amwalalghad :: Financial Institutions

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        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        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        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        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        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        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        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        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        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        

Business - Financial Institutions

Amwal Al Ghad English - 2016-09-15 16:22:28
The International Monetary Fund (IMF) said Thursday it has held "very productive discussions" with authorities in China and Saudi Arabia about them contributing to $5 billion to $6 billion in additional bilateral gap financing needed for Egypt. IMF spokesman Gerry Rice told a news briefing that he expected to the Fund's board to meet in the next few weeks to consider a $12 billion financing programme for Egypt. "There were, at the G20 leaders summit, very productive discussions with China and Saudi Arabia" regarding contributing to the gap financing," Rice said. "We are helping to secure the necessary financing, and progress is being made." More»
Amwal Al Ghad English - 2016-09-15 10:47:49
The International Monetary Fund (IMF) said its board Wednesday approved a long-awaited loan disbursement to Ukraine of about $1 billion after a review of the country's bailout programme. The IMF has agreed to pump $17.5 billion into Ukraine's economy in a four-year bailout, releasing the funds in instalments subject to the government making progress on economic and anti-corruption reforms. To date, Ukraine has received about $7.62 billion in the programme launched in March 2015. The latest disbursement was less than the roughly $1.7 billion anticipated, after some reforms required by the fund had stalled. But the IMF said in a statement that the board had approved waivers for Kiev's failure to meet criteria related to international reserves targets, external payments arrears and foreign exchange restrictions. Ukrainian President Petro Poroshenko said the disbursement would clear the way for an additional $1 billion U.S. loan guarantee and a new 600 million-euro loan from the European Union. In a statement, he said a Russian attempt to undermine the IMF's decision had failed, and that the funds' release would help keep the hryvnia currency stable and aid the economy. "The positive decision by the IMF is evidence that the world recognizes that reforms are happening in Ukraine, that real and positive changes are happening in Ukraine, and that the country is moving in the right direction," Poroshenko said. Last week, Ukrainian Finance Minister Oleksandr Danylyuk said the IMF decision should clear the way for the sale of about $1 billion in U.S.-guaranteed bonds by the end of September. The IMF cash and external loans should boost foreign currency reserves to $17.2 billion by the end of the year, a central bank deputy governor, Oleh Churiy, said, welcoming the IMF decision as a positive signal for domestic and foreign investors. IMF Managing Director Christine Lagarde said in a statement after the board's vote that Ukraine was showing signs of recovery and improved confidence, which she attributed to the implementation of reforms, sound macroeconomic policies and efforts to rehabilitate Ukraine's banking system. "Further progress in fiscal reforms is key to ensure medium-term sustainability," Lagarde said, calling for pension reforms and tax policies that would avoid higher deficits, and the restructuring of state-owned enterprises. More»
Al Zahraa Mostafa - 2016-09-08 14:56:50
Three insurers so far in Egypt are bidding to win a new insurance policy for West Cairo power station, sources with knowledge of the matter told Amwal Al Ghad on Thursday. The policy is total sum insured of up to 4 billion Egyptian pounds ($450.5 million); distributed as 683 million pounds and $383 million, the sources said. The sum in US dollar currency is designated to provide insurance cover for equipment imported from abroad, the sources added. Insurers; Misr Insurance Company, Suez Canal Insurance, and Egyptian Takaful Insurance Property and Libility (EGTAK) plan to present their technical and financial offers, bidding to win the insurance policy, the sources said. West Cairo power station’s insurance policy is designated to insure all risks faced by contractors as well as the station during the construction phase, the sources said. More»
Amwal Al Ghad English - 2016-09-08 12:06:39
Egypt’s President Abdel Fattah al-Sisi approved Thursday an automatic loan agreement signed with the Arab Monetary Fund (AMF), while reserving the ratification condition. AMF signed on November 26, 2015 an automatic loan agreement worth 59.160 million Kuwaiti dinars ($243.78 million). More»
Sayed Badr - 2016-09-07 11:27:55
Egypt’s Ministry of International Cooperation is in talks with the Kuwait Fund for Arab Economic Development (KFAED) to help finance three new development projects in Sinai. The three projects are; to upgrade a fishing port in Al-Tor city, develop a road, and extend electricity lines to 17 compounds in North and South Sinai, a government source told Amwal Al Ghad on Wednesday. Cooperation between Egypt and the Arab funds is seeing significant progress, the government official said, referring to $105 million deal signed recently with the Kuwait Fund to finance the establishment of five desalination plants in South Sinai.  Egypt has also signed a $126 million with the Kuwait Fund late July to finance East Port Said desalination plant. Earlier in April, Egypt signed 10 agreements and memoranda of understanding with the Saudi Public Investment Fund and the Saudi Fund for Development to finance development projects in the Sinai Peninsula. More»
Sayed Badr - 2016-09-06 12:14:33
