Mohamed Maait

Imports not charged new FX VAT, finance minister

Tue, 28 Nov 2023 - 11:52 GMT

Minister of Finance, Mohamed Maait, shared that the new value-added tax (VAT) in foreign currency does not apply to imports, mitigating some importers’ concerns over the latest amendments to the tax law

Egypt, Bahrain sign 15 cooperation initiatives to strengthen bilateral relations

Thu, 23 Nov 2023 - 02:25 GMT

During the first meeting of the Egyptian-Bahraini Governmental Committee for Commercial, Economic, Scientific, and Technological Cooperation, 15 joint cooperation initiatives and 13 MoUs were agreed upon

Egypt is seeking to issue additional green and sustainable bonds, Maait

Tue, 21 Nov 2023 - 05:05 GMT

Maait explained that the bond issuances reflect the country’s ability to diversify financing sources and tools, despite global economic challenges resulting from geopolitical tensions, and its eagerness to expand its base of international investors

Egypt looking into joining India’s financial markets, finance ministry

Wed, 15 Nov 2023 - 02:55 GMT

The finance minister pointed out the potential returns of Egypt tapping into India’s financial markets, adding that it would build upon the country’s success in issuing Samurai and Panda bonds earlier this year

Ministry of finance partners with international banks to secure $500m

Sun, 12 Nov 2023 - 06:02 GMT

The primary objective of this partnership is to implement health and educational projects.

Finance Ministry, AWIU partner to enhance Arab-African investments

Sun, 12 Nov 2023 - 05:25 GMT

Egypt, under this agreement, will actively encourage investors to establish joint projects in sectors that are of national importance

100k expats registered for tax-free car import initiative: Finance Minister

Tue, 07 Nov 2023 - 12:10 GMT

The government recently declared the relaunch of the zero-customs car import initiative for the second time, with the possibility of an additional 3-month extension

Maait meets with FEDCOC delegation to discuss importance of stable tax policies

Mon, 06 Nov 2023 - 12:27 GMT

The minister met with delegates from the General Federation of Egyptian Chambers of Commerce (FEDCOC), and its president, Ahmed El Wakil

Egypt’s Samurai bonds issuance a success, finance minister

Thu, 02 Nov 2023 - 11:42 GMT

The recent issuance is Egypt’s second, having offered its inaugural Samurai bonds back in March 2022, also issuing bonds worth $500 million which was, at the time, approximately ¥60 million

Egypt implements $2.5B deals to exit state within “IPO” program

Sun, 22 Oct 2023 - 10:07 GMT

This step comes with the aim of helping to increase foreign exchange flows, and providing a portion of the foreign financing required to cover the needs of the Egyptian economy, in addition to continuing to achieve a primary surplus and growth in tax revenues.

Egypt committed to continue with structural reforms: Min.

Mon, 16 Oct 2023 - 04:59 GMT

Maait emphasized Egypt’s keenness for continuous coordination with the International Monetary Fund to maximize avenues of mutual cooperation that help achieve development, financial, and economic objectives.

Egypt issues first 3-year panda bonds worth 3.5B yuan

Mon, 16 Oct 2023 - 03:31 GMT

The ministry managed to secure the issuance at a competitively low pricing, offering a favorable annual return of 3.5% over a three-year period.

New financing systems necessary to support emerging economies, finance minister

Mon, 16 Oct 2023 - 02:03 GMT

Maait highlighted the impact of the pandemic and geopolitical tensions led to hiking prices of commodities and services, which has – in tandem with the disruption of global supply chains – caused a strong inflationary wave that has raised living costs significantly

Egypt seeks to boost tax-to-GDP ratio, intends to avoid adding burden on citizens

Mon, 16 Oct 2023 - 11:16 GMT

According to the finance minister, Egypt seeks to improve the ratio by expanding automated tax solutions, specifically targeting the integration of the informal economy into the formal economy

Egypt settled $52B of its foreign liabilities over the past two years: Finance Minister

Sun, 15 Oct 2023 - 02:48 GMT

The minister said this in response to questions from representatives of rating institutions and international banks on the sidelines of the International Monetary Fund and World Bank meetings in Marrakesh.

New Panda bond issuance soon, finance minister

Thu, 12 Oct 2023 - 12:23 GMT

Maait revealed that the new group of Panda bonds will be worth $500 million, but did not disclose further details on a set date

Moody’s updates economy outlook to stable, highlight’s gov’t efforts, Maait

Sun, 08 Oct 2023 - 12:35 GMT

Moody’s latest report downgrades Egypt’s credit rating in local and foreign currencies from B3 to Caa1 with a stable outlook, which Maait stressed was based on external and internal challenges which have also negatively affected macroeconomic indicators globally

Egypt's debut sovereign sukuk signals strong investor confidence in economy: Finance Minister

Mon, 02 Oct 2023 - 10:33 GMT

During his speech, Maait highlighted that the volume of Sukuk transactions had surpassed an impressive two trillion dollars, based on conservative international estimates

Egypt to hedge oil supply during FY2023/2024, finance minister

Wed, 27 Sep 2023 - 03:27 GMT

As one of the few countries to do so, Egypt engages directly in the oil derivatives market to lock in supplies, wrote Bloomberg

Egypt, AIIB forge path to sustainable development with $1.3B investment portfolio

Sun, 24 Sep 2023 - 04:34 GMT

Maait explained that Egypt is working closely with the AIIB, a multilateral global bank, to establish cross-border developmental partnerships, primarily led by the private sector.