{"id":561112,"date":"2021-03-25T03:55:37","date_gmt":"2021-03-25T03:55:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/"},"modified":"2021-03-25T03:55:37","modified_gmt":"2021-03-25T03:55:37","slug":"cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/","title":{"rendered":"CBE to provide EGP 1 bn to set up new EGX fund"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>A fund created <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/971312e1-f894-440b-abff-245b2484f2eb\">yesterday<\/a><\/strong><strong> to boost trading volumes on the EGX is getting EGP 1<\/strong><strong> bn as a preliminary allocation from the Central Bank of Egypt<\/strong> (CBE), CBE Deputy Governor Rami Aboul Naga tells <a href=\"https:\/\/bit.ly\/3d5HyS6\">Asharq Business<\/a>. The allocation for the fund, which the Financial Regulatory Authority gave the green light yesterday, is only a starting point and is expected to increase periodically when needed, Aboul Naga added. The fund is expected to be launched within the next few days, he said.<\/p>\n<p><strong>What\u2019s this fund about?<\/strong> In a bid to support market stability and boost liquidity after the bourse erased its year-to-date gains with several consecutive days of losses, the fund will be structured to allow brokerage companies to access financing at competitive rates to support margin trading, EGX Chairman Mohamed Farid told us yesterday. Authorities have yet to decide eligibility criteria, Farid said. We still don\u2019t have information on who would own and manage it, or how it will work.<\/p>\n<p><strong>Background:<\/strong> This isn\u2019t the first time the CBE has stepped in to make sure the market moves smoothly. Last year, at the height of the covid-induced sell off in global emerging markets, the central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b4ddba3-8def-4cd8-bf0c-92394f17dd73\">said it would directly purchase<\/a> up to EGP 20 bn of equities \u2014 more than 5% of the total EGX100 market cap at the time. As of <a href=\"https:\/\/www.reuters.com\/article\/egypt-economy-cenbank-ia7-idARAKBN29D0XO\">January<\/a>, the CBE had used up EGP 500 mn of the total allocation. The new fund is designed to ensure retail investors continue to have appetite for Egyptian equities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A fund created yesterday to boost trading volumes on the EGX is getting EGP 1 bn as a preliminary allocation from the Central Bank of Egypt (CBE), CBE Deputy Governor Rami Aboul Naga tells Asharq Business. The allocation for the fund, which the Financial Regulatory Authority gave the green light yesterday, is only a starting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":561113,"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":[7303],"tags":[102,271,68,72,76,886],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-central-bank-of-egypt","tag-egx","tag-enterpriseam","tag-financial-regulatory-authority","tag-rami-aboul-naga","wpautop","entry"],"acf":{"mongo_id":"f05c21e8-cfa0-4ffa-a016-e59cca9ba55a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/311.jpg","photo_position":"above","related_issue":[561105],"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>CBE to provide EGP 1 bn to set up new EGX fund - 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\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE to provide EGP 1 bn to set up new EGX fund\" \/>\n<meta property=\"og:description\" content=\"A fund created yesterday to boost trading volumes on the EGX is getting EGP 1 bn as a preliminary allocation from the Central Bank of Egypt (CBE), CBE Deputy Governor Rami Aboul Naga tells Asharq Business. The allocation for the fund, which the Financial Regulatory Authority gave the green light yesterday, is only a starting [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-25T03:55:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/311.jpg?fit=%2C&ssl=1\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE to provide EGP 1 bn to set up new EGX fund\",\"datePublished\":\"2021-03-25T03:55:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/\"},\"wordCount\":260,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/311.jpg?fit=%2C&ssl=1\",\"keywords\":[\"capital markets\",\"Central Bank of Egypt\",\"EGX\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"Rami Aboul Naga\"],\"articleSection\":[\"Capital markets\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/cbe-to-provide-egp-1-bn-to-set-up-new-egx-fund\/\",\"name\":\"CBE to provide EGP 1 bn to set up new EGX fund - 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The fund\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648402,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/03\/cbe-expects-reserves-to-reach-usd-28-5-bn-in-march\/","url_meta":{"origin":561112,"position":1},"title":"CBE expects reserves to reach USD 28.5 bn in March","author":"enterpriseam admin","date":"3 April 2017","format":false,"excerpt":"The Central Bank of Egypt expects FX reserves to jump to over USD 28.5 bn in March, since March 2011 when the figure plunged after the events of 25 January, CBE Assistant Sub-Governor Rami Aboul Naga noted yesterday. Reserves had hit USD 26.5 bn in February, with the increase likely\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599688,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/egypts-fx-reserves-fall-for-first-time-after-egp-float\/","url_meta":{"origin":561112,"position":2},"title":"Egypt\u2019s FX reserves fall for first time after EGP float","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"Foreign reserves have fallen for the first time in two years: Egypt\u2019s net foreign reserves fell in December for the first time since the currency float, coming at USD 42.551 bn fromUSD 44.513 bn at the end of November, the CBE said yesterday. The fall is attributed to year-end interest\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567815,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/08\/central-bank-extends-pos-drive\/","url_meta":{"origin":561112,"position":3},"title":"Central bank extends PoS drive","author":"enterpriseam admin","date":"8 December 2020","format":false,"excerpt":"The Central Bank of Egypt is pushing ahead with a plan to have 1 mn point of sale machines in use nationwide within three years, CBE Deputy Governor Rami Aboul Naga said yesterday (pdf), positioning the move as part of the bank\u2019s drive to bring more people into the formal\u2026","rel":"","context":"In &quot;FINANCIAL INCLUSION&quot;","block_context":{"text":"FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651258,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/08\/foreign-inflows-gaining-since-the-egp-float-eurobond-issue\/","url_meta":{"origin":561112,"position":4},"title":"Foreign inflows gaining since the EGP float, eurobond issue","author":"enterpriseam admin","date":"8 February 2017","format":false,"excerpt":"This comes as foreign inflows have continued to gain steam since the EGP float, with foreign holdings of T-bills growing to USD 1.53 bn in January, up from USD 552 mn in December, and from USD 111 mn, the CBE said, according to Al Borsa. This is the highest level\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637412,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/15\/usd-3-1-bn-extended-financial-repo-transactions-carries-same-collateral\/","url_meta":{"origin":561112,"position":5},"title":"USD 3.1 bn extended financial repo transactions carries same collateral","author":"enterpriseam admin","date":"15 November 2017","format":false,"excerpt":"USD 3.1 bn extended financial repo transactions carries same collateral: The USD 3.1 bn expanded financial agreement with global banks secured as part of a repurchase (repo) transaction in 2016 carried the same collateral and came with favorable terms, CBE Sub-Governor Rami Aboul Naga said in a phone interview with\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=561112"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561112\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561113"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561112"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561112"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}