacturing across the continent, our friend Carbon Holdings CEO Basil El-Baz writes for the Financial Times’ Beyond Brics blog. Many economies in Africa have already been flourishing over the past several years, propped up […]
Posted inEGYPT IN THE NEWS
Egypt in the News on 02 May 2019
Topping coverage of Egypt in the foreign press is the White House’s announcement that it could formally designate the Ikhwan a terrorist organization. This comes weeks after a meeting between The Donald and President Abdel Fattah El Sisi in Washington DC. Bloomberg, the Wall Street Journal and The Guardian all emphasize the potential negative fallout […]
Posted inON THE FRONT PAGES
Gov’t boosts efforts to support workers, World Bank extends support for Egypt
Government efforts to support workers was the main story on state-owned Al Ahram, in honor of Labor Day. Meanwhile, the World Bank Group’s decision to extend its Country Partnership Framework with Egypt until 2021 topped the front pages of Al Gomhuria and Al Akhbar.
Posted inDiplomacy + Foreign Trade
World Bank Group extends Egypt’s Country Partnership Framework to 2021
The World Bank Group (WBG) has decided to extend its Country Partnership Framework (CPF) with Egypt for an additional two years to end in 2021, according to an Investment and International Cooperation Ministry statement (pdf). The CPF, which originally covered 2015-2019, includes a total of USD 8 bn of WBG financing — USD 6 bn […]