{"id":577170,"date":"2022-11-13T04:00:17","date_gmt":"2022-11-13T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/"},"modified":"2022-11-13T04:00:17","modified_gmt":"2022-11-13T04:00:17","slug":"egypt-can-cover-usd-16-bn-financing-gap-says-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/","title":{"rendered":"Egypt can cover USD 16 bn financing gap, says Maait"},"content":{"rendered":"

<\/a> More funding, investments coming in \u201cdays, weeks, months\u201d -Maait:<\/strong> Egypt expects to see more FDI and more funding inflows, including from the Gulf and \u201cother sources,\u201d after reaching a staff-level agreement<\/a> with the IMF for a USD 3 bn, 46-month loan, Finance Minister Mohamed Maait told Bloomberg on Thursday (watch, runtime: 6:33<\/a>). These sources of funding should be arriving within the next \u201cdays, weeks, and months,\u201d Maait said, without providing further details on the size or timeline for these anticipated inflows. He did note that Qatar\u2019s sovereign wealth fund deposited USD 1 bn at the Central Bank of Egypt last week<\/a>.<\/p>\n

The IMF program + support from multilateral lenders will help us cover USD 16 bn <\/strong>financing gap:<\/strong> Egypt\u2019s external funding gap over the next four years is expected to come in at USD 16 bn, but the Finance Ministry is confident that it will be able to find the money. \u201cWe are sure about getting this financing gap\u201d covered during the loan period, Maait told the business newswire<\/a>. The minister said this will happen with a combination of the USD 3 bn from the IMF, another USD 5 bn the IMF program helped us secure from multilateral lenders \u2014 which he said will likely land in state coffers during the current fiscal year \u2014 and more debt issuances and investments.<\/p>\n

Egypt is searching for new sources of funding:<\/strong> With Egypt\u2019s access to Western capital markets heavily curtailed, the government is continuing to focus on diversifying its funding sources, the minister said. \u201cWe are now in a good stage for issuing a USD 500 mn panda bond<\/a> in Chinese capital markets [and] we are working on sukuk<\/a> for private placement and also a public offering in international markets,\u201d the minister said. \u201cWe\u2019re trying to diversify at this stage and depend more on MDBs\u2019 concessional loans,\u201d as well as financing for green projects, he said.<\/p>\n

Portfolio inflows are starting to trickle in, but we\u2019ve learned our lesson:<\/strong> Portfolio investors have slowly started to dip their toes back into the EGP carry trade in the wake of the IMF announcement, but the lesson remains that \u201cthis kind of inflows is not secure\u201d and that the priority should be to focus on attracting FDI and boosting exports, Maait said. Egypt has seen at least USD 20 bn in portfolio outflows this year due to tightening financial conditions and the economic shock caused by the war in Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"

More funding, investments coming in \u201cdays, weeks, months\u201d -Maait: Egypt expects to see more FDI and more funding inflows, including from the Gulf and \u201cother sources,\u201d after reaching a staff-level agreement with the IMF for a USD 3 bn, 46-month loan, Finance Minister Mohamed Maait told Bloomberg on Thursday (watch, runtime: 6:33). These sources of […]<\/p>\n","protected":false},"author":1,"featured_media":577171,"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":[7206],"tags":[7106,104,72,276,272,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-debt","tag-economy","tag-enterpriseam","tag-finance-ministry","tag-imf","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"043036b0-db44-4cbe-ad61-197b6da58515","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/195.jpg","photo_position":"above","related_issue":[577158],"teaser":"","voice_url":""},"yoast_head":"\nEgypt can cover USD 16 bn financing gap, says Maait - 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\/11\/13\/egypt-can-cover-usd-16-bn-financing-gap-says-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt can cover USD 16 bn financing gap, says Maait\" \/>\n<meta property=\"og:description\" content=\"More funding, investments coming in \u201cdays, weeks, months\u201d -Maait: Egypt expects to see more FDI and more funding inflows, including from the Gulf and \u201cother sources,\u201d after reaching a staff-level agreement with the IMF for a USD 3 bn, 46-month loan, Finance Minister Mohamed Maait told Bloomberg on Thursday (watch, runtime: 6:33). 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portfolio flows and more on foreign direct investment and export growth, Finance Minister Mohamed Maait said on the sidelines of the Qatar Economic Forum this week, according to Bloomberg.\u201cThe majority\u201d of portfolio flows have left\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599363,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/26\/egypt-hopes-to-reach-a-non-loan-program-agreement-with-imf-before-october\/","url_meta":{"origin":577170,"position":1},"title":"Egypt hopes to reach a non-loan program agreement with IMF before October","author":"enterpriseam admin","date":"26 June 2019","format":false,"excerpt":"Egypt is in talks with the IMF for a non-loan program and hopes to reach an agreement by October, Finance Minister Mohamed Maait told Bloomberg TV yesterday (watch, runtime: 4:59). \u201cWe started discussing with the IMF, first of all, what are the options Egypt is eligible to and after that\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1125.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549063,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/bnp-paribas-thinks-were-getting-usd-3-5-bn-from-the-imf\/","url_meta":{"origin":577170,"position":2},"title":"BNP Paribas thinks we\u2019re getting USD 3-5 bn from the IMF","author":"enterpriseam admin","date":"1 September 2022","format":false,"excerpt":"BNP Paribas has revised down its prediction on the size of the loan we\u2019ll be getting from the IMF to USD 3-5 bn in a research note yesterday. The French bank in July said we would need USD 10 bn or more from the multilateral lender to plug our growing\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/92.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616678,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/we-could-be-in-for-usd-20-bn-in-foreign-support-plus-good-news-from-morgan-stanley\/","url_meta":{"origin":577170,"position":3},"title":"We could be in for USD 20 bn in foreign support. PLUS: Good news from Morgan Stanley","author":"enterpriseam admin","date":"10 March 2024","format":false,"excerpt":"The USD 20 bn figure includes the USD 8 bn IMF package","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/755.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600670,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/06\/foreign-holdings-in-egyptian-treasuries-at-usd-13-1-bn-by-end-jan\/","url_meta":{"origin":577170,"position":4},"title":"Foreign holdings in Egyptian treasuries at USD 13.1 bn by end-Jan","author":"enterpriseam admin","date":"6 February 2019","format":false,"excerpt":"Everything you need to know about the Finance Ministry\u2019s epic presser yesterday \u2014 and there is a lot. Foreign holdings in Egyptian treasuries stood at USD 13.1 bn by end-January, Finance Minister Mohamed Maait and Vice Minister of Finance Ahmed Kouchouk said during a press conference held yesterday. January alone\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548270,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/maait-dials-down-expectations-for-imf-loan\/","url_meta":{"origin":577170,"position":5},"title":"Maait dials down expectations for IMF loan","author":"enterpriseam admin","date":"2 August 2022","format":false,"excerpt":"Maait shoots down talk of a USD 15 bn IMF loan: \u201cThat figure is completely inaccurate,\u201d Finance Minister Mohamed Maait told Al Kahera Wal Nas\u2019 Khairy Ramadan late Sunday evening (watch, runtime: 22:43) when asked if Egypt is requesting a USD 15 bn loan from the international lender. Maait maintained\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577170","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=577170"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577170\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577171"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577170"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577170"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}