UPDATE: Egypt’s business digest Oct. 6: Egyptian Exchange adds 14.4bn EGP in this week’s 3 sessions
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 stories in Egypt on Oct. 6 here:

Egyptian Exchange adds 14.4bn EGP in this week’s 3 sessions

The Egyptian Exchange (EGX) added 14.4 billion EGP (about $1.6bn) during this week’s three sessions, Youm7 reported.

The bourse, which opened only three days this week due to new Hijri year and 6 October War victory holidays, closed on positive notes.

The market capital gained EGP 14.4 billion pounds to end today’s transactions at 419.2 billion EGP with collective rise in all its indices throughout the three days.

 

IMF to discuss Egypt loan at future board meeting, not this week

(Reuters) – The International Monetary Fund will discuss Egypt’s $12 billion loan programme at an executive board meeting, not at its annual meeting this week, Egypt’s deputy finance minister told Reuters on Wednesday.

Local media had speculated that the IMF would sign off on the programme, aimed at plugging Egypt’s budget deficit and balancing its currency markets at the annual meeting in Washington from Oct.7-9.

“Egypt’s loan will not be discussed at the annual IMF meeting because this meeting is not intended for executive board members. The executive board meeting will be scheduled later on,” Mohamed Meait said.

Egypt secured a preliminary agreement for the loan in August, but head of the IMF mission in Cairo Chris Jarvis told Reuters at the time that Egypt would have to secure $5-6 billion in bilateral financing before the board grants final approval.

The United Arab Emirates agreed in August to give Egypt’s central bank a $1 billion deposit for six years, and Cairo has been in talks with Saudi Arabia to secure a new deposit worth $2 billion-$3 billion.

 

Egypt’s GDP to grow by 3.8 percent in FY 2016: WB report

It is expected that Egypt’s GDP to grow by 3.8 percent in FY 2016/2017, slightly lower than 4.2 percent growth in FY 2015/2015, said a report from the World Bank on Egypt, published on Thursday.

“Growth in FY16 is expected to be entirely driven by domestic demand as consumption remains resilient and public investments crowd-in the private sector,” the report read.

 

Nasr meets with head of Egyptian-American Enterprise Fund

Minister of International Cooperation Sahar Nasr, met with Chairman of Egyptian-American Enterprise Fund James Harmon on Wednesday evening, on the sidelines Egyptian delegation’s meetings at the World Bank Washington DC, Youm7 reported on Thursday.

Nasr chairs the Egyptian delegation to discuss cooperation portfolio of programs and projects financed with USD 8 billion, given that the International Bank for Reconstruction and Development (IBRD) provides USD 6 billion for development projects and the IFC provides USD 2 billion for the private sector, according to a statement from the Ministry.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Thursday 8.88 EGP for sale and 8.85 for purchase. Euro exchange rate reached 9.93 EGP for purchase and 9.96 EGP for sale.

 

Egypt’s Finance Minister, CBE governor participate in Institute of International Finance meetings

(Reuters) Central Bank of Egypt Governor Tarek Amer and Egypt Minister of Finance Amer El Garhy participate in discussion on “Egypt” before the Institute of International Finance annual meeting in Washington.

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