{"id":636569,"date":"2024-08-02T00:00:00","date_gmt":"2024-08-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/02\/usd-820-mn-tranche-lands-in-state-coffers-after-imf-rubber-stamp-third-review\/"},"modified":"2024-08-02T00:00:00","modified_gmt":"2024-08-02T00:00:00","slug":"usd-820-mn-tranche-lands-in-state-coffers-after-imf-rubber-stamp-third-review","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/02\/usd-820-mn-tranche-lands-in-state-coffers-after-imf-rubber-stamp-third-review\/","title":{"rendered":"USD 820 mn tranche lands in state coffers after IMF rubber stamp third review"},"content":{"rendered":"

Good morning, friends, and a warm welcome to the weekend. <\/strong>It was one busy week for politics, economic, business, and even sports news with the Paris Olympics jostling for attention.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

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

#1- Third IMF review complete: <\/strong>The IMF Executive Board has completed the third review<\/a> of our USD 8 bn loan program, enabling the Madbouly government to receive the USD 820 mn third tranche, the multilateral lender said on Tuesday. The tranche arrived yesterday, Prime Minister Moustafa Madbouly said<\/a> in a statement. <\/p>\n

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#2- Egypt\u2019s non-oil trade deficit <\/strong>narrowed by 16% y-o-y to USD 15.9 bn<\/a><\/strong> in the first half of<\/strong> 2024, <\/strong>down from USD 18.9 bn during the same period last year, driven by a 9.8% rise in exports and a 3.3% dip in imports.<\/p>\n

IPO WATCH-<\/strong><\/p>\n

Act Financial shares rose 29.7% on their <\/strong>first day of<\/a><\/strong>trading<\/a><\/strong> on Wednesday <\/strong>to close at EGP 3.76 \u2014 up from their initial price of EGP 2.90 \u2014 pushing the company\u2019s market cap to some EGP 3.3 bn, according to market data.<\/p>\n

Remember:<\/strong> Act Financial last week completed the first IPO Egypt has seen in a year, offering<\/a><\/a>some 32% of the company<\/a> \u2014 360 mn shares \u2014 to investors. The retail tranche<\/a> of the IPO was 54.8x covered, while the institutional tranche<\/a> was 20.2x oversubscribed, the highest oversubscription for private offerings on the EGX in six years. All in all, the combined offering was 26x oversubscribed, the company said (pdf)<\/a>. <\/p>\n

What\u2019s next? <\/strong>Act Financial plans to use the EGP 1 bn raised from its IPO<\/a> to invest into three EGX-listed companies this year, Managing Partner Mostafa Abdel Aziz told Enterprise earlier this month. The company is also exploring potential investments in six non-listed local companies with the hopes of eventually listing them on the EGX. <\/p>\n

M&A WATCH-<\/strong><\/p>\n

MNT-Halan enters the Turkish market:<\/strong> Fintech leader MNT-Halan has fully acquired<\/a> Turkish commercial finance company Tam Finans from Actera Group. The company did not disclose the terms of the transaction, which will see MNT-Halan take over Tam Finans\u2019 USD 300 mn loan book.<\/p>\n

MANUFACTURING<\/strong><\/p>\n

El Araby to partner with Sharp on fridge and freezer manufacturing: <\/strong>El Araby Group and Japan\u2019s Sharp will set up a USD 50 mn factory<\/a> in the Quweisna zone for the manufacture of refrigerators and deep freezers under a newly-inked partnership agreement that will see the two companies set up a JV in which El Araby will have an 80% stake and Sharp 20%.<\/p>\n

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AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

The ripple effect of Israel\u2019s continued assault on Gaza were front and center of the int\u2019l<\/strong> press this week,<\/strong> most notably with the announcement that Ismail Haniyeh, Hamas\u2019 top political leader, had been assassinated in Tehran while attending the swearing-in ceremony of Iran\u2019s new president.<\/p>\n

Tensions on the Israel-Lebanon border were also in the headlines <\/strong>after a Saturday strike on the Israeli-occupied Golan Heights killed 12 children, spurring fears of escalation into broader regional war. Israel attributed the strike to Hezbollah and retaliated by bombing a southern suburb of Beirut on Tuesday<\/a>, claiming it had killed a senior Hezbollah advisor. Three Lebanese civilians died in the Israeli attack, including two children.<\/p>\n

While on the US elections front,<\/strong> US vice president and Democratic Party candidate Kamala Harris drew level<\/a> with Republican nominee Donald Trump in a number of recent polls. Harris is set to announce her running mate as early as next Monday before a multi-state battleground tour later next week.<\/p>\n

Harris\u2019 crypto industry charm offensive also turned heads:<\/strong> Harris\u2019 campaign advisors have contacted a number of crypto firms<\/a> to attempt to \u201creset\u201d relations between the party and the crypto sector at large, as the Harris campaign looks to mend relations with the industry following its criticism of the Biden administration. But the sector already has a favorite candidate, with Trump enjoying significant support from the crypto industry, appearing as the keynote speaker at the BTC 2024 gathering, where he promised to fire the head of the US Securities and Exchange Commission if he returns to the White House.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

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

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

\u2600\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong> Yet another hot weekend with highs of 38\u00b0C and lows of 27\u00b0C today followed by highs of 37\u00b0C and lows of 26\u00b0C tomorrow in Cairo. It\u2019s a bit cooler in Sahel with highs of 32\u00b0C and lows of 24\u00b0C during the weekend.<\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

