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 - 2016-10-12 10:30:27
Egyptian Minister of International Cooperation Sahar Nasr and Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, signed Tuesday a €129 million ($142.1 million) package of financial assistance. The financial package is in support of Egypt's socio-economic development on Tuesday. “This package of financial assistance clearly underscores the European Union’s strong support to the Egyptian people. It will boost socio-economic development and improve the living conditions of Egyptian citizens. In addition, it foresees measures in favour of strengthening the role of the civil society." Hahn said The package is comprised of six financing agreements with a combined value of €129 million. The agreements focus on improving the quality of life of Egyptian citizens by promoting inclusive economic growth, improving the living conditions in informal areas of Cairo, contributing to the provision of citizen rights, including gender equality, and supporting priority projects in the field of renewable energy and agricultural drainage. Additionally, it includes support at institutional level to on-going reforms in the energy and water sectors. This support is in line with priorities that the EU and Egypt are setting for their partnership in the coming years. During his visit to Egypt, Commissioner Hahn met on Tuesday with several Egyptian minister and key figures. "The main purpose of the visit is to hold talks on focusing the EU-Egypt partnership on priority areas for co-operation, such as socio-economic development, jobs, migration, regional affairs and citizens' rights," according to the European Union Delegation to Egypt's press release on Monday. More»
Amwal Al Ghad English - 2016-10-11 16:43:54
Egypt’s financial leasing industry faces short-term challenges but will be able to pick up pace on the long run, head of EFG Hermes Leasing, a wholly-owned subsidiary of Cairo-based investment bank EFG Hermes, said on Tuesday. Speaking at the second annual financial leasing conference in Cairo, Wael Ziada further said he expects the country’s financial leasing activity would register over 15 billion Egyptian pounds ($1.7 billion) by the end of the current year. However, Egypt ongoing dollar shortage has negatively affected the local leasing firms’ turnovers in terms of the volume of equipment and machinery imports, which declined to represent 3 percent of the country’s total GDP, he added. Egyptian government has to start actual steps to solve the dollar shortage by floating the national currency as an initial move to fix the exchange rate, the EFG-Hermes official stated. More»
Amwal Al Ghad English - 2016-10-11 12:14:28
The World Bank Group’s International Finance Corporation (IFC) has secured around $1.4 billion finances for the development of financial leasing in 58 countries around the world, an official in the IFC said Tuesday. Speaking at the second annual leasing conference in Cairo, Ola Nour - Operations Officer at IFC – said the corporation offers technical support services for both the lessor and lessee in almost 44 countries worldwide in addition to finances earmarked for leasing firms. Egyptian government has to give more support for the country’s financial leasing activity by improving the current legislations and increasing the awareness about this financial tool, Nour added. By developing additional financial tools such as leasing or mortgages, countries are able to deepen the activities of their financial sector by introducing new products and/or industry players. The Second Annual Leasing Conference kicked off Tuesday, as part of Egypt’s Partnership for Development Initiative that aims to highlight the role of financial tools in supporting national mega and small and medium-sized projects. More»
Amwal Al Ghad English - 2016-10-10 14:30:33
Johannes Hahn, Commissioner for European Neighbourhood Policy and Enlargement Negotiations, will visit Egypt from October 11 to 12, to sign a €129 million ($143.8 million) package of financial measures. The main purpose of the visit is to hold talks and sign the package supporting these goals to focus the EU-Egypt partnership on priority areas for co-operation, such as socio-economic development, jobs, migration, regional affairs and citizens' rights. During the course of his visit, Hahn will meet key interlocutors of the country including President Abdel Fattah al-Sisi, Ministers of International Cooperation, Electricity and Renewable Energy, as well as Trade and Industry. The EU official will also meet representatives of the business community and civil society. "Egypt is a key partner in our neighbourhood. The EU has been deploying significant assistance and will continue to support Egypt's economy and social development. In particular, young Egyptians deserve to be offered better perspectives.” Hahn said. “We are already working on an "EU Facility for Inclusive Growth and Job Creation" to be launched next year.  This programme, in coordination with EU Member States will leverage funds from the European Finance Institutions to create of a more conducive environment for domestic and international investments and foster job creation particularly among the youth." More»
Amwal Al Ghad English - 2016-10-10 14:02:56
