UPDATE: Egypt’s business digest July 28:IMF delegation arrives in Cairo for $12 b loan talks
International Monetary Fund (IMF) Managing Director Christine Lagarde participates in a news conference with European finance ministers at the IMF/World Bank Spring Meetings in Washington April 14, 2016. REUTERS/Jonathan Ernst/File photo
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CAIRO: No more browsing from site to site, view the top business news stories on July 28 here:

IMF delegation arrives in Cairo for $12 b loan talks

An International Monetary Fund (IMF) delegation headed by Christopher Jarvis has arrived in Cairo Thursday to hold talks with Egyptian officials regarding the Funds’s support to the country’s financial program, Youm7 reported.

The visit comes days after Finance Minister Amr Garhy said Egypt is seeking three loan installments of $4 billion each over the next three years, with an interest rate of 1 to 1.5 percent.

“The loan will help boost international confidence in the economy,” President Abdel Fatah al Sisi said during a meeting with members of the government’s ministerial economic committee on Tuesday.

“We welcome this request, and look forward to discussing policies which can help Egypt meet its economic challenges,” Masood Ahmed, the IMF’s Middle East director, was quoted by Bloomberg on Tuesday.

 

EGX rebounds on Thursday closing, gains 2 b EGP

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

Market capitalization gained 2 billion EGP ($214 million), to record 415.836 billion EGP during the closing session of Thursday.

The benchmark index EGX30 inched up 1.47 percent to 8030.85 points, while the small- and medium-sized enterprises (SME) index EGX-70 tumbled 0.38 percent, to 362.49 points.

 

Egypt’s rally may cool, blue chips to weigh on Gulf – Reuters

Egypt’s stock market may stall on Thursday after Wednesday’s leap in response to news that Cairo is close to obtaining an IMF loan, while weak earnings at some blue chips could weigh on Gulf markets.

The main Egyptian equities index climbed 5.0 percent to 7,915 points on Wednesday, its biggest daily gain since mid-March, in the market’s heaviest trade since mid-April.

 

11.7% increase in manufacturing industries during May: CAPMAS

A Wednesday report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed an 11.7 percent increase in the total manufacturing industries, without crude oil and petroleum products, during May 2016.

 

$119 mln deal to finance East Port Said’s water treatment plant: source

The Ministry of International Cooperation is set to sign Thursday an agreement with the Kuwaiti Fund for Development to finance the first phase of the establishment of a water treatment plant in East Port Said district with a total cost 35 million Kuwaiti Dinar ($119 million,) Youm7 quoted anonymous source at the ministry.

 

More than 100 medicine factories might close due to dollar crisis: source

A member of Pharmacists Syndicate, Sabry Taweela told Youm7 that more than 100 under construction pharmaceutical factories are vulnerable to closure due to the dollar crisis.

 

Egypt’s pet-food imports reach $52.4 mln in 4 months: CAPMAS

Egypt’s imports of pet-food have reached $52.4 million during the period from January to April 2016, according to a CAPMAS report.

The report added that Egypt’s imports of mobile phones, during the same period, have reached $220.1 million.

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