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Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
The Finance Ministry will issue a directive on the tax treatment of FX costs within days , which would take into account the differences between official and parallel rates, Deputy Finance Minister Amr El Monayer says, according to Al Borsa.
Posted inON THE HORIZON
Draft budget to be sent to House 31 March
Egypt is reportedly 10 days away from receiving the second USD 500 mn tranche of a USD 1.5 bn loan from the African Development Bank (AfDB), country mission chief Laila Al Moqadem said on Tuesday, according to Al Borsa. An AfDB delegation will visit Egypt in June to negotiate the disbursement of the third and […]
Posted inEnterprise+: Last Night’s Talk Shows
More on beleaguered Metro; Gov’t withdraws support for garments exports; flight bans; Adib returns tonight
The most notable of last night’s segments was probably Hona Al Asema’s Lamees El Hadidi’s phone conversation with Transport Minister Hisham Arafat, who said that he would be over at the House of Representatives today to discuss solutions for the woes of the Cairo Metro Company. The company’s recent financial troubles, Arafat said, is the […]
Posted inSpeed Round
State to raise EGP 6 bn from selling stakes in companies on the EGX
Egypt aims to raise EGP 6 bn from the sale of stakes in state-owned companies on the EGX in FY 2017-18, Finance Minister Amr El Garhy tells Reuters, without specifying which companies would be involved, or the exact size of the stakes that will be offered to investors. “The government plans to sell minority stakes […]
Posted inSpeed Round
El Garhy discusses budget in an Al Ahram interview
As for the FY2017-18 budget, Egypt’s total subsidy expenditures are estimated to come in at EGP 385 bn, up from EGP 285 bn in the current fiscal year, El Garhy told Al Ahram in an interview published on Tuesday. Social welfare programs, including Takaful and Karama, will cost the state around EGP 200 bn next […]
Posted inSpeed Round
EBRD pledges EUR 1 bn this year
Back to foreign funding, the European Bank for Reconstruction and Development (EBRD) is planning to invest EUR 1 bn in Egypt this year, said EBRD’s Managing Director for the SEMED region Janet Heckman. The majority of these investments will be geared towards private sector projects, SMEs, and renewable energy projects. According to Heckman, the bank […]
Posted inSpeed Round
USD 30 bn to be invested in three gas fields in the next four years
Investments worth over USD 30 bn will be spent in Zohr, North Alexandria, and Atoll gas fields in the next four years, Oil Minister Tarek El Molla said, according to Al Masry Al Youm. El Molla also said the government has managed to reduce IOC receivables by half in 2016 and issue a large number […]
Posted inSpeed Round
East Med gas to replace North Sea -Steinitz
Israel is looking to pump gas to Europe soon: Israel’s Energy Minister Yuval Steinitz believes talks to build a natural gas pipeline from Israel to Turkey may conclude as early as this summer. Steinitz told Bloomberg TV’s Yousef Gamal El Din and Shery Ahn “the purpose is to conclude by this summer a government-to-government agreement […]