UPDATE: Egypt’s business digest Oct.8: Int’l cooperation minister, AIIB officials talk funding Egypt’s development projects
International Cooperation Minister Sahar Nasr
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Int’l cooperation minister, AIIB officials talk funding Egypt’s development projects

International Cooperation Minister Sahar Nasr met with officials from the Asian Infrastructure Investment Bank (AIIB) on Saturday and discussed ways to secure funding for Egypt’s ongoing development projects, Youm7 reported

The meeting comes on the sidelines of the AIIB annual meeting currently taking place in Washington D.C.

During the meeting, Nasr briefed the AIIB officials on efforts exerted by her Ministry to boost economic ties with the different financial institutions. Meanwhile, the AIIB officials expressed their keenness to supporting the Egyptian government to implement its ambitious economic program.

Nasr is currently attending annual meetings of International Monetary Fund, G-24 and the World Bank groups currently held in Washington.

 

786 new companies established in Sept.: GAFI

A total of 786 new companies with investments estimated at two billion EGP were set up during the month of September 2016, the General Authority for Investment and Free Zones (GAFI) announced in a statement.

The new companies have secured 4,795 jobs, GAFI said in its monthly report issued Saturday.

 

Without Saudi oil aid, Egypt rushes out big buy tenders

(Reuters) – Egypt has not received October allocations of petroleum aid from Saudi Arabia, traders told Reuters, forcing its state oil buyer to rapidly increase tenders even amid a severe dollar shortage and growing arrears to oil producers.

Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) signed during a state visit this year by Saudi Arabia’s King Salman.

Delivery of the Saudi Aramco products was halted as of Oct. 1 though the reason remains unclear, a trader that deals with the EGPC told Reuters.

The kingdom has pumped billions of dollars, including grants, into Egypt’s flagging economy since the toppling of President Mohamed Mursi of the Muslim Brotherhood in 2013 after mass protests against his rule.

The oil aid has saved Egypt hundreds of millions of dollars per month at a time when it faces an acute shortage of hard currency that has forced it to ration dollars for key commodities and negotiate long term credit arrangements with oil producers to keep critical supplies flowing.

Under the 700,000-tonne monthly supply deal, Saudi Aramco agreed to provide 400,000 tonnes of gas oil, 200,000 tonnes of gasoline and 100,000 tonnes of fuel oil per month, all on a credit line with a 2 percent interest rate to be repaid over 15 years, an EGPC official has told Reuters.

 

IMF official sees first payout to Egypt at around $2.5 billion – REUTERS

The International Monetary Fund’s initial loan payment to Egypt will be about $2.5 billion, a senior IMF official said on Friday, adding that he hoped to secure board approval for the program within the next month.

Masood Ahmed, director of the IMF’s Middle East department, said that the $12 billion loan program would contain conditions that include reducing Egypt’s budget deficit and making its currency exchange rate system more market-driven.

The IMF is “making good progress” on talks with China, Saudi Arabia and some G7 countries to provide about $5 billion to $6 billion in additional bilateral financing needed for the program’s first year.

 

Egypt to hold international tender for 500,000 tonnes of rice –statement – REUTERS

(REUTERS): Egypt’s Supply Ministry will hold an international tender for rice with a minimum of 500,000 tonnes, the government said on Saturday.

The ministry has also contracted for the importation of 420,000 tonnes of sugar in coordination with the military in the “past few days” and will contract to import an additional 200,000 tonnes this week, the government said in a statement.

 

Egypt’s GASC gets two offers at raw sugar tender – trade

Egypt’s state buyer, the General Authority for Supply Commodities (GASC), received two offers at its raw sugar tender on Saturday.

The lower of the two was presented by Union at $558.8 a tonne on a cost, insurance and freight basis (CIF), Cairo-based traders said.

The other was an offer by multitrade at $560 a tonne CIF. Both offers were for 50,000 tonnes.

Results of the tender are expected later on Saturday.

 

Egypt, Asian Bank for Investment discuss financing developmental projects

Minister of International Cooperation Minister Sahar Nasr and Finance Minister Amr el-Garhy met Friday with representatives of the Asian Bank for Investment in Infrastructure to discuss financing developmental projects.

The meeting was held on the sidelines of the annual meetings of the World Bank in Washington D.C.

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