{"id":611214,"date":"2023-12-04T00:00:00","date_gmt":"2023-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/04\/imf-promises-progress-on-our-loan-agreement-state-could-sell-bns-worth-of-real-estate-assets-to-investors\/"},"modified":"2023-12-04T00:00:00","modified_gmt":"2023-12-04T00:00:00","slug":"imf-promises-progress-on-our-loan-agreement-state-could-sell-bns-worth-of-real-estate-assets-to-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/04\/imf-promises-progress-on-our-loan-agreement-state-could-sell-bns-worth-of-real-estate-assets-to-investors\/","title":{"rendered":"IMF promises progress on our loan agreement + state could sell bns worth of real estate assets to investors"},"content":{"rendered":"

Good morning, ladies and gentlemen:<\/strong> On this Monday morning we bring potentially good news for our green energy ambitions as well more optimistic noises from the IMF about the future of our reform agenda and loan program. On the flipside, the government has dialed back its FY 2023-24 growth expectations and the latest fiscal data from the Finance Ministry aren\u2019t exactly light reading.<\/p>\n

\n

<\/a> PSA- It\u2019s time to go back to WFH if you live or work in Maadi:<\/strong> The Madbouly government is tearing down<\/a> the old North Tora bridge \u2014 the one that splits the former Tora prison from what was previously the prison\u2019s olive garden \u2014 to complete the expansion of the Hasaballah Al Kafrawi axis. The bridge linked the Nile Corniche to the Autostrad and will be replaced by a \u201cNorth Tora Axis\u201d capable of handling more traffic. <\/p>\n

The result yesterday was pure gridlock in Maadi. <\/strong>Officials have said nothing about when<\/a>they expect the new route to open<\/a>, prompting plenty of Maadi companies (Enterprise World Headquarters, included) to opt for a transition to WFH until we see how this shakes up.<\/p>\n

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** DID THIS MORNING\u2019S EMAIL WIND UP IN YOUR TABS? Please drag us to your<\/strong> inbox <\/strong>\u2014 it goes a long way toward making sure Enterprise makes it into everyone\u2019s email inbox.<\/p>\n<\/div>\n

WATCH THIS SPACE-<\/strong><\/p>\n

#1-<\/strong>The IMF will move forward with Egypt\u2019s USD 3 bn loan program \u201csoon, soon,\u201d <\/strong>the Fund\u2019s Managing Director Kristalina Georgieva told Asharq Business<\/a> yesterday in Dubai, without giving further details. Georgieva hailed the Egyptian authorities as \u201cdoing a very good job in a very difficult environment.\u201d<\/p>\n

The IMF is focused now on helping officials here <\/strong>get a grip on soaring inflation<\/strong>, after which it will look at the exchange rate policies, Georgieva told Sky News Arabia<\/a> in a separate interview. Georgieva added that the IMF will very likely scale up Egypt\u2019s current loan program due to the additional burden posed by the war in Gaza, in a repeat of remarks she made last month<\/a>. Inflation surged to successive record highs<\/a> this year on the back of successive currency devaluations and the FX shortage.<\/p>\n

Remember:<\/strong> The IMF postponed reviews scheduled for March and September this year after authorities failed to meet several conditions of the facility, including a commitment to implement a fully flexible exchange rate. The central bank is widely expected to float the EGP after this month\u2019s presidential election in a step expected to pave the way for the country to pass the reviews and receive the almost USD 700 mn in delayed loan payments.<\/p>\n

#2- Officials are mulling the sale of EGP 8 bn worth of real estate assets to investors <\/strong>\u2014 including Saudi ones \u2014in 1Q 2024, Public Enterprise Minister Mahmoud Esmat told Asharq<\/a> yesterday. Heliopolis Housing and Development is among the state-run companies investors are looking at, Esmat said, explaining that the partnerships will see investors developing land plots owned by the state-run companies.<\/p>\n