The interactive comedy show where the audience gets a moment to shine.<\/strong> Attend Ain<\/a>Gamal Vol.22<\/a> with Omar El Gamal to witness the comedian\u2019s quick wit and clever remarks. The show will take place tomorrow starting at 8pm at Theatro Arkan<\/a>. Get your tickets here<\/a>. <\/p>\n

Sukun<\/a><\/strong> is taking wellness to new heights with their <\/strong>Cosmic Festival<\/a><\/strong> at Solare, Ras El Hikma<\/a> today. The festival has an itinerary of good-for-the-soul activities like yoga, sound healing, breathwork, art, dance, and more \u2014 you can even bring the kids for some seaside fun too. Get your invite here<\/a>.<\/p>\n

You can still catch Ahmed Helmy on stage in <\/strong>Memo<\/a><\/strong>.<\/strong> If you missed the Egyptian comedy icon\u2019s first few shows of his original play, he will be performing once again tonight (tickets<\/a>) at the Grand Nile Tower<\/a>.<\/p>\n

A night of good music.<\/strong> Book tickets<\/a> for Cords Festival: Ruby & Aziz Maraka<\/a> at One Eleven in New Alamein. The festival will take place tonight starting at 10pm, where musical staple Aziz Maraka and the iconic Ruby, will perform.<\/p>\n

For the love of poetry. <\/strong>Don't miss the Live Podcast<\/a> evening with poet Mostafa Ibrahim and host Zahra Ramy at Rawabet Art Space in Downtown, tonight at 9pm. Book your spot here<\/a>.<\/p>\n

Ma Yatloboho Al Mostame3oon<\/a><\/strong> in Sahel:<\/strong> Esseily and Ahmed Saad will perform at Cairo Jazz Club Sea Shore in Ras Al-Hikma, tonight, followed by Disco Misr and DJ Anis. The event will begin at 9pm. Grab tickets here<\/a>.<\/p>\n

Superstar Mohamed Ramadan will perform a concert at Porto Golf<\/strong> in the North Coast tonight at 10pm. Grab tickets here<\/a> before they sell out.<\/p>\n

Ramy Gamal will also be gracing the North Coast for the festival<\/strong> tonight at 10pm. Grab your tickets here<\/a>.<\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

Amr Diab will be taking the New Alamein Festival stage on Friday, 9 August <\/strong>at 10pm. Get your tickets here<\/a>.<\/p>\n

Karim Abdelaziz and Nelly Karim will be performing in the play <\/strong>El Sindbad<\/a><\/strong> at the New Alamein Festival from Thursday, 8 August till Saturday, 10 August. Get your tickets here<\/a>.<\/p>\n

TV host Sherif Madkour and Lebanese actress and singer Diana Haddad will be having a<\/strong> live broadcasting of the show \u201c4 Sherif Street\u201d <\/strong>at the New Alamein Festival on Saturday, 10 August. The show will start at 10pm, get your tickets here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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IMF\u2019s USD 8 bn loan program this summer","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\/2023\/12\/572.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621231,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/cabinet-discusses-imf-review-staff-level-agreement-to-disburse-fifth-tranche\/","url_meta":{"origin":636569,"position":1},"title":"Cabinet discusses IMF review, staff-level agreement to disburse fifth tranche","author":"enterpriseam admin","date":"4 November 2018","format":false,"excerpt":"CABINET WATCH- Cabinet discusses IMF review, staff-level agreement to disburse fifth tranche: The Madbouly Cabinet discussed during its weekly meeting on Thursday a staff-level agreement Egypt reached with the IMF last week to disburse the fifth USD 2 bn tranche of its USD 12 bn extended fund facility, according to\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":618856,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/21\/egypt-receives-usd-820-from-imf-report\/","url_meta":{"origin":636569,"position":2},"title":"Egypt receives USD 820 from IMF- Report","author":"enterpriseam admin","date":"21 April 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and welcome to a relatively brisk issue to wrap up the first day of the short workweek. THE BIG STORY TODAY Have we got the second tranche from the IMF? Egypt has reportedly received the USD 820 mn second tranche of the USD 8 bn\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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\/2024\/4\/1432.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633840,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/22\/the-status-quo-on-our-pending-imf-review\/","url_meta":{"origin":636569,"position":3},"title":"The status quo on our pending IMF review","author":"enterpriseam admin","date":"22 July 2024","format":false,"excerpt":"The Fund and the new government are in talks over the government\u2019s work over the coming period","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\/7\/1639.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623639,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/09\/imf-reaches-staff-level-agreement-on-third-loan-review\/","url_meta":{"origin":636569,"position":4},"title":"IMF reaches staff-level agreement on third loan review","author":"enterpriseam admin","date":"9 June 2024","format":false,"excerpt":"The Fund warned that the impact of the war on Gaza and trade disruptions in the Red Sea could pose a threat to the country\u2019s economic outlook","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\/6\/671.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605177,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/egypt-is-not-receiving-fifth-imf-tranche-this-month-but-reforms-arent-delayed\/","url_meta":{"origin":636569,"position":5},"title":"Egypt is not receiving fifth IMF tranche this month, but reforms aren\u2019t delayed","author":"enterpriseam admin","date":"24 December 2018","format":false,"excerpt":"EXCLUSIVE- Egypt won\u2019t be receiving the fifth tranche of its IMF facility this month \u2014 but reforms aren\u2019t being delayed, either: The Madbouly government is not in talks with the IMF to delay any part of its reform agenda, a senior government official tells Enterprise, denying a report in 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\/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\/636569","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=636569"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/636569\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/636567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/636570"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=636569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=636569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=636569"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=636569"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=636569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}