HC Securities - EG

Egypt will start disbursing a second stimulus of EGP1bn to seasonal and daily workers on 17 January, according to a cabinet statement. (Bloomberg, Al Shorouk)

The Egyptian government is currently implementing oil refining projects with investments worth USD7.0bn, and is targeting to reach self-sufficiency of gasoline and diesel by 2023, according to the minister of petroleum. (Hapi Journal, Al Masry Al Youm)

... sectors most directly affected by the crisis appear to have helped mitigate the impact of the shock, and external market conditions have improved with a strong return of portfolio inflows since the approval of the SBA. (IMF)

... COVID-19 crisis has so far been less severe than expected, with strong consumption offsetting weak tourism and investment, and that measures taken to address the health and social needs and support the ...

The International Monetary Fund (IMF) released its first Egypt review report under the Stand-By Arrangement (SBA) where it raised its Egypt FY20/21 GDP growth forecast to 2.8% from 2.0% previously, according to the report. The IMF stated that the growth impact of the...

The Egyptian government committee in charge of the indexation of gasoline prices has decided to maintain prices for 1Q21, according to a Ministry of Petroleum statement. (Bloomberg)

... system that also allows the use of natural gas, he added. The financing will be available for periods between up to 10 years, he also said. (Al Borsa)

... allocated to EGP60bn. The loans, with an interest rate of 3%, will be provided through banks to individuals seeking to replace their gasoline-powered vehicles to a bi-fuel...

The Central Bank of Egypt (CBE) will participate in the President’s initiative to help car owners convert their vehicles to natural gas, according to the CBE governor. The CBE will provide a preliminary amount of EGP15bn as one of 3 tranches bringing the total amount...

... this exhibition, including Al Amal Group, General Motors, GB Auto (AUTO EY), Nissan Motors, and Toyota, according to unnamed sources familiar with the matter. (Al Borsa, Bloomberg)

... a bi-fuel system that also allows the use of natural gas, the statement added. The financing will be available for periods between 7 to 10 years, the statement added. Some 35 companies and 9 banks are participating in...

The Central Bank of Egypt (CBE) launched a EGP15.0bn initiative to help car owners convert their vehicles to natural gas, it announced. The loans, with an interest rate of 3%, will be provided through banks to individuals seeking to replace their gasoline-powered vehicles to...

... parties, according to its circular. Credit guaranteed by the CGC is now included as an exposure of the bank to the CGC after excluding the portion guaranteed by the CBE. (CBE)

The Central Bank of Egypt (CBE) now excludes credit guaranteed by the Credit Guarantee Company (CGC) from the calculation of the maximum exposure of banks to a single client and its related...

Egypt’s Suez Canal Authority (SCA) has extended until 30 June 2021 a 24%-75% discount on transit fees offered to liquified natural gas (LNG) ships operating between the US and East India, the SCA announced. (Al Mal)

The Egyptian government is considering setting up a fund providing incentives to industries with competitive advantages including the automotive industry, according to the minister of trade and industry. (Ministry statement)

... continued focus on enhancing the transparency of state-owned enterprises, ensuring a level playing field for all economic agents, and removing bureaucratic obstacles to private sector development, it added. (IMF, Bloomberg)

... risks to the outlook in light of a second wave of the pandemic and the uncertainty about the pace of domestic and global recovery. Sustained progress on structural and governance reforms is essential to foster more inclusive private-sector-led growth, including...

... under the SBA to about USD3.6bn, it announced in a statement. Egypt has managed well the economic disruptions incurred by COVID-19 by adopting proactive measures to address health and social needs and by supporting the most affected sectors, it added. There are still...