The government aims to lower the overall debt-to-GDP ratio to below 90% by June 2022

The government revised its forecast for the budget deficit in FY2021/22 to 6.7%, and to less than 6% for FY2022/23

Revenues from the Suez Canal increased by about 10% YoY in January 2022, to reach USD544.7 million

Suez Canal announced implementation of the new fees, with an increase by 6% YoY

The government is looking to list “as many state companies as possible” on the EGX in 2022

The Suez Canal Authority has established a EGP2 billion investment fund, which will be operational next month

Egypt is considering issuing zero-coupon bonds in the local market between 5 or 10 years

Ministry of Petroleum is close to adding two new wells in the Zohr field, with investments of USD1.49 billion for the next fiscal year

Replacing bread subsidies with cash handouts could add to inflationary pressures; Cash subsidies will not be implemented unless inflation is stable

Finance Ministry is mulling whether to lower the mandatory 0.25% tax on corporate revenues that partially funds the universal healthcare program

Solar plants producing more than 500 KW of power will be required to "national grid connection fees" to the Electricity Ministry, at EGP 0.257- 0.329 per KWh,  a move that industry players stand against

After FRA had canceled reliance on blank cheques, ECRA submitted two proposals to FRA to enable non-banking financial institutions to secure repayment of debt from delinquent clients

Passenger car sales recorded in December 22,162 cars, higher MoM by 12.3% and YoY by 9.7%; AUTO’s market share is 22.2% in December and 21.1% in 2021; AUTO is currently trading at FY22 P/E of 4.0x and EV/EBITDA of 7.0x

OLFI obtained the licenses to complete the construction of Obour Farm on an area of 42 acres at an investment cost of EGP225 million

EFIH approved a 4% capital increase, distributed over 71.11 mn shares directed towards the company’s ESOP program

H2 Industries announced that it is about to establish Egypt’s first waste-to-hydrogen plant worth USD 3 bn to produce 300k tons of hydrogen each year 

Universal Healthcare Act Authority intends to launch a limited tender between healthcare management companies 

Affirma Capital and StonePine to invest USD20 million to purchase a significant minority stake in the local pharma and nutraceutical player Nerhadou International