Egypt’s government urgently needs to bring new power projects on line to fill the growing gap between and supply, the Arab Petroleum Investment Corporation (Apicorp) says in a report published today. The main challenge is the lack of finance which…
Category: Egypt
Egypt has $5bn-6bn financing gap
Egypt is seeking $5bn in bilateral financing to complement the $12bn that the IMF plans to lend Cairo to support the fund’s three-year economic stabilisation programme, the IMF’s Middle East & Central Asia department director Masood Ahmed said at a press…
Egypt faces tough transition to meet IMF demands
Egypt’s President Sisi Egypt has promised the IMF it will apply the most far-reaching reforms in the modern era as part of the deal underpinning the fund’s plan announced last week to lend Cairo the equivalent of $12bn. On 11…
Egypt heads for IMF deal in September
A major IMF deal for Egypt involving a credit of up to $12bn could be finalised by September, Fitch Ratings says in a report released today. “Securing an IMF funding deal would be credit positive for Egypt, but implementation…
Societe Generale to advise Tahrir Petchems
For full coverage of Middle East business, see MEED Egypt’s Tahrir Petrochemicals Corporation has mandated Societe General as financial advisor to the $5.9bn Tahrir Petrochemicals project. It will be Egypt’s largest petrochemicals complex once it is completed and will comprise…
Egypt budget deficit to remain high
For full coverage of Middle East business, see MEED Fitch Ratings said today that it forecasts Egypt’s budget deficit will remain above 10 per cent of GDP in 2015/16 and 2016/17 due to the failure to implement fiscal reforms in…
Egyptian growth slows on forex, energy and tourism issues
For full coverage of Middle East business events, see MEED Foreign exchange shortages, restricted gas supplies for petrochemical producers and a slowdown in tourism activity due to security concerns in the second half of the year combined to hit trends…
Minya and Readymix sale completed
Qalaa Holdings Chairman and Founder Ahmed Heikal For full coverage of Middle East business events, see MEED ASEC Cement, a business unit of Qalaa Holdings reached financial close today on the sale of its holdings in subsidiaries ASEC Minya Cement and…
Housing and infrastructure are Egypt’s priorities, Housing Minister tells MEED Invest in Egypt Conference
Jumeirah at Etihad Towers, 27 November 2014. Housing and infrastructure are among the top priorities of the Egyptian government, Egypt’s Housing, Utilities & Urban Communities Minister Mostafa Madbouly told the MEED Invest in Egypt Conference this morning. He said the government’s…
Egypt accelerates nuclear power plan: Al Ahram
The government of Egypt plans to invite bids for a nuclear power plant this year, the Cairo daily Al Ahram reported on 12 September. The newspaper reported that its first nuclear power plant will be sited in the Mediterranean town…