Egypt | - Part 18

Egypt Seeks $12 Billion IMF Loan to Repair Battered Economy

CAIRO, Egypt, Capital Markets in Africa: Egypt plans to secure a $12 billion loan from the International Monetary Fund to ease a crippling dollar squeeze and restore confidence in the economy, an accord that would be the fund’s biggest aid package in a region pummelled by political unrest and the plunge in oil prices. Stocks surged after authorities said on Tuesday evening they will finalize terms with an IMF team set to visit Cairo from July…

Pound Slumps as Egyptian Banks ‘Scrape Barrel’ Over FX Shortage

Posted on by The Editorial Team

CARIO, Egypt, Capital Markets in Africa: The Egyptian pound extended a record low on the black market, as tighter restrictions on the use of local debit and credit cards overseas and comments by the central bank governor stoked speculation of a devaluation. The pound fell to 12.99 per dollar on Tuesday from 12.02 last week, according to the average quote of five currency traders in Cairo and Alexandria. That’s the lowest since Bloomberg started tracking black…

Egypt to Receive First Tranche of $1.5 Billion Saudi Loan ‘Soon’

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CAIRO, Egypt, Capital Markets in Africa: Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth. The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of a package of agreements worth $25 billion signed during Saudi King Salman’s visit to Cairo in April, which…

Harnessing Maghreb’s Growth Potentials: A Private Equity Perspective

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LAGOS, Nigeria, Capital Markets in Africa: Very often investors wonder whether investing in the Maghreb is beneficial and delivers high returns. There are several reasons why this region is more attractive than other emerging markets in the world. In the Maghreb countries, future growth expectations tend to be high, competition levels are rather low and markets relatively stable. Also, there is usually a strong pipeline of good companies in fundamentally good sectors. Another important element…

EGYPT: The Gateway for International Private Equity Investment into Africa

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LAGOS, Nigeria, Capital Markets in Africa: Located at the North Eastern gate of Africa, Egypt is considered the gateway to African markets in terms of both investments flows, and target exports destinations. Together with the 90 million plus citizens, its professionally sophisticated financial sector adds to its comparative advantage as an appealing destination for investment flows, mandated towards both the local market and the neighbouring African countries, known for their huge investment potential. In spite…

Egypt Stocks Jump Most Since March on Currency Devaluation Hints

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks advanced the most since March after the central bank hinted it may devalue the local currency. The EGX 30 Index rose 2.9 percent to 7,182.8 at the close in Cairo. About 609 million Egyptian pounds ($69 million) of shares traded, the most since May. The rally came a day after Central Bank Governor Tarek Amer said that the policy of defending the pound in the past five years was a “grave mistake,”…

Egypt’s Dilemma as Central Bank Meets on Rates

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CAIRO, Egypt, Capital Markets in Africa: Soaring inflation and a long-running dollar shortage suggest Egypt’s central bank has ample reason to raise interest rates when officials meet on Thursday. On the flip-side, doing so would increase interest payments for a government trying to plug a hole in its finances. A Bloomberg survey shows economists are split, with three predicting a hold and three predicting an increase to the benchmark rate. The central bank raised Egypt’s key interest…

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