Egypt’s business digest Aug. 16: Sisi to sign 5 cooperation deals with China during participation in G20 Summit; 18 int’al banks bid to run Egypt’s issuance of .S. dollar-denominated bonds
President Abdel Fattah al-Sisi held talks and signed a number of cooperation agreements with his Chinese counterpart President Xi Jinping - courtesy of presidential office
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Sisi to sign 5 cooperation deals with China during participation in G20 Summit

President Abdel Fatah al-Sisi will sign a number of cooperation deals with China, worth of $5 billion, during his visit Hangzhou to attend the G20 Summit that due to be held in September, Youm7 reported an official in the Egyptian Ministry of International Cooperation.

The deals include establishment of a solar power plant with capacity of 1,000 megawatt and at a cost of $3.3 billion, the official added on condition of anonymity as he was not authorized to brief the media.

The Ministry is contacting with the Chinese side to sign a memorandum of Understating with the Export-Import Bank of China, the official continued.

The total of Chinese grants in Egypt has reached $169 million since 1992, while the soft loans for Egypt recorded $305.4 million, according to the latest data from the Egyptian Ministry.

18 int’al banks bid to run Egypt’s issuance of .S. dollar-denominated bonds

A total of 18 international banks have submitted to the Ministry of Finance their bids to run Egyptian issuance of U.S. dollar-denominated bonds in the international markets, Youm7 reported Ministry deputy Ahmed Kojak Tuesday.

The international banks include HSBC, Citibank, and Morgan Stanley, BNP Pariba, Kojak added.

 

NBE considers issuance of U.S. dollar-denominated bonds globally

The National Bank of Egypt (NBE) is considering issuance of U.S. dollar-denominated bonds in the international market in the fiscal year of 2016/2017, Youm7 reported Hassan El Rifaei, member of the NBE executive board, Tuesday.

He added that the issuance will be offered after the Central Bank of Egypt to sell its international auction in October, noting that the NBE’s new proposal aims to get more hard currency.

 

Safaga maritime port to be opened after development works in September

The General Authority for Red Sea Ports (GARSP) will inaugurate Safaga maritime port in September after being developed at a cost of 510 million EGP, Youm7 reported GARSP chairperson Hesham Abu Senna Tuesday.

He added that President Sisi to attend the inauguration ceremony.

 

CBE pumps 120 $mln into domestic banks Tuesday amid expected devaluation of the pound

The Central Bank of Egypt (CBE) will pump $120 million into domestic banks Tuesday, amid expectation of devaluating the Egyptian pound against the U.S dollar in coming period after its negotiation with the International Monetary Fund (IMF) to get $12 billion loan, Youm7 reported.

 

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