{"id":655099,"date":"2024-11-13T00:00:00","date_gmt":"2024-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/egypt-rejects-reports-it-asked-imf-to-up-its-next-loan-trance-by-an-extra-usd-700-mn\/"},"modified":"2024-11-13T00:00:00","modified_gmt":"2024-11-13T00:00:00","slug":"egypt-rejects-reports-it-asked-imf-to-up-its-next-loan-trance-by-an-extra-usd-700-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/egypt-rejects-reports-it-asked-imf-to-up-its-next-loan-trance-by-an-extra-usd-700-mn\/","title":{"rendered":"Egypt rejects reports it asked IMF to up its next loan trance by an extra USD 700 mn"},"content":{"rendered":"

Good morning, friends.<\/strong> It\u2019s another busy day for local business news, full of big-ticket investments, auto industry localization, and even government repudiations. We\u2019ve just about squeezed everything into today\u2019s issue, so let\u2019s get started straight away.<\/p>\n

FACT CHECK-<\/p>\n

<\/a> Government calls out reports that it asked the IMF to increase its next disbursement as <\/strong>false: <\/strong>\u201cThere is no truth\u201d to media reports yesterday<\/a> claiming that Egypt has requested the International Monetary Fund increase its next loan disbursement to the country, Egyptian representative to the IMF and Central Bank of Egypt Governor Hassan Abdallah said in a statement seen by EnterpriseAM.<\/p>\n

ICYMI: <\/strong>Local media picked up a report yesterday citing anonymous government sources claiming that Egypt has reportedly asked the Fund to increase its next disbursement under its USD 8 bn loan program to USD 2 bn \u2014 USD 700 mn more than the originally agreed upon USD 1.3 bn.The tranche in question is set to be disbursed once the IMF completes its ongoing fourth review<\/a> and is already set to be the largest Egypt has received from the program to date.<\/p>\n

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PSA-<\/p>\n

WEATHER- <\/strong>Autumn weather continues in Cairo today, with a high of 26\u00b0C and a low of 17\u00b0C, according to our favorite weather app.<\/p>\n

There\u2019s more of the same in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 16\u00b0C.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> #1- Gov't rolls out 15% interest rate loans for manufacturers: <\/strong>The government has approved offering manufacturers loans at a subsidized 15% interest rate to purchase equipment and production materials, according to an Industry Ministry statement<\/a>. The Industrial Development Authority is working with the Federation of Egyptian Industries to prioritize which sectors will receive the loans first, according to Industry Minister Kamel El Wazir.<\/p>\n

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<\/a> #2- Local healthtechs on course for a fresh round of Emirati investments?<\/strong> Abu Dhabi\u2019s AI-focussed healthtech M42<\/a> \u2014 a joint venture Abu Dhabi sovereign wealth fund Mubadala and Abu Dhabi AI firm G42 \u2014 is in talks with Egyptian firms \u2014 along with those in Indonesia, Malaysia, and India \u2014 as part of its strategy to expand its AI-powered healthcare solutions, CEO Hasan Jasem Al Nowais told Bloomberg<\/a>.<\/p>\n

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COP WATCH-<\/p>\n

<\/a> Egypt can only hit its climate targets if it receives more financial support, Madbouly says: <\/strong>Prime Minister Moustafa Madbouly said at the ongoing COP29 conference in Azerbaijan that Egypt will only be able to achieve its target of 42% renewables by 2030 and other climate targets if it does not start receiving \u201cthe support required to implement\u201d them, according to a cabinet statement<\/a>. As with other developing countries, Nationally Determined Contributions will not go beyond \u201cink on paper\u201d if more funding does not materialize, Madbouly continued.<\/p>\n

We\u2019ve got a long way to go:<\/strong> Renewable energy made up some 11.5%<\/a> during the past fiscal year and is forecast to make up some 13.8%<\/a> during the current fiscal year. And the government sees renewables making up 18.6% of Egypt\u2019s total energy mix by the fiscal year 2026-2027.<\/p>\n

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HAPPENING NEXT WEEK-<\/p>\n

Egyptian <\/strong>officials are already in Rio for the G20 Summit set to kick off next week: <\/strong>The country\u2019s presidential representative to the G20 and Brics, Ragy El Etreby, and other senior officials are in Brazil for preparatory meetings preceding the G20 Summit<\/a> scheduled for 18-19 November, according to a Foreign Ministry statement<\/a>. The delegation highlighted the need to adopt measures that would alleviate challenges facing emerging markets through monetary, financial, and trade reforms. <\/p>\n

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CIRCLE YOUR CALENDAR-<\/p>\n

1- Atlas shareholders now have until 26 November to respond to Amoun\u2019s MTO:<\/strong> The Financial Regulatory Authority has extended<\/a> Amoun for Real Estate and Tourism Development\u2019s mandatory tender offer (MTO) for 65.59% of Atlas For Investment and Food Industries by ten working days, giving Atlas shareholders until 26 November to decide, according to an EGX disclosure (pdf)<\/a>.<\/p>\n

Remember: <\/strong>Amoun has offered to purchase around 427.2 mn of Atlas\u2019 shares<\/a> for EGP 0.78 a piece, putting the transaction\u2019s value at EGP 333.22 mn by our math. Amoun will need to acquire a minimum 51% stake of the target company for the offer to go through.<\/p>\n

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#2- Egypt-Azerbaijan joint committee to meet in 1Q 2025: <\/strong>Egypt and Azerbaijan are set to convene a joint committee aimed at strengthening bilateral cooperation on trade and investment in 1Q 2025, according to a cabinet readout<\/a> of a meeting between Prime Minister Moustafa Madbouly and his Azerbaijani counterpart Ali Asadov on the sidelines of the COP29 climate summit. Madbouly also reportedly suggested that the two sides hold a business forum on the committee\u2019s sidelines to discuss investments in priority areas like energy, transport, and the pharmaceutical industry. <\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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

It\u2019s another morning of the international press keeping track of the cabinet positions US <\/strong>president-elect Donald Trump is filling in<\/strong> before his term begins in January. The rundown:<\/p>\n