Saudi Arabia will send Egypt “within few days” an additional of $97 million to complete the first tranche of its loan for Sinai development scheme, a senior government source told Amwal Al Ghad on Tuesday. Egypt has recently received $300 million, part of the first tranche of the Saudi Arabia’s Sinai development loan, the government official said. The remaining $97 million will go for building King Salman's University in Al-Tor city and the first phase of some development projects in the peninsula, he added. The agreement, titled King Salman's programme for the development of the peninsula of Sinai, was signed by government officials from the two countries in Riyadh in March. The agreement was aimed at giving Egypt a $1.5 billion soft loan to help it develop Sinai and buy Saudi oil products needed for development purposes. Saudi Fund for Development’s loan for the development of Sinai is worth around $1.4 billion in addition to $100 million to be kept in reserves, the government official source said. The kingdom will disburse 30 percent of the loan for each tranche; and 10 percent for the last tranche, the official added. More»
Amwal Al Ghad English - 2016-09-06 10:51:26
International Monetary Fund (IMF) Managing Director Christine Lagarde said Monday that consensus at the G20 is that there must be more growth, and it must be more inclusive. Lagarde, speaking after the close of the G20 summit in the eastern Chinese city of Hangzhou, said growth has been too low for too long and that structural reforms must not just be thought about but implemented. More»
Islam Abdelhameed - 2016-09-05 11:34:37
Newly established Misr Emirates Takaful Life Insurance (METLICO) is seeking to boost its geographical presence in Egypt to have 8 branches at end of financial year 2016-2017, its managing director said Monday. Apart from its headquarters in Cairo, Salah Abdel Fattah further said that METLICO currently has six branches, after opening two branches recently in Alexandria and Hurghada. METLICO will inaugurate a new branch in Maadi district within next October, the official added, saying the company plans to set up a strong presence in Suez Canal cities in the coming period. The takaful operator is studying opening a branch in Ismailia governorate but awaits board approval, he added. Founded in 2015, Misr Emirates Takaful Life Insurance Co is part of the UAE Islamic Arab Insurance Companies (SALAMA). SALAMA has 6 direct Takaful companies who provide Takaful solutions to customers based in UAE, Saudi Arabia, Egypt, Senegal, Algeria, and Jordan. More»
Amwal Al Ghad English - 2016-09-05 09:48:58
Moody's Investor Services has commended Egyptian parliament’s approval for the long-delayed value-added tax (VAT). Although the 13% VAT rate is lower than the government’s proposed 14% rate, and the list of exempted goods and services is 57 versus the proposed 52 items, the VAT is credit positive, Moody's said in a statement. The VAT forms an integral part of the government’s reform program over the coming three years and together with reforms to tax administration, will gradually increase Egypt’s low tax receipts and support its fiscal consolidation efforts. Implementation of VAT will also unlock external funding from multilateral sources such as the World Bank (Aaa stable) and the African Development Bank (Aaa stable). The VAT takes effect 1 October and replaces the current 10% goods and services tax. The VAT’s lower 13% rate and the higher number of exempted goods and services will result in a revenue shortfall of EGP12 billion, equal to one third of the VAT revenue increase assumed in the current budget for fiscal 2017 (which ends 30 June 2017). However, some of the shortfall will be made up in fiscal 2018 when the VAT rate increases to 14%. As a result, we expect the government to underperform its revenue and fiscal deficit targets. Our fiscal deficit forecast is 12% of GDP for fiscal 2017, compared to the government’s target of 9.9%. Our forecast takes into account potential slippages in revenue targets, reflecting both difficult implementation of revenue-raising measures and our GDP growth projection of 3.5% in fiscal 2017, which is lower than the official growth projection of 4.0%. In addition, along with widely discussed currency devaluation, introducing the VAT will exacerbate already high inflation. Egypt’s inflation rate increased to 14.8% year on year in June and was broadly unchanged in July. Nevertheless, we think that VAT is an important step to increase Egypt’s tax revenues. As Exhibits 1 and 2 below show, Egypt has one of the lowest tax takes among its peers given the size of its economy and total government revenues, and it has a declining share of tax revenues over time. The three-percentage-point difference between the VAT’s 13% rate and the 10% goods and services tax will be the main source of additional revenues. Wider participation from Egypt’s large non-tax-paying informal sector and stiffened penalties against tax evasion will also add revenues. More»
Amwal Al Ghad English - 2016-09-04 10:47:49
Officials from the European Union discussed Sunday with Egyptian Minister of International Cooperation Sahar Nasr the developments in the second phase of ongoing technical and vocational education and training reform cooperation (TVET II). TVET II programme is at total cost of €117 million ($131 million), in which the EU contribution is worth €50 million in form of a non-refundable, whereas the Egyptian government’s contribution amounts to €67 million. The EU and the Egyptian government signed in December 2013 the ENPI/2012/023-386 agreement “Support Technical and Vocational Education and Training Reform Programme – Phase II (TVETII). The programme aims at improving the structure and performance of the TVET system to better respond to Egypt’s new socio-economic needs, and in particular at boosting the employability of youth and increasing the country’s competitiveness. The Technical and vocational education and training reform -phase II (TVET II) addresses several priority areas mentioned in the Joint Communication of the European Commission and of the High Representative of the EU for Foreign Affairs and Security Policy "A new response to a changing Neighbourhood"1. It is in line with the pillar III of the National Indicative Programme 2011-2013 having the objective to develop the sustainability of the development process and better management of human and natural resources. The programme will improve the structure and the performance of the TVET system to better respond to the socio-economic challenges of the country, in particular youth employability. More»