S&P Global Ratings has affirmed Egypt’s BB credit rating with a stable outlook on the back of expectations that fresh financial support from the IMF and the GCC will help Egypt meet external funding needs for FY 2022-2023, which total around USD 18 bn. 

Egypt attracted USD6.5 bn in inbound M&A in 9M2022, making it third-biggest destination in the MENA region after the UAE and Saudi Arabia. 

The Petroleum Fuel Pricing Committee left fuel prices unchanged at its latest quarterly meeting, ending a streak of six consecutive months of price hike. 

Companies that use foreign currency to fund at least 50% of the investment cost of industrial projects in Egypt could receive a tax cut of up to 55% on income generated by projects funded by FX, according to amendments approved by cabinet last week. 

Head of the Suez Canal Economic free zone discussed the future plans of the green fuel projects with Maersk and Simens international companies. 

El-Sisi directed for the establishment of more nitrogenous fertilizer factories, to boost agricultural production and food security.  

The Saudi PIF is to inject USD200 million representing 65% of EGAL's expected capital increase, pending FRA approval.

Banque Misr is arranging a syndicated loan of EGP5 billion for 7 companies affiliated with SWDY Group, to finance working capital.

Hassan Allam Holding and Emirati renewables player Masdar will invest some USD10 bn in a green hydrogen project in the Suez Canal Economic Zone (SCZone) over the next seven to 10 years. 

To help them cushion the impact of the CBE’s new reserve requirements, a number of banks have issued three -year certificates of deposit (CDs) at interest rates of between 13.5%-15.0%

Several local banks have addressed the CBE to obtain a new deadline for reaching 25% allocation to SME financing within their lending portfolios.

OIH is ready to invest up to USD 100 mn in the Moroccan market as soon the appropriate investment arises, looking into renewable energy, EV charging stations and the agro-industrial sectors.

EFID awaits FRA's approval for establishing a micro-finance arm. 

EFID launched a second cake line in its facilities in Morocco to produce "Twinkies"; at an investment cost of EGP200 mn.

A GCC investor acquired a 3% stake in EFID through buying 20 mn shares out of Kingsway stake at a price of EGP9.60/share, and a total cost of EGP192 mn.

ETRS expansion plan includes acquiring 'Nosco,' a leader in the Egyptian trucking industry, and to transform into a holding company through establishing some subsidiaries post the restructuring process. In addition, the company plans to enter some foreign markets, especially Africa, in light of the boom in infrastructure and energy projects. 

Benya Group, a digital solutions and ICT infrastructure provider in Egypt and the MEA Region, is in negotiations with three investment banks for a possible EGX listing.