Under the auspice of Egypt’s communications ministry, the second version of the leasing conference will kick off tomorrow in Cairo under the rubric “new visions for activating the leasing tools”. The event will be attended by a number of bankers, investors, and high profile officials and with participation of bunch of local and international experts. In one of its sessions, the conference will discuss the positive impact of financial leasing on small and medium-sized projects, notably working in the ICT sector which suffer the lack of suitable financing tools. Egyptian stock market fails to offer help to such small and micro enterprises even after launching NILEX, a miniature market for financing SMEs in the Middle East and North Africa. Here comes the importance of financial leasing as an effective non-banking financing solution that provides servers, latest technical solutions and reduces investment costs. This ensures a faster and easier expansion to small and micro tech companies into the ICT sector. Moreover, it will also enable tech SMEs to compete effectively on big tenders launched by the MCIT and other institutions involved in technological projects. Over 500 executives of the leading tech companies will participate in the conference where they will discuss issues of competitive and financial sustainable development in financial leasing sector. Financial leasing activities generated about 13.75 billion Egyptian pounds until August 2016, up 7 percent compared to 12.9 billion pounds registered in the same period a year ago. More»
Amwal Al Ghad English - 2016-10-10 11:56:35
Egypt has signed Sunday evening a letter of intent with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank Group. Egyptian Minister of International Cooperation Sahar Nasr has signed the LoI with Hani Sonbol, ITFC’s Chief Executive Officer, on the sidelines of their participation in the International Monetary Fund (IMF) and World Bank Group annual meetings in Washington. According to the letter of intent, ITFC will support the Egyptian government’s programme to develop and boost the country’s exports and trade, minister Nasr said. Earlier, Egypt has raised in March the country’s stake in the International Islamic Trade Finance Corporation (ITFC)’s capital by 240 shares worth $2.824 million. The International Islamic Trade Finance Corporation (ITFC) aims to develop and expand intra-trade among the member countries of the Organisation of Islamic Cooperation (OIC). More»
Amwal Al Ghad English - 2016-10-10 09:17:59
Increasing the flexibility of the Egyptian currency’s exchange price is an essential part of the government’s programme; Chris Jarvis, the International Monetary Fund’s (IMF) mission chief for Egypt, said Sunday. The progress, which must be done by both the Egyptian government and the central bank, is a hugely important element. The exchange rate in Egypt’s parallel market is much lower than the official price, Jarvis said at a press conference on the sidelines of the World Bank Group and IMF autumn meetings. According to most, the value of the Egyptian pound has already dropped incredibly low. Jarvis stated that the programme targets to unify the exchange rate over time so that everyone can obtain this price, then buy and sell the US dollar easily. He refused to talk about the fair value of the Egyptian pound’s price, saying: “This matter will be determined by supply and demand.” Jarvis expects that the flotation of the exchange rate will not cause inflation to rise in the near future. He explained that improving policies will lower the inflation rate over the coming years, and that exchange rates are reflected in current prices. It is expected that moving the exchange rate officially will affect the inflation rate. Jarvis refused to provide any details about the associated financing, stipulated by the fund for Egypt’s access to the loan, which is estimated at $6bn. “We cannot give precise details on the bilateral funding because it is up to the government, and we haven’t completed the final details yet. Some countries expressed their support for Egypt, but have not discussed their strategy with the Egyptian authorities,” Jarvis said. More than half of the value of bilateral funds ($6bn) has been pledged, Jarvis said, adding that negotiations are in progress and will be completed successfully. The ongoing negotiations with China to obtain new financing are proving to be successful. The fund did not stipulate that the money from bilateral funding agreements be fully transferred, but rather undertaken. Jarvis added that there has been significant progress in Egypt’s programme—he is convinced that it will be accepted as they are committed to finalising a successful plan. “We do not have an alternative plan, if negotiations fail,” Jarvis said. He stated that in the IMF’s 60-year history, the fund had only has approved a financing programme once or twice, but he does not specifically remember, and what happened in those cases were discussions that were ruled out. Jarvis pointed out that the difference in outcomes of the programme for fiscal year (FY) 2011/2012 and the current one is the political will of the government, the CBE, and president to complete this programme and be successful. Since the 2011 revolution, Egypt’s budget had a deficit of more than 10% as a result of many problems, either accidents or political turmoil, that led public debt to reach 100% of the GDP—a dangerous level for the economy of a state such as Egypt. He added that reducing the deficit is an urgent matter and the