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The CBE is looking likely to relaunch its EGP 16.8 bn debt relief program by no later than April, sources familiar with the matter said, according to Al Mal. The program was launched by the central bank between June-December 2018 and was designed have state-owned banks waive EGP 16.8 bn-worth of interest payments on non-performing […]
Author Archives: enterpriseam admin
Posted inSpeed Round
FRA’s non-banking services strategy entered into force
REGULATION WATCH- Financial Regulatory Authority is zeroing in on non-bank financial services: The Financial Regulatory Authority’s comprehensive non-banking services strategy has entered the implementation phase, the authority said in a statement yesterday. The statement sets out ambitious goals for the sector, which the FRA presents as an engine of growth that will enhance access to […]
Posted inSpeed Round
Egypt imports EGP 227.7 bn-worth of food staples in 2018
Egypt imported EGP 227.7 bn-worth of food products in 2018, according to a Customs Authority report cited by Youm7. Spending on vegetables totaled EGP 60.3 bn (26.3% of import spend) while EGP 42.3 bn (18.5%) was spent on wheat — Egypt’s biggest stand-alone import. EGP 27.7 bn was spent on meat imports (around 12% of […]
Posted inSpeed Round
Pioneers Holding submits MTO for 41.46% of Electro Cable Egypt
M&A WATCH- Pioneers Holding subsidiaries submit MTO for 41.46% of Electro Cable Egypt: Three of Pioneers Holding’s subsidiaries have submitted a mandatory tender offer for 41.46% of Electro Cable Egypt, or 294.9 mn shares at par value of EGP 1.35, according to Al Mal. Pioneers already owns 48.5% of Electro Cable through its subsidiary Summu […]
Posted inSpeed Round
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Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
The central bank’s Monetary Policy Committee will meet to decide on interest rates on Thursday. The EGP 500 mn first part of the fourth phase of Cairo Metro Line 3 will open between 15-17 February, Al Mal reports. Suez Canal Authority boss Mohab Mamish will be in Moscow on February 17 to move forward an […]
Posted inTHE MACRO PICTURE
Lagarde emphasizes importance of financial inclusion for SMEs
Lagarde emphasizes importance of financial inclusion for SMEs in the Arab world: IMF managing director Christine Lagarde spoke on Sunday in Dubai about the importance of convincing SMEs to join the formal economy in Arab states, according to Zawya — and banks need to increase their appetite for the segment. Lagarde said the region’s SMEs […]
Posted inEGYPT IN THE NEWS
Two Palestinians dying inside a tunnel on Gaza-Egypt border tops coverage in the foreign press
Topping coverage of Egypt on a slow morning is news that two Palestinians died inside a tunnel on the Gaza-Egypt border from inhaling poisonous gas, according to the Times of Israel. Commentary on the proposed constitutional amendments also continues to make the rounds, with the Associated Press noting that the House of Representatives appears to […]
Posted inON THE FRONT PAGES
Egypt’s role in the AU continues to be the top story in state-owned newspapers
Egypt’s role in the African Union continues to be the top story in state-owned dailies Al Ahram, Al Akhbar, and Al Gomhuria. The latter also notes that the Education Ministry began distributing yesterday educational tablets to Thanaweya Amma students.