{"id":545342,"date":"2022-03-22T13:51:29","date_gmt":"2022-03-22T13:51:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/"},"modified":"2022-03-22T13:51:29","modified_gmt":"2022-03-22T13:51:29","slug":"this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/","title":{"rendered":"THIS EVENING: EGX continues rising + Our first Samurai bond issuance is back in play + Egypt revises downwards FY2022-2023 GDP growth rate"},"content":{"rendered":"<p><strong>Happy hump days, ladies and gentlemen.<\/strong> The news cycle here at home calmed down somewhat from where it was yesterday, but is still pleasantly brisk.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><strong>EGX continues rising:<\/strong> The EGX climbed again today thanks to the raft of decisions and announcements yesterday, including the Madbouly government\u2019s EGP 130 bn stimulus package in tax incentives and legislative amendments to spur activity on the bourse. The EGX30 closed up 1.3% today, after seeing its best trading day in nearly two years yesterday, rising 4.9%. Today\u2019s rise came as Fawry shares rose 5.4% and CIB shares rose 3.1%, following news reports that Abu Dhabi wealth fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b620f717-d83d-4c48-906c-a85dca2eff2a\">ADQ is looking to purchase<\/a> an unspecified stake in the fintech darling and snap up as much as 18% of the leading private sector bank.<\/p>\n<p><strong>Meanwhile, the EGP settled at 18.55 against the USD by the end of the trading day<\/strong>, down from EGP 18.27 per USD yesterday.<\/p>\n<p><strong>With fresh funding needs, our first Samurai bond issuance is back in play:<\/strong> The Finance Ministry plans to issue Egypt\u2019s first Samurai bonds, with plans to sell USD 500 mn in JPY-denominated bonds in Japan on Thursday, Mohamed Hegazy, head of the ministry\u2019s debt unit, told Enterprise, confirming a story in <a href=\"https:\/\/www.asharqbusiness.com\/article\/35269\">Bloomberg Asharq<\/a>. The ministry had announced it was planning the bond sale for sometime in 1H2022 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51628974-be35-4f80-bb1a-b37a346a766d\">in January<\/a>, but then said it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5dcf6d3-746d-4f31-8660-5ea355a52108\">would likely be delayed<\/a> due to deteriorating market conditions because of the Russia-Ukraine war.<\/p>\n<p><strong>Elsewhere on the macro front: The Planning Ministry has revised downwards its expected GDP growth rate for<\/strong><strong> FY2022-2023 to 5.5%<\/strong>, from 5.7% before the impacts of the Russia-Ukraine war began to hit public finances, cabinet said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/364253455745081\">statement<\/a> today. This came as Prime Minister Moustafa Madbouly directed the Finance Ministry to restructure the FY2022-2023 budget in order to \u201creassess priorities\u201d amid rising commodity and oil prices. The priority for the revised budget will go towards social protection programs to help support the populations most affected by the repercussions of the war in Ukraine, Madbouly said, as he called on each ministry to revise its spending in light of the current events.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>More than a spoonful sugar to help the medicine go down:<\/strong> Fresh off the heels of the Central Bank of Egypt\u2019s decision yesterday to raise interest rates and allow the EGP to devalue against the USD, the Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">announced a package<\/a> of incentives that would see EGP 130 bn in tax relief being doled out while moving up the timeline of already-planned social safety measures.<\/li>\n<li><strong>Gov\u2019t agrees USD 2 bn asset sale with Abu Dhabi wealth fund:<\/strong> Abu Dhabi wealth fund ADQ is reportedly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b620f717-d83d-4c48-906c-a85dca2eff2a\">buying government holdings<\/a> in five EGX-listed companies, including up to 18% of CIB and an unspecified stake in Fawry, for around USD 2 bn.<\/li>\n<li><strong>Price controls on unsubsidized bread are here:<\/strong> The Madbouly cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14d38998-c17f-4e56-b6e5-ddb78d1e04f9\">announced yesterday<\/a> it is imposing price caps on unsubsidized baladi and fino bread for three months.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>We interrupt your regularly-scheduled Russia-Ukraine programming<\/strong>, as yesterday\u2019s deadly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b2d8eaa-d63b-411f-8816-8580c9ed961a\">Boeing 737 plane crash in China<\/a> dominates global headlines. No survivors have been found so far from the aircraft, which was carrying 132 people, making it China\u2019s worst air catastrophe in over two decades, the <a href=\"https:\/\/www.ft.com\/content\/6d16194e-8003-4a0b-bbe5-9e6e7a9ddb44\">Financial Times<\/a>reported. The cause of the crash remains unknown, as investigators facing poor weather conditions and logistical difficulties have been unable to locate the plane\u2019s black box, China Youth Daily reported, according to <a href=\"https:\/\/edition.cnn.com\/2022\/03\/22\/china\/china-eastern-airlines-plane-crash-tuesday-intl-hnk\/index.html\">CNN<\/a>.<\/p>\n<p><strong>Over in Russia and Ukraine<\/strong>, US President Joe Biden is sounding the alarm that Moscow could turn to chemical and biological weapons \u201cindiscriminate bombing\u201d as it grows more desperate in its attack on Ukraine, the <a href=\"https:\/\/www.ft.com\/content\/cb52ed79-8ba6-4f55-a766-d58b959e2ca9\">Financial Times<\/a> writes. Biden also flagged potential cyber attacks from Russia.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>There\u2019s no MPC meeting this Thursday:<\/strong> The Central Bank of Egypt <a href=\"https:\/\/ent.news\/2022\/3\/CBE-statement-cancelling-Thursday-24-March-22-meeting.pdf\">has canceled (pdf)<\/a> Thursday\u2019s regularly scheduled Monetary Policy Committee meeting after enacting a surprise 100 bps rate hike at a special meeting early yesterday morning.<\/p>\n<p><strong>Do you need to dive deeper into e-invoicing?