Foreign Investment
Goldman Sachs estimated that Egypt will require significantly less financing through borrowing for the second quarter of 2024, attributing the reduced need to the substantial financing it secured during Q1 2024 and the Ras El Hekma investment deal
Minister of MoIC, Rania Al-Mashat, recently met with Italian Deputy Minister of Foreign Affairs and International Cooperation, Edmondo Cirelli, to discuss bilateral cooperation programs and debt swap arrangements
Minister of MoIC, Rania Al-Mashat, recently met with Italian Deputy Minister of Foreign Affairs and International Cooperation, Edmondo Cirelli, to discuss bilateral cooperation programs and debt swap arrangements
The IMF mission, headed by Ivanna Vladkova Hollar, Chief of the Middle East and Central Asia department, comprises IMF representatives as well
The CEO of GAFI, Hossam Heiba, expressed that the primary objective of this measure is to alleviate the burden on foreign companies by facilitating their access to foreign currency
Meticulously structured per Sharia principles, the trade loan represents a dynamic response to the evolving economic landscape in Africa, the AFC explained
These grants aim to support the Ministry of Housing, Utilities, and Urban Communities in implementing the second phase of the drinking water management program in Upper Egypt and the sludge management project in Beni Suef
IMF's team is currently engaging in discussions with Egyptian authorities to support the completion of the first and second reviews of the Extended Fund Facility (EFF) that Egypt has with the Fund
During the meeting, Secretary Yellen underscored the unwavering support of the United States for Egypt and its ongoing economic reform program
This is in line with the government’s efforts to attract foreign currency amid an FX shortage that has impacted several sectors
Egypt also set a target to achieve 20 percent rise in FDI flows, driven by the depreciation of its currency
This came during President Abdel Fattah El-Sisi’s meeting with Mostafa Madbouly, Prime Minister, and Hassan Abdullah, Governor of the Central Bank.
Egypt is close to finalizing of an agreement with the International Monetary Fund (IMF) to enhance its current $3 billion rescue program. According to Bloomberg's sources, the program is expected to be expanded to around $6 billion
Al-Mashat clarified that the financing was “dedicated to accelerating progress towards sustainable development in electricity, renewable energy, transportation, MSMEs, water, education, health, and many other sectors".
These investments will be distributed as follows: Indian investments amounting to $13 billion, Turkey $3 billion, Belgium $3 billion, and China $2.5 billion.
She stated that Egypt can expect substantial backing from the IMF in the first quarter of 2024
This goal comes after SCZONE garnered investments worth $1.3 billion in the first four months of the current fiscal year.
The trade director shared that the bank and Hassan Allam Holding signed a $200 million credit facility to support its projects across Africa and the Middle East
To close a projected financing gap of around $17 billion by 2026, Egypt is looking to attract fresh foreign currency, including a target of $6-8 billion by the end of FY2023/2024.
This represents an increase of $1 billion from the previous month, as reported by the Central Bank of Egypt. The increase in reserves marks the highest level achieved since 2019.
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