Remember:<\/strong>The state-owned National Organization for Social Ins. (NOSI) acquired<\/a> 100% of the Heliopark project from Heliopolis last month in a sale worth EGP 15 bn.<\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

<\/a> #1 It\u2019s day five of COP28 in Dubai: <\/strong>Gender equality will be among today\u2019s main themes: How women are affected by climate change and how climate action and finance can bhelp gae directed to close the gender gap. Other topics of discussion include clean energy transition, mobilizing Islamic finance for climate, and sustainability in finance, trade and investing.<\/p>\n

Planning Minister Hala El Said is in Dubai for the gathering<\/strong> and set to attend the Arab Women Leaders\u2019 Summit with WISER and as well as a session on women\u2019s participation in climate action and sustainable development.<\/p>\n

Want to go deeper on everything happening over there? <\/strong>Enterprise Climate has got your<\/a>back<\/a>.<\/p>\n

<\/a> #2 The <\/strong>Egypt Defence Expo (EDEX)<\/a><\/strong> is finally here: <\/strong>Around 35k defense and security professionals from across the world will land in Cairo today for the opening of the defence expo at the Egypt International Exhibition Center, which runs through Thursday. You can register to attend here<\/a>.<\/p>\n

#3-<\/strong>The CBE plans to auction USD 990 mn in one-year treasury bills<\/strong> today, according to data on its website. The USD-denominated issuance will be settled on Tuesday.<\/p>\n

<\/a> #4- It\u2019s the second day of the World Youth Forum<\/strong>, which is taking place in Sharm El Sheikh. The event wraps tomorrow.<\/p>\n

HAPPENING TOMORROW-<\/strong><\/p>\n

<\/a> PMI:<\/strong> We\u2019ll find out how Egypt\u2019s non-oil private sector performed in November when S&P Global publishes the latest PMI figures.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

FX reserves:<\/strong> November\u2019s foreign reserves figures should be released by the central bank this week.<\/p>\n

HAPPENING NEXT WEEK-<\/strong><\/p>\n

Elections: <\/strong>Voters here at home will head to the polls on 10-12 December to cast their ballots in the presidential election. Voting for expats wrapped yesterday. First-round results are due on 18 December and a runoff, if necessary, will take place in early January.<\/p>\n

AND- Inflation<\/strong> figures are due out on Sunday, 10 December.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

Israel\u2019s war on Gaza continues to dominate the world\u2019s attention this morning:<\/strong> The IDF\u2019s escalating attacks in the south of the enclave and a reported attack on a US warship in the Red Sea by the Iran-aligned Houthis are leading coverage in the western press. (Associated Press<\/a> | Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | New York Times<\/a> | Washington Post<\/a> | Wall Street Journal<\/a> | BBC<\/a>)<\/p>\n

THE REALIGNMENT-<\/strong><\/p>\n

One less Bric in the wall: <\/strong>Argentina looks like it\u2019ll be leaving the Brics before it has joined it if the country\u2019s new chief diplomat is to be believed. The South American country \u2014 along with Egypt and four other nations \u2014 was expected to join the alliance of emerging economies on 1 January, a decision that Javier Milei\u2019s new hard-right administration<\/a> will reverse. \u201cWe will not enter the Brics,\u201d incoming foreign minister Diana Mondino wrote on X<\/a> last week, following through on Milei\u2019s campaign pledge for a foreign policy reset that would see the country distance itself from China and strengthen ties with Washington.<\/p>\n

WAR ECONOMICS- <\/strong><\/p>\n

War-swollen defense stocks outperform S&P 500: <\/strong>Defense stocks have outperforming the S&P 500 since the outbreak of the war in Gaza on 7 October, stoking ESG concerns among everyday investors owning shares in index-tracking and target-date funds, the Wall Street Journal<\/a> writes. <\/p>\n

The numbers:<\/strong> Shares of General Dynamics<\/a> have gained 13.5% since the outbreak of the waron Gaza, while RTX<\/a> and Lockheed Martin<\/a> have rallied 18% and 12.2%, respectively. That\u2019s significantly higher than the 6.6% gained by the S&P 500 over the same period.<\/p>\n

