UPDATE: Egypt’s Business digest Aug. 12:EGX30 soars by 1.48 percent on week close, market capitalization adds 3.2 b EGP
Traders work at the Egyptian stock exchange in Cairo, Egypt in this August 23, 2015 (Reuters)
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CAIRO: No more browsing from site to site, view the top business news stories on August 12 here:

EGX30 soars by 1.48 percent on week close, market capitalization adds 3.2 b EGP

The Egyptian Exchange benchmark index EGX30, soared by 1.48 percent during the past week of trading ended Thursday to reach 8,377.1 points, up from 8,225.36 points a week earlier, data from Egypt’s bourse showed on Friday.

However, the Mid- and small-cap index EGX70 added 0.82 percent to reach 363.39 points, while the price index, EGX100 edged up 1.53 percent to reach 806.66 points

Meanwhile, market capitalization dropped by 362.8 million EGP to reach 418.6 EGP billion this week, down from 419 EGP billion last week.

 

Sisi to inaugurate Ethydco complex in Alexandria

President Abdel Fatah al Sisi is scheduled to inaugurate the long planned complex of the Egyptian Ethylene & Derivatives Co. (Ethydco) on Saturday, Al Ahram reported.

The new plant will cover 45 percent of Egypt’s domestic market needs of ethylene, high-density and low-density polyethylene, butadiene, and other derivatives, Petroleum Minister Tarek al Mulla was quoted by Al Ahram.

Built in Egypt’s Mediterranean city of Alexandria, the $1.9-billion complex will produce a total of 460,000 tons of ethylene per year, he added.

 

Egypt needs $5-6 bln in bilateral financing to seal IMF deal: mission chief

(Reuters) – Egypt’s preliminary deal for a $12 billion IMF loan program can go to the board for approval only if the government secures $5-6 billion in bilateral financing for the first year, Chris Jarvis, the head of the IMF mission in Cairo, said on Thursday.

The International Monetary Fund (IMF) said earlier it had agreed in principle to grant Egypt a $12 billion three-year facility to support a government reform program aimed at plugging a budget gap and rebalancing the currency market.

The long-awaited deal is subject to final approval by the IMF executive committee, which should meet in the coming weeks.

Asked if anything could yet preclude board approval, Jarvis told Reuters: “One key element that remains to be sorted out is we need to ensure that the program is fully financed.”

 

USD exchange rate “stable” at 8.88 EGP

The USD exchange rate against the Egyptian pound remained “stable” at 8.83 EGP for purchase and 8.88 EGP for sale, while the Euro reached 9.83 EGP for purchase and 9.93 EGP for sale.

 

Egypt’s exports of leather hit $25.29: report

An official report by the Ministry of Trade and Industry revealed that total Egyptian exports of leather reached $25.29 million during the first quarter of 2016.

According to the report, the recipient countries include: Portugal, Saudi Arabia, Qatar, Israel, Turkey, Sudan, Lebanon, France, Spain, Germany, Iran and China.

 

Egypt, IDB discuss mutual cooperation

Minister of International Cooperation Sahar Nasr held discussions with the Islamic Development Bank (IDB) on mutual cooperation, according to a statement.

The meeting tackled relationship with the bank, which contributes in financing a number of important projects in Egypt with a total funding of up to $2.3 billion, in addition to the contribution of the International Islamic Trade Finance Corporation (ITFC) in funding the purchase of petroleum products worth $3 billion.

 

Egypt to repay $12 bln loan over 10 yrs: IMF

The International Monetary Fund (IMF) announced that the Egypt will repay the $12 billion loan over a period of 10 years, adding that Egypt is expected to receive the loan on a semi-annual basis.

The Egyptian government announced Thursday that an agreement was reached with the IMF over a 3yr-loan programme, to support an economic reform plans.

 

National Bank of Egypt donates with 10 Braille typewriters, 2 trucks equipped for disable in N. Sinai

The National Bank of Egypt (NBE) has donated with two equipped trucks to be used for transporting disabled people as well as 10 Braille typewriters to North Sinai.

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