<\/strong> Lynx Strategic Business Advisors are hosting a webinar on Wednesday, 23 March to discuss the system. The Arabic-language gathering will take place 12:00-1:30pm with speakers from the Finance Ministry and the Tax Authority and a panel discussion including the CFOs of PepsiCo, Talabat and Unilever. You can register for the event <a href=\"https:\/\/us06web.zoom.us\/webinar\/register\/WN_eQPt66N_SVGYSxQVY_kkkg\">here<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect the mercury to rise 18\u00b0C during the day and 8\u00b0C at night tomorrow, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy hump days, ladies and gentlemen. The news cycle here at home calmed down somewhat from where it was yesterday, but is still pleasantly brisk. THE BIG STORIES TODAY EGX continues rising: The EGX climbed again today thanks to the raft of decisions and announcements yesterday, including the Madbouly government\u2019s EGP 130 bn stimulus package [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[9671,116,1419,68,633,348,570,411,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545342","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-boeing-737","tag-china","tag-egp","tag-egx","tag-enterprisepm","tag-gdp","tag-japan","tag-judiciary","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"1d663bed-2749-42ca-9f5c-b1e36eac7947","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[545340],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: EGX continues rising + Our first Samurai bond issuance is back in play + Egypt revises downwards FY2022-2023 GDP growth rate - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: EGX continues rising + Our first Samurai bond issuance is back in play + Egypt revises downwards FY2022-2023 GDP growth rate\" \/>\n<meta property=\"og:description\" content=\"Happy hump days, ladies and gentlemen. The news cycle here at home calmed down somewhat from where it was yesterday, but is still pleasantly brisk. THE BIG STORIES TODAY EGX continues rising: The EGX climbed again today thanks to the raft of decisions and announcements yesterday, including the Madbouly government\u2019s EGP 130 bn stimulus package [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-22T13:51:29+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: EGX continues rising + Our first Samurai bond issuance is back in play + Egypt revises downwards FY2022-2023 GDP growth rate\",\"datePublished\":\"2022-03-22T13:51:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/\"},\"wordCount\":812,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Boeing 737\",\"China\",\"EGP\",\"EGX\",\"EnterprisePM\",\"GDP\",\"Japan\",\"judiciary\",\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-evening-egx-continues-rising-our-first-samurai-bond-issuance-is-back-in-play-egypt-revises-downwards-fy2022-2023-gdp-growth-rate\/\",\"name\":\"THIS EVENING: EGX continues rising + Our first Samurai bond issuance is back in play + Egypt revises downwards FY2022-2023 GDP growth rate - 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The program could\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":668868,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/22\/bonyan-makes-long-awaited-debut-on-the-egx\/","url_meta":{"origin":545342,"position":1},"title":"Bonyan makes long-awaited debut on the EGX","author":"enterpriseam admin","date":"22 July 2025","format":false,"excerpt":"Good afternoon, friends, and happy almost-weekend. The news cycle seems to be cooling down as we approach the long weekend, and we\u2019re hoping you\u2019re doing the same.THE BIG STORY TODAY- Bonyan made its long-awaited debut on the EGX today under the ticker BONY.CA, opening at EGP 4.96 and trading within\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/4\/622.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587995,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/taqa-arabia-shares-to-be-listed-on-egx-this-week-ahead-of-direct-offering\/","url_meta":{"origin":545342,"position":2},"title":"Taqa Arabia shares to be listed on EGX this week ahead of direct offering","author":"enterpriseam admin","date":"5 June 2023","format":false,"excerpt":"Taqa Arabia will offer 1.35 bn shares at EGP 0.50 per share","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/119.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543156,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/this-evening-macro-group-ipo-gets-green-light-from-egx-listing-committee-egypt-to-dig-for-gold-other-minerals-in-new-industrial-mining-cities\/","url_meta":{"origin":545342,"position":3},"title":"THIS EVENING: Macro Group IPO gets green light from EGX listing committee + Egypt to dig for gold, other minerals in new industrial mining cities","author":"enterpriseam admin","date":"12 January 2022","format":false,"excerpt":"You nearly made it to the weekend, ladies and gentlemen. 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THE BIG STORIES TODAY- BREAKING- The EGX\u2019s listing committee has signed off on the listing of cosmeceuticals giant Macro Group\u2019s shares ahead\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635784,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/13\/ibnsina-shares-pop-16-in-egx-debut\/","url_meta":{"origin":545342,"position":4},"title":"Ibnsina shares pop 16% in EGX debut","author":"enterpriseam admin","date":"13 December 2017","format":false,"excerpt":"IPO WATCH- Shares of Ibnsina Pharma debuted on the EGX yesterday under the stock symbol ISPH.CA, rising 16% to EGP 6.73 from EGP 5.80 at the opening bell.The first-day success of the IPO is a sign of investor confidence in Egypt\u2019s pharma sector, said the company\u2019s Chairman Mohsen Mahgoub at\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/12\/929.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551649,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/tonight-sodic-wants-mnhd-cbe-gives-banks-a-week-off-and-issues-new-egp-10-note-also-el-sisi-ratifies-budget\/","url_meta":{"origin":545342,"position":5},"title":"TONIGHT: SODIC wants MNHD + CBE gives banks a week off and issues new EGP 10 note. 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