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The project is built by the Orascom Construction-Engie-Toyota Tsusho consortium
14 January 05:29 PM Egypt approves power purchase deal for Gulf of Suez wind farm
Cairo – Mubasher: The Egyptian cabinet approved signing a power purchase agreement with the Orascom Construction-Engie-Toyota Tsusho consortium that builds a 500-megawatt (MW) wind farm in the Gulf of Suez. The project is being implemented under a …
Egypt Ventures secured EGP 103.8 million in direct and indirect investments during 2020
14 January 05:15 PM Egypt Ventures leads $1m funding round for life science startup Nawah
Cairo – Mubasher: Egypt Ventures led a financing round for the emerging company, Nawah, the first private Egyptian multidisciplinary research centre for natural and medical sciences, with a value of $1 million, the Chairman and Managing Director, …
The three tranches were rated at AA+, AA, and A, by MERIS
14 January 05:05 PM Amer Group’s units complete EGP 607m securitised bond sale
Cairo – Mubasher: The Financial Group For Securitization closed a three-tranche securitised bond issuance worth EGP 607 million for four of Amer Group Holding Co’s subsidiaries. The three tranches were rated at AA+, AA, and A, respectively, by …
Total tax revenues increased by 10% to EGP 334 billion
14 January 04:38 PM Egypt settles EGP 16bn taxes with petroleum companies
Cairo – Mubasher: Egypt has settled due taxes worth EGP 16 billion owed by some petroleum companies, the Minister of Finance, Mohamed Maait, revealed.   Total tax revenues increased by 10% to EGP 334 billion during the first half (H1) of fiscal …
The ministry has reduced the risks of refinancing existing debts
14 January 04:29 PM Egypt's debt servicing costs drop 8% in 6M
Cairo - Mubasher: Egypt's public debt servicing costs declined by 8% year-on-year (YoY) to EGP 246 billion in the first half of the current fiscal year from around EGP 267 billion in the year-ago period, Egyptian Minister of Finance, Mohamed …
Egypt provided an additional investment funding worth EGP 28 billion to some state-owned entities
14 January 03:56 PM Egypt’s government investments rise to EGP 102bn in H1-20/21
Cairo – Mubasher: Egypt’s government investments jumped by 59% year-on-year (YoY) to EGP 102 billion in the first half (H1) of fiscal year 2020/2021, compared to EGP 64 billion in the year-ago period, the Minister of Finance, Mohamed Maait, said. …
Central Bank of Egypt
14 January 03:43 PM Egyptian banks' balances abroad surge to $20bn at December-end
Cairo – Mubasher: Balances and reserves held by Egyptian banks abroad leapt to more than $20 billion at the end of December 2020 from about $10 billion at the end of April, a senior official at the Central Bank of Egypt (CBE) told the Middle East …
The country aims to extend the debt maturity to 3.8 years by the end of June 2021.
14 January 01:47 PM Egypt achieves primary surplus of EGP 14bn in H1-20/21 despite COVID-19
Cairo – Mubasher: Egypt recorded a primary surplus of EGP 14 billion during the first half (H1) of fiscal year 2020/2021 despite the negative impact of the coronavirus (COVID-19) pandemic on economy, the Minister of Finance, Mohamed Maait, …
The electric rail has a designated speed of 250 km per hour
14 January 12:42 PM Egypt inks MoU with Siemens to build Ain Sokhna-New Alamein electric rail
Cairo – Mubasher: The Egyptian Prime Minister, Mostafa Madbouly, witnessed the signing of a memorandum of understanding (MoU) between the Ministry of Transport’s National Authority for Tunnels (NAT) and Siemens. The MoU involves the establishment …
Egyptian President Abdel Fattah El-Sisi
14 January 12:21 PM El-Sisi issues three presidential decrees
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi issued a decree, approving a grant worth EUR 200,000 from the Spanish Agency for International Cooperation and Development (AECID). The grant will finance a programme for creating jobs …
Egypt's current portfolio with the ITFC has reached $11.2 billion.
14 January 11:19 AM Egypt inks deal to secure $1.1bn from ITFC
Cairo – Mubasher: Egypt signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to obtain a funding package of $1.1 billion to finance the purchase of basic commodities and petroleum products. The funding is aimed at …
The agreement includes building a railway line between Ain Sokhna and New Alamein City
14 January 10:57 AM Siemens to build 1,000-km electric rail network worth EGP 360bn in Egypt
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi held talks with the CEO of Siemens, Joe Kaeser, in Cairo to discuss the final agreement for establishing a 1,000-kilometre (km) high-speed electric rail network in Egypt at a cost of …
The issuance will be used to finance the country’s budget deficit
14 January 10:39 AM CBE offers EGP 20bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 182-day notes valued at EGP 7.5 …
Funding to the food and beverage sector tripled to $122 million
13 January 06:05 PM Egypt ranks second in MENA’s VC investment in 2020
Cairo – Mubasher: Egypt came in the second position in terms of venture capital (VC) investments in the MENA region in 2020, following the UAE which made up 56% of the total funding, Magnitt’s MENA Venture Investment Report showed. Egypt’s VC …
The initiative will be applied from 21 January until the end of 2021.
