The IMF’s executive board has approved a 46-month USD3 billion financial support package for Egypt, saying it will catalyze additional funding of about USD14 billion. The agreement provides for an immediate disbursement of about USD347 million.

NUCA approved allocating land plots directly to foreigners on the condition that the land’s value is fully paid in US Dollars.

The CBE’s board approved extending the deadline from 31 December 2022 to the end of December 2023 for banks that have not so far increased their credit facilities portfolio to micro, small and medium enterprises (SMEs) to 25%.

The Egyptian banking sector has managed to secure dollar liquidity worth more than USD5.3 billion from November until mid-December 2022. 

Prime Minister Mostafa Madbouly appointed investment banker Hossam Ahmed Heiba as executive president of the General Authority of Free Zones and Investment (GAFI). He also appointed Bassel Rahmy as CEO of the Micro, Small, and Medium Enterprises Development Agency (MSMEDA).


CCAP posted EGP17 million in consolidated net income during 3Q22, down by 95% QoQ and compared to EGP441 million in net losses in 3Q21. 

CCAP is still in negotiations with its lenders for debt restructuring. However, ERC is expected to repay delayed debt installments and go current by the end of 1Q23. 

Oil fell by more than USD2/bbl on Friday on fears of a looming global recession.
 
Oil Minister confirmed that a large gas discovery has been made in the Narges block in the Eastern Mediterranean. 

After years of unsettled profits in North Korea due to the economic sanctions imposed on the country, OIH (FV:EGP0.60| OW)  is trying to transfer its profits on its investment in North Korea ( in Koryolink Telecom Company) amounting to more than EGP16.2 billion as of September 2022. If the company succeeds in transferring its profits, it will add EGP0.54/OIH share.

The Saudi Bank is interested in acquiring Banque Du Caire as a strategic investor, with a value that may reach USD3 billion. If the transaction is finalized on USD3 billion, it Implies a P/E22 multiple of 19.4x, and a P/B22 of 3.2x, which are higher than precedent transactions in the sector. 

ESRS (FV: EGP21.75, OW) raised the price of rebars by EGP2,000/ton to EGP23,450/ton (including VAT) as of December 18, 2022, 9% higher than a week ago and 15% higher than the beginning of December. 

Demand for the expats car import scheme hasn’t lived up to expectations, hence the cabinet amended the requirements last week. The amendments include no longer requiring buyers to deposit fees for the program three months before transfers and waiving the requirement to have the Foreign Ministry certifying residents’ bank statements.

CSAG declared FY21/22 dividends distribution of EGP0.79 per share with payout ratio of 87.4% and dividend yield of 3.3% to be distributed on 8 January 2023 with the record on 3 January 2023.

EgyptAir will increase its weekly flights from Cairo to Moscow from 11 to 14 flights starting 18 December 2022.