Business News Wrap-up
Wed, Feb. 14, 2018
Egypt succeeded in issuing Eurobonds worth $4 billion on three tranches; three, five and 30 years, according to the Ministry of Finance's statement.
The purchase requests exceeded $12 billion in the first few hours after the issuance despite the volatility of the international stock markets, the statement said.
Egypt will start talks this month with European banks to issue euro denominated Eurobonds, Finance Minister Amr el-Garhy told Reuters Wednesday.
The value of the issue is expected to be 1-1.5 billion euros and will be sold next April, he added.
Tax revenues in the current 2017/18 fiscal year reached LE 248.8 billion, compared to LE 154 billion last year, increasing by 61 percent, Deputy Finance Minister Mohamed Mait said in a press conference Wednesday.
The growth rate of the second quarter (Q2) of fiscal year 2017/2018 increased to 5.3 percent, compared to 5.2 percent, in the first quarter of the same year, Minister of planning Hala al-Said stated in a conference at the Prime Ministry.
The Egyptian Exchange (EGX) ended Wednesday on a mixed note, gaining LE 1.3 billion, amid Arab purchases. The benchmark EGX30 increased 0.52 percent, or 76.2 points, to end at 14,805.95 points.
Egypt’s Ministry of Petroleum signed an agreement, during EGYPS 2018, with oilfield services company Schlumberger to conduct a seismic survey in the Gulf of Suez, an official statement showed.