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Egypt’s business digest July 3

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Sunday ,03 July 2016

Egypt’s business digest July 3
Egypt asks for $500 million, 2nd installment of Saudi 2.5 billion garnt
 
Early June, Egypt has asked for $500 million installment Saudi Arabia, the second installment of 2.5 billion grant to establish a number of projects in Egypt, an Egyptian official told al-Mal newspaper Saturday evening.  On June1, Egypt’s Minister of International Cooperation Sahr Nasr has announced that Egypt has received the first installment of $500 million. The grant has been signed between both side in April during Saudi King Salman bin Abdelaziz’s visit to Egypt.
 
CBE governor hints to decrease the exchange rate- Reuters
 
Governor of the Central Bank of Egypt (CBE) Tarek Amer strongly hinted that the bank will decrease the exchange rate, saying, “I will not rejoice stability of the exchange rate and factories parked” and that “the decline in the pound has pros for the development of exports,” Reuters reported him in an interview with three newspapers.

Egypt’s current account deficit at $14 bln in first nine months of 2015/16- Al Ahram
 
(Reuters)- Egypt’s current account deficit almost doubled in the first nine months of 2015/16 to $14 billion from $8 billion in the same period a year earlier, central bank governor Tarek Amer said in remarks in state newspaper Al Alhram.
 
Egypt repays $720 mln to Club de Paris, 1st installment of $3.55 loan
 
Central Bank of Egypt has repaid $720 million to the Club de Paris, the first installment of $3.55 billion loan, an anonymous official at the CBE told the state-owned news agency MENA Sunday. On Friday the CEB governor Tareq Amer announced that Egypt has repaid Qatar the last batch of a $3 billion debt.
 
Trade volume of Egypt’s stock exchange securities declines to 60.6 bln EGP
 
The trade volume on the stock exchange securities has declined to 60.6 billion EGP from 67.9 billion EGP over the past three months, according to a report from the Stock Exchange.  Trading on shares represented 61.12 percent, while circulation of the bonds represented 38.88 percent for all the listed companies.