Egypt is looking to secure a USD 1 bn — or its equivalent in another currency — soft loan from the Brics’ New Development Bank (NDB) by the end of 2024 or the beginning of 2025. The government is also in talks with the NDB over the issuance of local currency-denominated bonds.

The government will reportedly launch its new export subsidies program starting in July. 

The EGX will today launch Egypt’s maiden shariah-compliant index after getting the approval from the Financial Regulatory Authority's main shariah supervisory committee. The index will be launched in collaboration with Standard & Poor’s.

The CBE yesterday accepted bids for EGP929.8 bn in fixed-rate deposits with 14-day maturities at a rate of 27.75%.

The Suez Canal Authority decided to raise the fees for using the electronic service to pass through the canal, starting next September to USD300 and to USD500 starting in 2025 up from USD50 currently.

The World Bank expects the Egyptian economy to grow by 4.2% in FY2024-25, rising to 4.6% in FY2025-26.

CCAP’s USD28 million debt buyback program attracted EGP1.7 billion (USD35.9 million) in subscription orders from shareholders in its second and final phase, which took place on 9 June, the company said in an EGX disclosure.

The Egyptian Mineral Resources Authority (EMRA), East Gas Company and IMEX International have signed a shareholders agreement to establish a company for upgrading phosphate ores — one of the key components used to make chemical fertilizers. The company will earmark USD250 million to build a facility with an annual processing capacity of 1 million tons.

OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower-than-expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year. 

OCDI and Marriott International signed an agreement to open two Tribute Portfolio hotels in Egypt: the Tribute Portfolio Hotel at Forty West in West Cairo, opening in 2027, and the Tribute Portfolio Hotel at June on the North Coast, opening in 2029.

GBCO subsidiary, Itamco, and the Military Production Ministry’s Helwan Company for Machinery and Equipment will assemble and manufacture the Indian Bajaj’s eco-friendly, fuel efficient and economically competitive Qute model.

State-owned investment bank CICH’s asset management arm, CI Capital Asset Management, wants to launch “the country’s first” fund investing in shariah-compliant stocks when the EGX launches its maiden sharia-compliant index.

Private equity firm BINV and the Sovereign Fund of Egypt (SFE) are reportedly planning to attract local institutions to buy into a planned capital increase up to EGP1 bn for B Investments’ healthcare arm B Healthcare Investments, the capital increase could take place within months.