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Al Ahly Pharos

Arabic - February 13, 2024 06:00 - 3 minutes - 2.72 MB
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*Key news articles for today*

The House approved five bills putting forward the EGP180 billion social protection package announced last week.

A delegation led by Prime Minister Moustafa Madbouly met with IMF to discuss reviews of Egypt’s USD3 billion loan program. Madbouly was joined by CBE Governor Hassan Abdullah, Finance Minister Mohamed Maait, International Cooperation Minister Rania Al Mashat, Planning Minister Hala El Said, and IMF Executive Director Mahmoud Mohieldin.

Emirati news agency WAM reports that Egypt's Finance Minister said his ministry is mulling a possible bond sale in the GCC as part of the Ministry's attempt to diversify the country’s sources of financing.

Ministry of Finance revised its expectations for the overall budget deficit in FY23/24 to reach 7.65% up from 7%, on expectations of lower revenues and higher interest payments.

COMI's BoD proposed cash dividend distribution of EGP0.55/share, implying a payout ratio of 5.6% (based on 2023 net profit post minority) and Dividend Yield of 0.7%, which comes in line with last year's management decision to cut cash dividends payout in order to support the capital base in light of the devaluation risks.

COMI intends to prepare financing of around USD1 billion or its equivalent in local or other foreign currencies to finance the bank’s activities, through issuing financial instruments, supporting loans, deposits, or mixed financial instruments.

Non-Egyptians are no longer prohibited from owning EXPA’s stock whether they are individuals or companies.

Contact Pay customers can now pay their installments via e-payments company Al Ahly Momkn, Al Ahly Capital Holding.

Egyptian banks have reportedly become more wary to provide financing to companies operating in seven sectors that are strongly affected by the foreign currency crisis. The seven sectors include real estate, tourism, fertilizers, animal feed, steel rebar, cement, and ceramics.

KIMA contracted with a number of local banks for two loans, one in local currency worth EGP2 billion and the other in US dollars, worth USD200 million. The money will be used to finance the ammonium nitrate project. Construction works will start in July 2024 and will take three years.

MICH sent a release to EGX announcing signing a contract to establish a new company with a capital of EGP1 billion for the management and operation of a chlorine granules factory with investments of EGP1.3 billion. The new company will be 12% owned by the Holding Company for Chemical Industries, 12% by MICH, and 76% by Cadence Energy.

Methanex will resume methanol production at full capacity in its factory in Egypt during February. This came after a production stoppage since mid October 2023 due to a mechanical issue that is currently fixed.

CIRA is in the final stages of the feasibility study for Damietta's higher education branch and will be handing in the papers by next week to acquire the presidential decree to prepare a 2025 launch. 

The Education Ministry issued a circular on Monday prohibiting private and international K-12 schools from collecting tuition fees in foreign currency from Egyptian students