For conscious investors:<\/strong>Weapon Free Funds<\/a> is a database, run by the nonprofit organization As You Sow<\/a>, which flags arms makers present in mutual funds and exchange-traded funds. The website traffic has risen 5x in seven weeks following 7 October, according to the WSJ.<\/p>\n

\n
\n

HELP GAZA-<\/strong><\/p>\n

Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n

The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n<\/div>\n

Or check out <\/strong>our list of charities<\/a><\/strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n

ICYMI-<\/strong><\/p>\n

Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at what the government is doing to boost our marble and granite industry<\/a>.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We looking at signs of growing Russian interest in our education industry \u2014 a sector in which Russia was never previously a player. Foreign interest in K-12 education (sometimes a touchy subject) and in post-secondary education (now required of any new institution that wants to open) has previously been dominated by American, Canadian, British, French, German, and Japanese curricula and by partnerships with UK and Canadian universities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, ladies and gentlemen: On this Monday morning we bring potentially good news for our green energy ambitions as well more optimistic noises from the IMF about the future of our reform agenda and loan program. 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The approval allows for the immediate disbursal of USD 2 bn, with the\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\/6\/283.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593659,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-non-loan-imf-program-still-under-consideration-maait-tells-bloomberg\/","url_meta":{"origin":611214,"position":1},"title":"Egypt\u2019s non-loan IMF program still \u201cunder consideration,\u201d Maait tells Bloomberg","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Non-loan IMF program still under consideration but nothing conclusive yet -Maait: Egypt is still looking at securing a non-loan program with the IMF, but future cooperation with the fund could also continue \u201cunder any form,\u201d Finance Minister Mohamed Maait told Bloomberg TV on Thursday (watch, runtime: 2:47). The minister said\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\/10\/262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569068,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/12\/egypts-post-loan-imf-structural-reform-agreement-will-tackle-bureaucracy-says-amer\/","url_meta":{"origin":611214,"position":2},"title":"Egypt\u2019s post-loan IMF structural reform agreement will tackle bureaucracy, says Amer","author":"enterpriseam admin","date":"12 February 2020","format":false,"excerpt":"Egypt\u2019s post-loan IMF structural reform agreement will tackle bureaucracy, says Amer: Egypt is still in talks with the IMF over a post-loan structural reform agreement, which could focus on eliminating bureaucracy to clear a significant hurdle in attracting private sector investment, Central Bank of Egypt (CBE) Governor Tarek Amer said\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\/2\/165.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544655,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/this-morning-imf-loan-not-yet-suez-canal-ends-toll-discounts-for-lng-ships-its-fed-day\/","url_meta":{"origin":611214,"position":3},"title":"THIS MORNING: IMF loan? \u201cNot yet.\u201d; Suez Canal ends toll discounts for LNG ships; It\u2019s Fed day.","author":"enterpriseam admin","date":"15 March 2022","format":false,"excerpt":"Good morning, friends, and happy hump day. We have a particularly packed issue this morning, so let\u2019s jump right in: We are \u201cnot yet\u201d in talks with the International Monetary Fund (IMF) over a fresh loan, Planning Minister Hala El Said told Reuters yesterday. Her statements come a few days\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":611214,"position":4},"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":[]},{"id":577768,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/we-could-see-the-first-tranche-of-our-imf-loan-before-the-new-year-says-maait\/","url_meta":{"origin":611214,"position":5},"title":"We could see the first tranche of our IMF loan before the new year, says Maait","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"Could we see the first chunk of our IMF loan as soon as this month? Egypt could receive the first tranche of its new IMF loan before the end of the year, Finance Minister Mohamed Maait has said, according to Bloomberg Asharq. Speaking at a conference yesterday, the minister said\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\/12\/65.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\/611214","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=611214"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611214\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611212"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611215"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611214"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611214"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}