Author Archives: enterpriseam admin

** #1 An Asian bond issuance looks increasingly in the cards, with Finance Minister Mohamed Maait reporting “very positive” feedback from his meetings with Asian investors in Seoul last week, where the ministry kicked off its nondeal roadshow on the continent to test appetite for the planned USD 5 bn eurobond issuance. Egypt has been […]

** #2 Central bank enters USD 3.8 bn repo agreement with int’l banks: The central bank is entering into a new USD 3.8 bn repurchase transaction with a consortium of global banks, allowing the CBE to “boost its foreign-currency stockpile at a time when an emerging-market selloff is spooking investors.” The details: Consortium members including […]

** #3 Tarek Amer says policymakers must consider “community impact” of their decisions: Authorities must consider the political and community impact of changes in monetary policy, CBE Governor Tarek Amer said on Thursday at the IMF and World Bank annual meetings in Bali. “Policymakers have to have the sense of the market,” Amer said, according […]

** #5 FT says global banks love Egypt, but interest rates remain a thorny issue: In a climate in which emerging market economies are more than ever competing for scarce global capital, “the latest focus of bankers’ attention is Egypt,” writes Nicholas Megaw for the FT. The economic reform program, and the stability it has […]

** #6 World Bank gives Egypt some love at Bali meeting: Egypt’s successful reform story was one of four that received praise from World Bank President Jim Yong Kim during the opening session of the World Bank’s annual meeting in Bali on Friday, the Investment Ministry said in a statement (pdf). The ministry said Kim […]

EXCLUSIVE- Egypt in advanced talks on wheat hedge: Egypt is currently in “serious” negotiations with the National Bank of Abu Dhabi (NBAD) and a leading Kuwaiti lender about a wheat hedge that would insulate the treasury from fluctuations in global prices, a top aide to Supply Minister Ibrahim El Ashmawy told Enterprise. The aide declined […]

Was the presidency more aggressive on subsidy cuts than the oil ministry? President Abdel Fattah El Sisi reportedly said on Thursday that Oil Minister Tarek El Molla initially proposed a more modest cut to fuel subsidies and was pushed by the president to be more aggressive, according to Al Mal. In a speech on Thursday […]

** #7 INVESTMENT WATCH- Egypt in line for a chunk of Dragon Oil’s USD 500 mn regional investment budget? Emirates National Oil Company (ENOC) subsidiary Dragon Oil is planning to invest about USD 500 mn next year in oil and gas assets as part of an international expansion strategy to boost its production to 300k […]