UPDATE: Egypt’s Business digest Aug. 11: Egypt to receive 1st tranche of IMF loan in 6 weeks: finmin
Minister of Finance: Amr al Garhy


CAIRO: No more browsing from site to site, view the top business news stories on August 11 here:

Egypt to receive 1st tranche of IMF loan in 6 weeks: finmin

Egypt will receive the first tranche of the International Monetary Fund’s $12 billion loan “within six weeks;” Finance Minister Amr el Garhy was quoted by Youm7 on Thursday.

The International Monetary Fund said on Wednesday it had reached an initial agreement to lend $12 billion three-year loan to Egypt to bolster an economy and rebalance currency markets.

The deal is subject to final approval by the IMF executive committee, likely in the coming weeks, the IMF said.


EGX closes on positive note amid IMF loan deal

The Egyptian Exchange (EGX) closed the trading week on Thursday on a positive note, following a $12 billion loan initial agreement with the International Monetary Fund, Youm7 reported.

The benchmark index EGX30 rose by 1.04 percent to close at 8,377 points, while the small and medium – caps index EGX70 inched up 0.34 percent to close at 363 points.

Meanwhile, the market capitalization lost 1.3 billion EGP to close at 418.64 billion EGP down from 419.95 billion EGP a day earlier.


Egypt 2025 dollar bond nears 1-year high after IMF loan agreement

(REUTERS)-Egypt’s dollar-denominated 2025 bond rose on Thursday to trade at its highest level since end-September 2015 after the country agreed a three-year funding deal with the International Monetary Fund (IMF).

The bond issued in 2015 changed hands at 95.437 cents in the dollar while the 2020 issue traded at 102.292 cents after adding 0.022 cents on the day.


Egypt, India discuss cooperation in establishing Azhar’s technology center

Minister of International Cooperation Sahar Nassr discussed with the Ambassador of India in Cairo Sanjay Bhattacharyya current cooperation in the project of establishing a technology center at Azhar University.

The project is part of a memorandum of Understanding signed in 2013, per which 500 people will be trained each year, while the Indian part will support the center with devices and experts.


Egypt’s Orascom Telecom Q1 net profit tumbles to 48.733 mln Egyptian pounds

(REUTERS): Egypt’s Orascom Telecom Media and Technology Holding said on Thursday its first quarter net profit had fallen to 48.73 million Egyptian pounds ($5.49 million) from 373.85 million in the same period of last year.

OTMT reported a net loss of 3.6 billion Egyptian pounds in 2015 versus a net profit of 263.98 million pounds a year.


USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Thursday 8.88 EGP for sale and 8.85 for purchase.



Egypt’s EFG-Hermes losses deepen to 67.55 mln Egyptian pounds in second quarter

(REUTERS): Egypt’s EFG-Hermes, the country’s largest investment bank, said on Thursday it made a net loss of 67.55 million Egyptian pounds ($7.61 million) in the second quarter compared to a net profit of 177.49 million pounds in the same period last year.

EFG-Hermes slid into losses in the first quarter after taking a non-cash impairment charge on the sale of its stake in Credit Libanais. Net losses in the first six months of the year amounted to 131.21 million Egyptian pounds. It did not provide an immediate explanation for the losses.



Telecom Egypt Q2 net profit up 175 pct y/y to 1.04 bln Egyptian pounds

(REUTERS): Telecom Egypt said on Thursday its second-quarter net profit had risen 175 percent from the same period the previous year to reach 1.04 billion Egyptian pounds ($117.12 million).

Egypt’s fixed line monopoly, which is majority owned by the government, announced consolidated revenues of 3.29 billion Egyptian pounds in the second quarter, an increase of 8.9 percent on the same period last year.

Recommend to friends

Leave a comment