The EGP was changing hands at an average of 49.2 to the greenback — its lowest level since March. Foreign investors reportedly sold some USD600 mn worth of local debt instruments over the past two days.

Foreign investments in Egyptian treasuries in July reportedly recorded USD900 mn.

The Ministry of Petroleum aims to increase Egypt’s production of natural gas by the end of this year to about 5 billion cubic feet per day, compared to about 4.6 billion cubic feet per day currently.

The government is gearing up to announce a new package of social protection measures in September, with plans to implement it starting October.

The Prime Minister confirmed the completion of the trial operation of the mechanized system to support exports, while currently preparing for its official launch.

According to local press, an updated valuation study will be needed to determine the swap ratio of SKPC's deal to acquire Ethydco. Latest valuation study was approved back in July 2023.

According to banking sources, banks decided to stop financing private sector fertilizer producers due to alarming default risks specially after natural gas supply interruption and factories stoppage. According to the sources, government-owned fertilizers producers are not affected by the decision. 

OCI Global has agreed to sell its low-carbon ammonia project in Texas to Australia’s largest oil and gas developer Woodside Energy for USD2.35 billion. 

EAST’s (FV: EGP29.26, OW) ordinary general assembly approved the sale of one of its factories in 6th of October. 

Egypt’s food industries exports surged 25% YoY to USD3.2 billion in 1H24.

According to data from the CBE, non-governmental foreign currency deposits in Egyptian banks rose USD2.4 billion in the first half of 2024, reaching USD53.0 billion by the end of June.

The European Bank for Reconstruction and Development (EBRD) provided a USD20 million loan to CIEB to support small businesses and green investments. 

The Egyptian Credit Bureau (I-Score) has launched a market analytics platform for banks operating in the local banking system. 

Valu and solar energy company KarmSolar are setting up an EV charging network in New Cairo’s District 5.