Egypt | - Part 8

Egypt’s CIB completes $40 mln sale of investment banking unit

CAIRO (Capital Markets in Africa) – Egypt’s largest listed bank CIB said on Monday it had finalised the sale of a near 75 percent stake in its investment banking arm to a consortium of local and foreign investors in a deal worth 710.2 million Egyptian pounds ($39.5 million). Commercial International Bank (CIB) signed an agreement in December to sell the majority of its shares in CI Capital to a group of Egyptian and Gulf investors. It…

Africa Finance Corporation Invests US$25 million in Egypt’s Carbon Holdings

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced it is to invest US$25 million in Egyptian petrochemicals company Carbon Holdings Ltd. Carbon Holdings primarily operates in the Suez Special Economic Zone. As well as exporting raw materials and end products, the company aims to develop an integrated large-scale petrochemicals platform in Egypt to take advantage of the country’s strategic geographic location…

Egypt’s pound shows Nigeria must overcome its fear of floating free

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CAIRO (Capital Markets in Africa) – A currency devaluation may do little to fix Nigeria’s problems unless it follows the examples of emerging market peers Egypt, Argentina and Russia and embraces floating exchange rates. Grappling with the recession, widespread dollar shortages, a budget funding gap and international lenders’ reluctance to provide loans, Nigeria has moved tentatively to devalue its currency. The naira traded as low as 375 per dollar on Monday versus the official rate of…

Egyptian Central Bank Retains Benchmark Interest at 15.25%

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CAIRO (Capital Markets in Africa) – Egypt’s central bank left its key interest rates unchanged on Thursday at a meeting of its Monetary Policy Committee, the bank said in a statement, the third consecutive meeting where it kept rates on hold. The bank kept its overnight deposit rate at 14.75 percent and its overnight lending rate at 15.75 percent. The decision comes after Egypt’s core inflation rate soared in January to 30.86 percent, its highest…

Egyptian Equity closes in the North Pole, EGX30 1.64% up

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa)- The Egyptian Exchange (EGX) ended Thursday’s trading session in a rise, as the benchmark index EGX30 added 1.64% or 203.6 points and closed at the level of 12,651.97 points, after closing five consecutive sessions in red. EGX70 declined by 0.96% to 512 points, and similarly, the broader index EGX100 lost 0.88% to the level of 1,220.19 points. On the other hand, the equal-weighted index EGX50 rose 1.78%, closing at 1,957.58…

Afreximbank and Ecobank agree US$500m programme for African trade and investment promotion

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LOME (Capital Markets in Africa) – The African Export-Import Bank (Afreximbank) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group have signed a memorandum of understanding (MOU) to promote joint corporate objectives through the financing of private sector projects and trade finance transactions, focusing particularly on transactions involving trade and investment in Afreximbank member countries where Ecobank also has a presence. The cooperation between the two institutions will support efforts at promoting intra-African…

Egypt making good progress in IMF programme, Lagarde says

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CAIRO (Capital Markets in Africa) – Egypt is making good progress in its $12 billion loan programme with the International Monetary Fund and its currency may be stabilising after plunging to record lows, IMF Managing Director Christine Lagarde said on Monday. In November, Cairo agreed on the three-year loan deal with IMF, which involved tough economic reforms, such as cutting its budget deficit and floating the Egyptian pound. The currency plunged as low as around 19.50…

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