UPDATE: Egypt’s Business digest July 26:IMF delegation due in Cairo Fri. for loan talks
IMF general director Christine Lagarde - AFP/Saul Loeb
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CAIRO: No more browsing from site to site, view the top business news stories on July 26 here:

IMF delegation due in Cairo Fri. for loan talks: source

An International Monetary Fund (IMF) delegation will visit Egypt on Friday to negotiate a multi-billion dollar loan, a well-informed source told Youm7 on Tuesday.

“The IMF delegation would meet Tarek Amer, Governor of the Central Bank of Egypt, to discuss the terms of the loan, which would be announced after an agreement is reached,” said the source.

The loan, which comes amid the country’s dollar crisis aims to alleviate the pressure on the state budget, said the source without pointing out the interest rate.

 

EGX rebounds on Tuesday closing, gains 1.5 b

The Egyptian Exchange (EGX) rebounded on Tuesday closing boosted by local institutions as well as Arab and foreign buying appetite, Youm7 reported.

Market capitalization gained 1.5 billion EGP to record 403.844 billion EGP during the closing session on Tuesday.

The benchmark index EGX30 inched up 0.30 percent, while the small- and medium-sized enterprises (SME) index EGX-70 dipped 0.62 percent.

 

Egypt tenders to import 3-4 LNG cargoes monthly: official

The Egyptian Natural Gas Holding Co (EGAS) will soon offer an international tender to import a number of cargoes of liquefied natural gas (LNG), Youm7 reported official from Egyptian Ministry of Petroleum.

He added that the tender terms include sending 3-4 cargoes monthly to feed the third re-gas compound in Ain Sokhna for electricity.

 

Egypt signs 2 agreements to explore gas, oil in Upper Egypt

Minister of Petroleum and Mineral Resources Tariq Al-Mulla signed Tuesday two new agreements for oil and gas exploration in Upper Egypt’s El Baraka field of Aswan, Youm7 reported the Ministry’s statement.

The Ministry’s Ganoub El Wadi Petroleum Holding Co signed the agreements with the U.S. Energy Business Review (EBR) and a Cypriot company to explore three wells in the area.

 

Egyptian pound held steady at auction, firms on black market

(Reuters) – The Egyptian pound was held stable at 8.78 to the dollar at the central bank’s weekly foreign exchange auction on Tuesday but strengthened marginally on the black market.

The bank said it sold $116 million at the current rate, confirming earlier comments from bankers.

 

Egypt signs Letter of Understanding on Japanese grant of $18 million for E-JUST

Egyptian Minister of International Cooperation Sahar Nasr signed Tuesday a Letter of Understanding on a Japanese grant of $18 million to the Egypt-Japan University of Science and Technology (E-JUST),, which was established in Cairo in 2009.

 

Egypt’s stock market faces selling pressure amid weakening of pound

(Reuters)- The stock market index faces selling pressure as the Egyptian pound weakened to an unprecedented 13 to the dollar on the black market on Monday amid expectations for a devaluation.

Although economists expect Egypt’s central bank to keep interest rates unchanged at its monetary policy committee meeting on Thursday, after it raised rates by 100 basis points at its last meeting, further hikes are not ruled out if the currency continues to get knocked down.

 

CBE to pump $120 mln into domestic banks Tuesday

The Central Bank of Egypt (CBE) will pump Tuesday around $120 million into domestic banks, amid expectation of further devaluation of Egyptian pound against the U.S. dollar, Youm7 reported.

The value of Egyptian pound declined against U.S. dollar scale Monday in the black market, Youm7 reported; the Egyptians purchase the dollar for 12.60 EGP, and sell it for 12:40 EGP.  The CBE held the value of the Egyptian at 8.8571 against the U.S. dollar for purchase in the banks.

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