programme will focus on the primary deficit, except for interest payments. The target is to reduce the deficit to 5% over three years, starting at 2.5% in the first year. This target will be achieved through the activation of the value-added tax (VAT) and controls over the public sector (limiting wage increases in this sector, and amending the energy subsidy that started in 2014) in order to reduce the budget deficit this year as these policies will increase public spending. He explained that one of the procedures planned for the budget is increased spending on social aspects (which will impact 1% of GDP), increased spending on food subsidies and the Takaful and Karama programme, and some other specific programmes that benefit low-income citizens. The government’s programme includes increasing insurance, medicine, food subsidies for lower-income citizens, as well as dairy for children, and health care subsidies. The fund and the government are committed to supporting the poor, Jarvis asserted. Jarvis pointed out that Egypt is going through a difficult period without the fund’s programme—high inflation, high unemployment rates, and a serious shortage in foreign exchange. He stated that the objective of the fund’s programme is to reduce inflation and unemployment rates, and reduce the shortage of foreign exchange in accordance with the policies that will be applied. More»
Dina Abdel Fattah - 2016-10-09 12:26:59
Egypt has “almost completed” the actions required for International Monetary Fund’s $12 billion loan, but some measures related to the country’s exchange rate and subsidies are still pending, Managing Director Christine Lagarde said Saturday. The North African country is relying on the IMF loan deal to restore investor confidence and ease its dollar shortage that led to the emergence of a black market for foreign exchange. “There are several prior actions which need to be completed before the board can actually meet,” Lagarde said at a press briefing during the IMF and World Bank annual meetings in Washington. “To my knowledge, these prior actions are almost completed -- not quite -- in relation to both exchange rate and in relation to subsidies, there is still a little bit of implementation to be had before the board can meet.” The comments will likely add to the announcements made earlier on Friday by Masood Ahmed, the IMF Middle East chief, who told reporters that the IMF board may be able to review the Egyptian loan agreement by early November. Ahmed also said the initial loan payout to Egypt would be at around $2.5 billion. Lagarde further said she hopes “that the board can meet promptly, and then once the board has met, it will have meant that the prior actions are completed, and therefore the first tranche can be released.” More»
Dina Abdel Fattah - 2016-10-07 19:52:58
The International Monetary Fund's initial loan payout to Egypt will be worth around $2.5 billion, Masood Ahmed, director of the IMF's Middle East department, said on Friday. He added that he hoped to secure board final approval for the Egyptian loan programme within next November. The $12 billion loan programme will contain conditions that include easing Egypt's budget deficit and making its currency exchange rate system more market-driven, Ahmed added. The IMF and Egyptian authorities were "making good progress" on talks with China, Saudi Arabia, and some G7 countries to secure about $5 billion to $6 billion in additional bilateral financing needed for the fund’s programme first year. "What I can say today is that we're making very good progress on that and I'm hopeful that we will be able to be in position to firm up these financing pledges in the coming weeks. I'm hopeful by the end of this month, early next month, we can be in a position then to go to the IMF board with a program," Ahmed said at a news conference. Ahmed confirmed the IMF would not be making a final announcement on the Egyptian programme during the course of the IMF's annual meetings, which started Friday. Ahmed also said while Egypt's economy was strong, it faced many challenges, including stabilising the macro-economy by containing the budget deficit, bringing down debt levels, and "getting rid of the imbalance in the foreign exchange market and moving to a foreign exchange system which is going to be more flexible when the price of foreign exchange is determined by supply and demand." More»
Dina Abdel Fattah - 2016-10-06 16:52:25
Egypt is expected to have the final approval of the International Monetary Fund’s three-year $12 billion lending programme within few weeks, Finance Minister Amr el-Garhy said at a conference in Washington on Thursday. Speaking at a session on Egypt’s opportunities and challenges at the Institute of International Finance’s Annual Membership Meeting kicked off Thursday, the Egyptian minister said the government has developed a comprehensive economic plan that protects low-income people.“Egypt expects 4% growth for the year…, government is working hard on structural reforms.” el-Garhy said Egypt's deputy finance minister told Reuters on Wednesday that the IMF would not discuss final approval of Egypt's loan at this week's annual meeting but instead at a future executive board meeting without specifying when it was expected to be held. In August, Egypt and the IMF have reached an initial financing accord, but it still needs to be approved by the fund's executive board. More»