13 January 03:54 PM Egypt cuts price of jet fuel to support aviation, tourism sectors
Cairo – Mubasher: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, announced a reduction in the price of jet fuel by 15 cents per gallon as part of a new initiative to support the aviation and tourism sectors. This move is …
The issuance is backed by a portfolio of receivables worth EGP 911 million
12 January 05:48 PM EFG Hermes closes EGP 700m securitisation bond issuance for Amer, Qasatli, Porto
Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) has concluded the first issuance of a securitisation programme worth EGP 6.5 billion for Amer Group Holding Co, Porto Group Holding, and Qasatli. EFG Hermes served as sole …
Egypt's COVID-19 cases reached 150,753
12 January 05:28 PM Talaat Moustafa Group to provide 2m Egyptians with COVID-19 vaccines
Cairo – Mubasher: The Egyptian Ministry of Health and Population signed a protocol of cooperation with Tahya Misr Fund and Talaat Moustafa Group Holding (TMG Holding) to cover the costs of COVID-19 vaccines for about 2 million citizens. The CEO …
The oil price is predicted to stabilise at around $50 per barrel
12 January 04:02 PM Global Sukuk issuance expected to rise to $140-$155bn in 2021
Mubasher: Global Sukuk issuance is expected to rise to around $140-$155 billion in 2021, driven by a recovery in issuance in Malaysia, Indonesia, and the GCC countries, according to a report by S&P Global Ratings. In 2020, the global Sukuk …
The imported goods included wheat, sugar, legumes, and maize
12 January 03:50 PM Dekheila, Ain Sokhna collect EGP 3.3bn taxes, customs in December 2020
Cairo – Mubasher: The Egyptian Customs Authority collected EGP 3.36 billion in taxes, customs duties, and other charges at Dekheila and Ain Sokhna ports during December 2020. The total value of taxes and customs duties collected for imported goods …
banks are allowed to distribute employee bonuses and board remuneration
12 January 01:47 PM CBE prohibits banks from paying dividends due to COVID-19 crisis
Cairo – Mubasher: The Central Bank of Egypt (CBE) has issued a decision to ban banks from paying dividends to shareholders. The decision is aimed at protecting the capital of banks against the potential risks of the coronavirus (COVID-19) crisis, …
Arab countries topped Egypt’s food export destinations
12 January 01:33 PM Egypt’s food exports hit $3.2bn in 11M
Cairo – Mubasher: Egypt’s food exports increased by 1% year-on-year (YoY) to $3.2 billion during the first 11 months of 2020, the Middle East News Agency (MENA) reported on Tuesday, citing the Head of the Food Export Council, Hany Berzy, as …
Egypt signed Al Ula agreement to a long-running dispute with Qatar
12 January 12:51 PM Egypt reopens airspace to Qatari flights
Cairo – Mubasher: Egypt has opened its airspace with Qatar after a three-year embargo against flights from the GCC nation. Following the decision, EgyptAir and Qatar Airways as well as other private air carriers can resume flights between the two …
The planted area with cane reached about 332,000 feddans
12 January 11:23 AM Egypt expected to produce 1m tonnes of white sugar in 2021 season
Cairo – Mubasher: The Egyptian Minister of Supply and Internal Trade, Ali El-Moselhy, headed a meeting with chairmen of sugar production companies to review the production results expected in 2021 season. The planted area with cane reached about …
Sugar reserves are enough until the end of next October
11 January 05:49 PM Egypt’s strategic wheat reserves enough for five months
Cairo – Mubasher: The Egyptian Minister of Supply and Internal Trade, Ali El-Moselhy, revealed that the country’s strategic reserves of wheat are sufficient for the next five months. In addition, the most populous Arab nation has vegetable oil …
Minister of Petroleum and Mineral Resources, Tarek El-Molla
11 January 03:58 PM Egypt currently building $7bn oil refineries
Cairo – Mubasher: Egypt is currently establishing several oil refineries and projects in Greater Cairo, Alexandria, Assiut, and Suez with investments of $7 billion, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, revealed. …