The CBE withdrew surplus liquidity from banks worth EGP872.5 billion from in open market operations fixed rate deposits of 27.75%, while returning liquidity worth one trillion pounds that it had withdrawn last week. 

The government lowered its forecast for the economic growth rate in FY2023/24 to 2.8% - 2.9%, from a previous forecast of 3%, as a result of geopolitical turmoil.

Representatives from the IMF are in town to conduct the third review of our loan program. The review will unlock the third USD820 mn tranche of our USD8 bn loan program. 

Egypt intends to repay USD-denominated Eurobonds next week that it had offered in 2020, worth USD1.25 billion, as part of an international bond issuance program.

Trading and settlement rules for the soon-to-be-established voluntary carbon market will be released within the next few weeks. 

The New Urban Communities Authority is planning to sell land plots to 34 companies in exchange for foreign currency.

State-owned fuel retailer Wataniya has received seven international and local acquisition offers.

The Health Ministry is in talks with local and foreign private players to build ten hospitals across ten of the country’s governorates within the next 24 months.

The EBRD provided an initial loan of EUR109 million to the National Bank of Egypt, to be used in extending loans to SMEs.

The Ministry of Electricity is up to securing a payment of USD100 million in dues to foreign companies that undertake station maintenance before the end of the year.

The Italian Eni expects Egypt's gas exports to be resumed during the next winter.

The Administrative Capital for Urban Development (ACUD), developer of the New Administrative Capital, plans to IPO on the EGX in 2025.

Philip Morris International acquired an indirect stake of 14.7% of EAST by acquiring a stake of 49% from the Emirati Global Investment Holding (GIH), which owns 30% of EAST.

ETEL has secured a USD200 mn loan from Banque Misr UAE to refinance its existing short-term facilities.

China’s Huawei Cloud in cooperation with ETEL has launched a public cloud services platform in Egypt, the first in the country and North Africa.

Proptech startup Birdnest has closed a pre-series A funding round led by Beltone Venture Capital, BTFH’s venture capital arm, and the UAE’s Citadel International Holding’s CI Venture Capital.