UPDATE: Egypt’s business digest Aug. 18: EGX30 drops by 0.36% on Thursday closing
Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015. REUTERS/Mohamed Abd El Ghany

 

CAIRO: No more browsing from site to site, view the top business news stories on August 18 here:

EGX30 drops by 0.36% on Thursday closing

The Egyptian Exchange (EGX) indexes declined at the close of Thursday trading due to extensive share sales by foreign investment institutions and mutual funds, according to Youm7.

Egypt’s main index, EGX30 dropped by 0.36 percent to close at 8317 points, while the mid- and small-cap index EGX70 fell by 0.19 percent to 365.16 points on Thursday closing.

The market capitalization hit 416.6 billion EGP.

 

Yields rise slightly at Egypt’s T-bill auction

(Reuters) – Yields on Egypt’s six-month and one-year treasury bills rose marginally at an auction on Thursday, data from the central bank showed.

The average yield on the 182-day bill rose to 15.499 percent from 15.402 percent at the previous auction on Aug. 11, and the yield on the 364-day bill edged up to 15.965 percent from 15.914 percent at a similar auction on Aug. 11.

 

Egypt taps JP Morgan, BNP Paribas, Natixis and Citi to manage bond issuance

(Reuters) Egypt has asked JPMorgan, Citi, BNP Paribas and Natixis to lead manage its international bond offer, the Finance Ministry said in a statement.

Egypt’s government approved earlier this month plans for an international bond issuance of between $3 billion and $5 billion.

 

Egypt to receive $2 bln deposit from Saudi Arabia -minister

(Reuters) Egypt is to receive a $2 billion deposit from Saudi Arabia, International Cooperation Minister Sahar Nasr said on Thursday.

She did not specify when the money was expected to arrive, saying in a message: “We only signed … two months ago.”

 

UN allocates $736 mln in grants for development projects in Egypt over four years

Minister Sahr Nasr stated also in remarks to Youm7 Thursday that the United Nations allocated $736 million in grants to support most priority development projects in Egypt in the period between 2014 and 2017.

About 49.1 percent of the grants have been allocated for the government’s efforts in reducing the poverty level, while the second priority comes to the basic services, then the food security and nutrition, finally, the development projects concerning the sustainability and nature resources.

 

Egyptian pound steady at Thursday auction

The Central Bank of Egypt has kept the pound steady against the US dollar at its official foreign currency auction on Thursday, with the unchanged rate of 8.88 per dollar, data from the bank showed.

 

Finance ministry to borrow 10.7 bln EGP in T-bills on Sunday

The Finance Ministry, via the Central Bank of Egypt, is set on Thursday to borrow a total of 10.7 billion EGP (around $1.2 billion) through treasury bills (T-Bill), 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 bills’ value is estimated at 6 billion EGP.

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