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The National Bank of Egypt (NBE) is in talks with the European Investment Bank (EIB) over the second tranche of a USD 500-750 mn financing package to support Egypt’s SMEs, an unidentified source tells Al Mal. The two banks had signed the contracts for the first EUR 375 mn tranche of the loan last month.
Author Archives: enterpriseam admin
Posted inOther Business News of Note
FEI expresses reservations about CBE’s EGP 16.8 bn debt relief program
The Federation of Egyptian Industries (FEI) has expressed some reservations about the CBE’s EGP 16.8 bn debt relief program,Al Mal reports. Their chief concerns have to do with implementing the debt relief program. There are no guarantees in the initiative that businesses that will benefit from it will invest in growing their companies, members of […]
Posted inLaw
Baker & Mckenzie Int’l members Helmy, Hamza & Partners secure win for El Motaheda Co. case against glucose maker
Baker & Mckenzie International announced last week that Egyptian affiliates Helmy, Hamza & Partners successfully secured a winning verdict for El Motaheda Co. for Trade in its case against a “major” Egyptian glucose producer, whose identity was not revealed. El Motaheda had pursued legal action against the glucose manufacturer for losses incurred between 2008-12 as […]
Posted inNational Security
Police kill five Hasm militants during raid shoot-out
Security forces killed yesterday five Hasm militants in a shoot-out during a raid on their hideout in El Obour City, according to an Interior Ministry statement. Police also arrested another five militants in the raid.
Posted inON YOUR WAY OUT
USAID MBA scholarship program graduates 37 women
USAID MBA scholarship program graduates 37 women: The US Agency for International Development (USAID) celebrated the graduation of 37 women from all over Egypt who received USAID scholarships to earn MBA degrees at premier universities in the United States, according to a statement from the US embassy (pdf). “These graduates join hundreds of USAID scholarship […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.82 | Sell 17.92 EGP / USD at CIB: Buy 17.83 | Sell 17.93 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Tuesday): 15,580 (+1.9%) Turnover: EGP 815 mn (9% above the 90-day average) EGX 30 year-to-date: +3.7% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
05 August (Sunday): Egypt’s PMI reading for July released. 05-09 August (Sunday-Thursday): CBE hosts 41st annual meeting of the Association of African central banks, Sharm El Sheikh, Egypt. 16 August (Thursday): CBE’s Monetary Policy Committee meeting. 21-25 August (Tuesday-Saturday): Eid Al Adha (TBC), national holiday. 28-29 August (Tuesday-Wednesday): CI Capital’s 5th Annual Egypt Equities Conference, […]
Posted inWhat We're Tracking Today
What we’re tracking on 31 July 2018
Cerberus Capital Management has reportedly withdrawn its offer for the rights to manage the Abraaj Group’s assets after investors rejected the firm’s USD 25 mn bid, sources with knowledge of the matter told Bloomberg earlier this month. Cerberus presented the lowest offer; the Dubai-based private equity firm is currently undergoing liquidation and a court-ordered restructuring […]
Posted inEnterprise+: Last Night’s Talk Shows
Opening the door for new subsidy beneficiaries leads the conversation on talk shows
The Supply Ministry opening the door for the registration of new beneficiaries to subsidy rolls led the conversation on last night’s talk shows, with Minister Ali El Moselhy blanketing the airwaves to discuss the move. Allowing new additions to the country’s subsidy rolls comes as part of the government’s expansion of its social safety net, […]