Egypt | - Part 16

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal

CAIRO, Egypt, Capital Markets in Africa: The United Arab Emirates agreed to deposit $1 billion with Egypt’s central bank to help the North African nation meet the requirements for a $12 billion loan deal with the International Monetary Fund. Egypt has secured an initial agreement with the Washington-based lender, but the IMF’s executive board will not consider the loan deal before the country secures commitments of as much as $6 billion from bilateral creditors. The deposit has a six-year tenor,…

Egypt’s El-Sisi Sets Stage for Tough Reforms as IMF Loan Awaits

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egypt is moving to end its dollar exchange rate problem within months, President Abdel-Fattah El-Sisi said, warning that the Arab world’s most populous nation could no longer put off tough measures if it hopes to revive its economy. In an interview with three state-run newspapers published Tuesday, the Egyptian leader said officials had waited too long to act, and that piecemeal measures taken over the years were no longer tenable. His…

Egypt Picks JPMorgan, Natixis, Citi and BNP to Manage Bond Sale

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egypt picked four banks to manage a dollar bond issuance planned for 2016, part of the government’s efforts to raise $21 billion over three years to shore up reserves and end a crippling currency shortage. JPMorgan Chase & Co., Citigroup Inc., BNP Paribas SA and Paris-based Natixis SA will oversee the sale, the finance ministry said in a statement on its website. Egypt plans to sell $3 billion to $5 billion in international…

Egypt Expects Arab Allies to Provide Aid as Part of IMF Deal

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: Egypt expects its oil-rich allies such as Saudi Arabia and the United Arab Emirates to provide funding as the country moves to finalize a $12 billion loan program with the International Monetary Fund, Prime Minister Sherif Ismail said. International financial institutions will also help finance the government’s three-year program with the Washington-based lender, Ismail told Bloomberg News in Cairo on Wednesday. The IMF’s Executive Board will not consider the loan deal before…

IMF Should Know Egypt’s Poor Economy Is Sisi’s Fault

Posted on by The Editorial Team

Cairo, Egypt, Capital Markets in Africa: The International Monetary Fund is riding to Egypt’s rescue. On Thursday it announced that its staff had recommended a three-year loan package of $12 billion, which is expected to be boosted with many more billions from the Arab Gulf states. Egypt, mired in an economic slump with high unemployment and rising inflation, certainly needs the help. But if recent history is any guide, it’s likely to be good money thrown…

IMF Steps Deeper Into Middle East Cauldron With Loan to Egypt

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: The International Monetary Fund is stepping up lending in a region where economic reformers haven’t exactly had the most success. Hoping to restore the confidence of foreign investors, Egypt announced an initial agreement Thursday to borrow $12 billion over three years from the IMF, joining Iraq, Tunisia and Jordan in taking money from the Washington-based fund. Egypt’s program is likely to see the government of President Abdel-Fattah El-Sisi move toward a…

Egypt on Cusp of $12 Billion IMF Aid Seen Prelude to Devaluation

Posted on by The Editorial Team

CAIRO, Capital Markets in Africa: Egypt moved closer to securing $12 billion of International Monetary Fund support designed to restore the confidence of foreign investors and ease a crippling dollar shortage hampering economic growth. Authorities reached an initial accord with an IMF delegation after more than a week of talks in Cairo. If approved by the fund’s executive board and Egyptian lawmakers, the agreement will be the IMF’s second-biggest active traditional loan program after Ukraine. The…

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