Author Archives: enterpriseam admin

Egypt, Cyprus reach agreement on key gas pipeline: Cairo and Nicosia have reached an agreement to connect the Aphrodite gas field liquefaction plants in Egypt, Cyprus state television CyBC said, according to the Cyprus Mail. The agreement will be inked sometime in the fall, CyBC said, citing diplomatic sources. “The agreement has already been given […]

EGX, Oil Ministry officials begin deliberations over setting up natural gas futures exchange: Bourse officials have reportedly started talks with the Oil Ministry to set up a futures exchange for natural gas, banking sources tell Al Mal. Officials met last week to begin discussing their vision for the establishment of energy-oriented futures exchanges, beginning with […]

LEGISLATION WATCH- Gov’t to allow private sector to own just under 50% of a public-sector holding companies: The Public Enterprises Ministry has finished drafting amendments to the Public Enterprises Act that, if passed, would allow private-sector companies to own stakes of just under 50% in the ministry’s holding companies, according to a copy of the […]

REGULATION WATCH- Speaking of holding companies, new guidelines would make FRA split regulatory authority over private sector holding companies between GAFI and FRA: The Investment Ministry is reportedly drafting amendments to existing regulations that would transfer jurisdiction over the affairs of some private sector holding companies to the General Authority for Freezone and Investments (GAFI) […]

Egypt’s foreign debt stood at USD 88.2 bn in 3Q2017-18, up from USD 73.9 bn during the same period last year and up from USD 82.9 bn in December 2017, central bank data showed on Monday (pdf). Despite the 19.3% y-o-y increase, the CBE says the debt-to-GDP ratio is still within safe limits at 36.8%. […]

The right kind of debt is a good thing, so we’re going to cheer this: More debt is in the works as World Bank agency plans to increase financing to Egypt’s private sector over the next three years. The World Bank Group’s (WBG) Multilateral Investment Guarantee Agency (MIGA) expects to expand its financing of private […]

Fitch affirms Egypt’s long-term credit rating at ‘B’ with a positive outlook: Fitch Ratings reaffirmed Egypt’s long-term foreign-currency issuer default rating at ‘B’ and maintained its outlook as positive. The agency said that Egypt’s rating is supported by the implementation of necessary reforms, which have yielded positive results across a range of areas, such as […]