S&P Global Ratings affirmed its B/B long and short-term foreign and local currency credit ratings for Egypt, but they revised their outlook on the country from stable to negative. The action reflects risks that the policy measures implemented by the Egyptian authorities may be insufficient to stabilize the exchange rate and attract foreign currency inflows.

The government is set to increase spending on subsidies and social safety programs by almost 50% in FY23/24 as it looks to offset the impact of soaring inflation on household budgets. Where more money will be allocated to food and fuel subsidies.

The ministry of finance has allocated EGP28.1 billion to export subsidies, up from EGP6 billion paid out this year, and will increase spending on its subsidized loan program for agriculture and industry players to EGP19.5 billion, up from the projected EGP13 billion.

Finance Minister Mohamed Maait said that Imports worth EGP23 billion have been released from Egyptian ports since January.

Saudi renewable energy developer ACWA Power yesterday inked a US 123 million financing package to develop the 200 MW Kom Ombo solar power plant. 

The total receivables that the Egyptian General Petroleum Corporation (EGPC) owes to international oil and gas companies has more than tripled to USD3 billion from USD850 million in mid-2020.

The Ministry of Transport is negotiating with three international financing institutions, to obtain a soft loan for the construction of the “6th of October-Aswan” and “Hurghada-Safaga-Qena- Luxor” high-speed train lines, according to local media. The consortium of Siemens Mobility, ORAS (FV: EGP106.90, OW) and the Arab Contractors were contracted to build the two lines.

MNHD (FV: EGP3.16, EW) AGM approved the distribution of EGP0.15/share cash dividends (DY of 4.2%) to be distributed over two installments in May and October 2023.

The Madbouly government is in talks with unnamed private Egyptian and Indian pharma companies to establish a USD80 mn pharma raw materials production plant. The project aims to meet local demand and boost exports.

The Consumer Finance Association is negotiating with I-Score to reduce the cost of credit score inquiry