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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Banks

Egypt eyes second tranches of World Bank, AfDB loans by year-end: PM


Published 2016-09-29 14:16:08| Amwal Al Ghad English

Egypt wants to receive the second tranches of World Bank and African Development Bank (ADB) loans before the end of this year, the country’s Prime Minister Sherif Ismail told Reuters Thursday. Earlier this month, Egypt received $1 billion the first tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government's economic reform program. It also received $500 million from the ADB, the first tranche of a $1.5 billion package. It is due to receive the second $500 million tranche by the end of the year. Asked if the second tranches would be received before the end of the year, "we are seeking for it to (arrive) before then," Ismail said.
Financial Institutions
Egypt's economic growth has started to pick up, investor sentiment has improved and its fiscal reforms support the B3 rating of global credit rating agency Moody's, the agency stated Wednesday. It added that the economy has a stable outlook. “Going forward, in addition to private consumption, Egypt's economic growth will be predominantly supported by public and private investment," the agency said in a press release on its official website. Steffen Dyck, a senior credit officer at Moody's, expects Egypt’s high fiscal deficits and the public debt levels to be gradually reduced, saying that this should be the government's main focus. Since 2014, Egypt's government has embarked on a fiscal reform programme through which energy subsidies will be phased out gradually and new taxes are introduced to curb the growing state budget deficit – estimated at 11.5 percent of GDP in fiscal year 2015/16. However, the US-based rating agency has listed certain challenges that are faced by Egypt such as export growth, which is expected to remain negative for the coming years “due to the expected increase in investment and connected stronger growth in capital goods imports, as well as weak global demand for Egypt’s exports.” Egypt’s headline inflation “will decline only gradually, posing macroeconomic risks and keeping government funding costs high,” the rating agency noted. “But low levels of foreign currency denominated and externally held general government debt mitigate external vulnerabilities.” Egypt’s annual headline inflation jumped to 16.4 percent in July 2016 to its highest in at least seven years, according to state statistics body CAPMAS. “High unemployment rates – especially amongst the youth – are a sign of underlying structural economic challenges,” Moody’s said. The reform programme has been endorsed by the International Monetary Fund, and has led to an initial agreement between the government and the global lender in August on a $12 billion fund facility over three years, which is expected to be approved by the fund's executive board in the coming weeks. “I would expect a decision by [next week during the IMF and World Bank general meetings] or within the next two weeks,” said Dyck in a media briefing held in Cairo on Tuesday, according to Enterprise Ventures’ daily publication. A more flexible exchange rate is believed to encourage investment, which helps in reducing the budget deficit and debt levels, according to Dyck. “What we [Moody’s] are looking at now by end of current fiscal year is EGP 10.50-11.00 to the US dollar as a working assumption.” he added, according to Enterprise. In March, Egypt, which relies heavily on imports of wheat and other staples to feed its population of 90 million, weakened the Egyptian pound by 14 percent of its value against the dollar in an attempt to eliminate the black market. Another devaluation is expected by many analysts and investment banks. “The exchange rate is not a key concern for us; the share of foreign currency denominated general government debt is very low, so is the share of externally held government debt. So devaluation would not create a huge spike in debt service payments in foreign currency, which is a strength of the debt structure here,” Dyck said. Egypt's external debt rose to $53.4 billion in the third quarter of the fiscal year 2015/16, which ended in June, up from $47.7 billion in the quarter before, the central bank data showed on it's website.
Real Estate
Egypt’s state-run Holding Company for Construction ' and Development (HCCD)seeks profits worth 600 million Egyptian pounds ($67.5 million) by the end of the year, triggered by higher business volume, its chairman said Wednesday. Mahmoud Hegazy, Chairman and Managing Director at HCCD, added that the company's business volume is expected to jump to 15 billion pounds thanks to big bundles of major national projects assigned to the company to carry out. These projects include the New el-Alamein City and New Toshka in which HCCD, represented by HCCD’s affiliates Egyco and Mokhtar Ibrahim, will do the infrastructure works.