Egypt's budget deficit rose to 5.15% of GDP in 8MFY21/22, compared to 5% in 8MFY20/21

The government identified 131 imported products that have the potential to be manufactured locally, to reduce Egypt's import bill

EGX was negatively affected by news on ban of importation of some products like fully manufactured cars and cell phones; Companies noted that there is no ban, but the new process involves approvals from the CBE on L/Cs for importation which means more time is needed to replenish inventory of imported products, especially unnecessary ones

ETEL signed an agreement with the European Investment Bank (EIB) to secure a medium-term loan of EUR150 million to expand ETEL’s 4G broadband network 

FRA Head said that the authority is currently studying the documents submitted by FAB to obtain FRA's approval to start due diligence for the acquisition of HRHO

COMI expects to reach EGP30 billion in SME financing portfolio within 18 monthsFRA will announce regulations governing the establishment of fintech firms this week

FRA is working on a USD400 million green bonds issuance for an international institution, before the end of 1H22

FRA is working on a credit rating system to assess the credit worthiness of clients that do not have banking transactions., which will be based on consumer behavior

Ministry of Supply intends to finalize the awards of construction work for 8 commercial and logistical zones within 8 weeks; ORAS amongst the bidders

Some cement producers are considering the use of Mazut in the energy mix to replace coal, considering the spike in coal international prices above USD350/ton