Egypt’s business digest Sept.8: Egypt eyes $2-3 bln deposit from Saudi Arabia to help seal IMF deal -fin min; Egypt’s consumer inflation goes up to 16.4% in August, CAPMAS
Egyptian Minister of Finance Amr al-Garhi (YOUM7 archive)
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CAIRO: No more browsing from site to site, view the top business news stories on September 8 here:

Egypt eyes $2-3 bln deposit from Saudi Arabia to help seal IMF deal -fin min

Egypt is in advanced talks with Saudi Arabia to secure a new deposit worth $2-3 billion as part of about $6 billion in bilateral financing required to seal an IMF loan, the finance minister said in comments published by Al Borsa newspaper.

Borsa quoted Amr El-Garhy as saying that negotiations with Saudi Arabia were due to be completed in the next few weeks.

It was not clear if Garhy was expecting Egypt to agree on the disbursement of a $2 billion deposit agreed with Saudi Arabia in April or if the country was seeking new funding.

Egypt reached a preliminary agreement with the International Monetary Fund in August for a $12 billion three-year lending program to help it plug its funding gap and stabilize markets. But the deal requires Egypt to secure a further $6 billion in bilateral financing.

 

Egypt talks with WB, AFDB on 2nd tranche of 1.5 bn. loan

Egyptian Minister of International Cooperation Sahar Nasr and Minister of Trade TareK Kabil met Wednesday with representatives from the World Bank (WB) and the he African Development Bank (AFDB) to discuss the second tranche of the $1.5 billion in soft loan to the Egyptian government, according to a statement from the Ministry of International Cooperation Thursday.

On August 16, Nasr announced in a press conference Wednesday that the World Bank (WB) will vote on a $500-million loan to Egypt for development of industrial areas in Upper Egypt on September 17.

 

Egypt’s consumer inflation goes up to 16.4% in August: CAPMAS

Egypt’s consumer inflation soared up to 16.4 percent in 2016 August, compared with the same period in the previous year, with 2 percent increase, stated the Central Agency for Public Mobilization and Statistics (CAPMAS) Thursday.

 

Egypt imports 24 LNG cargos since January for electricity

Egypt has imported a total of 24 cargos of liquefied natural gas (LNG) since 2016 January  to meet the domestic need of electricity, Youm7 reported an official from the Ministry of Petroleum spoke on condition of anonymity as he was not authorized to brief the media Thursday.

 

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.

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