Egypt’s business digest Aug. 1: Finance minister: Egypt’s external debt to reach $53.4 billion with IMF loan; China to build phosphoric acid factory in Egypt’s Wadi Gadid governoarte
Egyptian Minister of Finance Amr al-Garhi (YOUM7 archive)
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CAIRO: No more browsing from site to site, view the top business news stories on August 1 here:

Finance minister: Egypt’s external debt to reach $53.4 billion with IMF loan

(Reuters) – Egypt’s finance minister said in a television interview on Sunday that Egypt’s external debt would reach $53.4 billion if his country receives an International Monetary Fund (IMF) loan.

Last week Egypt said it was seeking $4 billion a year over three years from the IMF to help plug a funding gap. The government hopes to finalise the deal in August.

A two-week IMF mission arrived in Cairo over the weekend to negotiate an IMF loan package.

 

 

Egypt M2 money supply rises 18.6 pct in June -central bank

(Reuters) – Egypt’s M2 money supply was up 18.6 percent at the end of June from a year earlier, the central bank said on its website.

The money supply stood at 2.095 trillion Egyptian pounds, it said.

Following is a table of the latest Egyptian M2 money supply figures in trillions of Egyptian pounds, according to the central bank’s website (www.cbe.org.eg):

June 2016 May 2016 June 2015

Domestic liquidity (M2) 2.095 2.044 1.765

 

Egypt launches international tender for oil, natgas exploration

(Reuters) – Egypt’s Ganoub El-Wadi Petroleum Holding Company (GANOPE)launched an international tender for oil and natural gas exploration in 10 sectors in the southern regions of the Gulf of Suez and Western Sahara, the oil ministry said in a statement on Sunday.

Company chairman Sherif Sousa told Reuters by telephone that November 30 was the deadline for bids to be presented.

The ministry statement named the sectors included in the bidding process as Western Gebel el Zeit, South-East Ghara, Eastern Jesoum, Taer El-Bahr and South Sinai, and five other sectors of the western desert.

Egypt has been seeking to boost domestic production, as increased consumption and declines in production have transformed the country from a net exporter to an importer of energy.

 

China to build phosphoric acid factory in Egypt’s Wadi Gadid governoarte

A Chinese delegation paid Sunday a visit to al-Wadi al-Gadid (New Valley) governorate to inspect a site to establish a factory for phosphoric acid production, Youm7 reported Governor Mahmoud al-Ashmawy Monday. The factory construct will cost $900 milion, Ashmawy added in a statement.

 

Finance ministry to borrow 3 bln EGP in T-bonds on Monday

The Finance Ministry is set on Monday to borrow a total of 9.7 billion EGP through treasury bonds (T-Bonds), Youm7 reported.

The auction is divided into two installments:  the first five-year-term treasury bonds are to the value of 2.5 billion EGP, while the second 10-year-term bonds’ value is appreciated at 500 million EGP.

 

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