UPDATE: Egypt’s business digest Aug. 4:Egypt’s stock ends on mixed note amid IMF loan talks
Egyptian Exchange - YOUM7 (Archive)
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CAIRO: No more browsing from site to site, view the top business news stories on Aug. 4 here:

Egypt’s stock ends on mixed note amid IMF loan talks

The Egyptian Exchange (EGX) ended on mixed note during the closing session of Thursday as the benchmark index EGX30 surged 1.86 percent, to more than one-year high of 8255.36 points backed by the purchases of the institutions.

The Mid- and small-cap index EGX70 rose 0.04 percent, to 360.45 points. Price index, EGX100 picked up 0.49 percent, to 794.48 points.

Market capitalization incurred losses worth around 6.2 billion EGP ($698.2 million), to record 419.002 billion pounds.

 

Egypt, IMF delegation discuss budget clauses: finmin

Egyptian Finance Minister Amr El-Garhy said on Thursday that issues regarding government budget are currently discussed with the International Monetary Fund (IMF) delegation as a part of a loan worth $ 12 billion.

Egypt said last month it was close to agreeing a $12 billion IMF lending program to ease its funding gap and restore market stability.

 

Egypt bourse caps firms raising cash abroad to deepen home market

(Reuters)Egypt’s stock exchange is changing its rules on global depositary receipts (GDRs) to encourage companies to increase their “free float” of shares at home before looking abroad to raise money.

“The goal is to encourage companies to increase their free-floating shares on the bourse,” the exchange’s chairman Mohamed Omran told Reuters on Thursday.

 

Egypt cabinet approves plan to issue $3-5 bln in eurobonds

The Egyptian Cabinet has approved plans for an international bond issuance of $3 b-$5 b, Youm7 quoted a finance ministry official said on Thursday.

Egypt would initially target $3 billion but could borrow up to $5 billion “if it found there was investor appetite,” said the source.

 

Egypt talks with EBRD to finance Abu Rawash waste water treatment project

Egyptian Minister of International Cooperation Sahr Nasr and Minister of Housing Mostfafa Madbouly has met Wednesday evening with director of Cairo Bureau of European Bank for Reconstruction and Development (EBRD) Philip Tirrot to discuss financing a project of waste water treatment in Abu Rawash city, 8 km to the North of Giza, according to a statement from the Ministry of International Cooperation Thursday.

Financing the project came among the bank’s new strategy in Egypt as it will provide 1,500 job opportunities over the coming five years over which the project will be implemented, the statement added.  The EBRD’s investments in Egypt are estimated at 1.7 billion Euros.

 

Minister of Finance named AIIB governor, International Cooper Minister as deputy

Egyptian Prime Minister Sherif Ismail appointed Minister of Finance Amr al-Garhy as a governor of Asian Infrastructure Investment Bank (AIIB) and Minister of International Cooperation Sahr Nasr as  governor deputy. In 2015, Egypt has signed an agreement to be the bank’s shareholder in Africa, besides South Africa.

 

China Fortune Land Development offers $20 bln investments in Egypt over 10 years

China Fortune Land Development Co has offered to pump $20 billion in investments in Egypt over the coming ten years, according to a statement from Egyptian Ministry of Investments Thursday.

Minister of Investment Dalia Khorshid has met with the company representative in Egypt, who expressed he company’s keenness to establish investments in the new Egyptian administrative capital, the statement added.

 

Finance ministry to borrow 10.7 bln EGP in T-bonds on Thursday

The Finance Ministry, via the Central Bank of Egypt, is set on Thursday to borrow a total of 10.7 billion EGP through treasury bonds (T-Bonds), Youm7 reported.

The auction is divided into two installments:  the first 182-day-term treasury bonds are to the value of 4.7 billion EGP, while the second 364-day-term bonds’ value is estimated at 500 million EGP.

 

Egypt’s Global Telecom posts Q2 net profit of $26.5 mln

(Reuters) Global Telecom, the Egypt-based group formerly known as Orascom Telecom, made a net profit of $26.5 million in the second quarter, down from $27.4 million in the same period a year earlier, the firm said in a statement on Thursday.

The firm made total revenue of $693 million compared with $736 million in the same period last year.

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