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What we’re tracking on 11 May 2020
It’s a big news day at home and abroad as we grind through the days until Eid El Fitr starts…
Banking
Banque Misr to arrange loan worth up to EGP 1.6 mn to Damietta Furniture City
Banque Misr will arrange a EGP 1.4-1.6 bn syndicated loan to Damietta Furniture City to help increase production and exports,…
Egypt-based CVentures invests in UK small business accounting app Countingup
STARTUP WATCH- CIB’s venture capital arm CVentures has invested in UK-based small business banking and accounting app Countingup, according to…
Two-year lockup on 106 mn CI Capital shares expires
A two-year lockup period on a little over 106 mn shares of CI Capital issued in a capitalincrease (pdf) as…
MidElec to borrow EUR 30 mn to boost power to Midor refinery
Midor’s electricity company, MidElec, has signed a EUR 30 mn loan agreement with a consortium of four banks to increase…
Egypt’s foreign debt reaches USD 112.6 bn in 2Q2019-20
DEBT WATCH- Egypt’s total external debt rose 16% y-o-y in 2Q2019-2020 to USD 112.6 bn from USD 96.6 bn the…
CBE instructs local banks to comply with new int’l reporting standards
The Central Bank of Egypt has instructed local banks to comply with the latest International Financial Reporting Standards (IFRS9) to…
Earnings watch: CIB, Qalaa Holdings report 1Q2020 earnings
EARNINGS WATCH- CIB profits fall 9% in 1Q2020: CIB’s net profits fell 9% y-o-y to EGP 2.4 bn during the…
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