UPDATE: Egypt’s business digest Sept. 9: Egyptian exchange market value increases by 1.9% WoW
The Egyptian Exchange - YOUM7 (Archive)
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CAIRO: No more browsing from site to site, view the top business news stories on September 9 here:

Egyptian exchange market value increases by 1.9% WoW

The Egyptian Exchange gained 420.3 billion EGP during the course of the week ended on Thursday, compared to 412.16 EGP a week earlier, while the benchmark index EGX30 went up 0.63 percent to close at 8,188.2 points.

The small and mid-cap index EGX70 increased 0.2 percent to close at 357.26 points, while the broader index EGX100 edged up 1.34 percent to close at 816.88 points.

 

Egypt says receives first $1 billion tranche of World Bank loan

(Reuters) – Egypt received on Friday the first $1 billion tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government’s reform programme, the international cooperation ministry said in a statement.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and to ease a dollar shortage that has crippled import activity and hampered recovery.

The turmoil has seen foreign reserves more than halve from some $36 billion before the uprising to $16.564 billion in August.

The World Bank had agreed to provide the first $1 billion in December but was waiting for the government’s economic programme, which outlines the broad strokes of its reform plans, to be passed by parliament.

A long-delayed Value-Added Tax (VAT) was one of the reforms agreed to as part of the first tranche. Parliament approved the tax in August.

 

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


(REUTES): 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 programme to help it plug its funding gap and stabilise markets. But the deal requires Egypt to secure a further $6 billion in bilateral financing.

 

Yields rise at Egypt’s five-year T-bond auction


(REUTES): Yields rose on Egypt’s five-year treasury bonds at an auction on Thursday, data from the central bank showed.

The average yield on the five-year bond rose to 17.350 percent from an average of 17.260 percent at the previous auction on Aug. 29.

 

Egypt’s annual core inflation rise to 13.25 pct in August – c.bank


(REUTES): Egypt’s annual core inflation jumped to 13.25 percent in August from 12.31 percent in July, the central bank said on Thursday.

Core inflation, which strips out the price of volatile items such as fruit and vegetables, had been rising since March but edged down slightly in July.

August appeared to mark a return to the upward trend in prices since the central bank devalued the pound in March and slashed subsidies in August.

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