{"id":636599,"date":"2024-08-04T00:00:00","date_gmt":"2024-08-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/another-usd-820-mn-enters-the-country\/"},"modified":"2024-08-04T00:00:00","modified_gmt":"2024-08-04T00:00:00","slug":"another-usd-820-mn-enters-the-country","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/another-usd-820-mn-enters-the-country\/","title":{"rendered":"Another USD 820 mn enters the country"},"content":{"rendered":"

Good morning, everyone. <\/strong>We are kicking off the workweek with a whole lot of good news \u2014 IMF funds landed in Egypt on Thursday, KSA wants to boost its investments here, auto sales continue to rise, and our net foreign assets remained in the green in June. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- The recently-approved USD 820 mn tranche from the IMF has officially landed in state coffers<\/strong>, Prime Minister Moustafa Madbouly said<\/a> on Thursday. The news follows the IMF Executive Board greenlighting<\/a> the third review of our USD 8 bn loan program last week, which also allows us to apply for an additional USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility.<\/p>\n

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<\/a> #2- Another round of LNG imports: <\/strong>The government is reportedly planning to import up to 17 shipments of LNG in 4Q 2024 to ensure the lights stay on after an extended period of power cuts, an unnamed government official told Asharq Business<\/a>.<\/p>\n

ICYMI:<\/strong> The government last week announced that it had secured five LNG shipments<\/a> for the months of August and September.<\/p>\n

AND- Eni\u2019s LNG export ambitions seem to be on hold: <\/strong>\u201cWe cannot rule out that a few cargoes [of LNG] may be exported next winter. But for sure, it is not very likely,\u201d Eni COO Guido Brusco said during an earnings call, according to a report from industry publication Mees. The Italian oil and gas giant and major player in Egypt\u2019s energy ecosystem has received no assurances it will be able to soon restart exporting LNG, according to the report.<\/p>\n

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#3- Another industrial zone in Alexandria:<\/strong> The government is planning to set up an industrial zone focused on chemical and plastic industries \u2014 as well as engineering industries complementary to the chemical sector \u2014 in Alexandria, according to a cabinet statement<\/a>. Dubbed Margham 3, the industrial zone will be the third in the area of Margham, Amreya.<\/p>\n

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#4- Green bonds incoming: <\/strong>Local banks are gearing up to issue green bonds between this month and September, the European Bank for Reconstruction and Development (EBRD) managing director for the SEMED region Heike Harmgart told Al Mal<\/a>, adding that the multilateral lender plans to invest in them. <\/p>\n

Remember: <\/strong>The EBRD in 2022 snapped up<\/a> USD 100 mn worth of Scatec\u2019s USD 334.5 mn green bond issuance to refinance its six solar plants<\/a> in Benban.<\/p>\n

An update on our long-awaited green hydrogen strategy: <\/strong>It will be launched this month, Harmgart says Prime Minister Moustafa Madbouly told her. The EBRD is also in talks with the government to implement the next phase of the strategy, she added. <\/p>\n

<\/a> <\/p>\n

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? <\/strong>Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n

Why attend? <\/strong>We\u2019re in the early days of a generational realignment of power in our industry \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in our country and the wider region. Among the questions we\u2019ll be asking:<\/p>\n