Top News & Analysis
MACRO NEWS
Egypt, Lebanon and Syria have inked an agreement to import gas from Egypt to Lebanon under an emergency US-backed plan to ease the country’s electricity shortage. Accordingly, Egypt will ship 650mn cubic meters of gas per year. (Enterprise)
The Minister of Finance said that 90% of foreign investors have left the Egyptian debt market with roughly USD20bn of liquidity. (Bloomberg)
CORPORATE NEWS
EFG Hermes [HRHO] has closed an EGP651.2mn securitized bond issuance on behalf of mortgage provider Bedaya. (Enterprise)
Telecom Egypt [ETEL] announced its cooperation with GRID Telecom, a subsidiary of the Greek Independent Power Transmission Operator (IPTO) to link Egypt and Greece with a new submarine cable. (Company disclosure)
Arab Investment Bank (aiBank), a subsidiary of EFG Hermes Holding [HRHO], recorded a net income of EGP140mn in Q1 2022 vs. a net loss of EGP1mn in Q1 2021. This was the consequence of an increase in the net interest income by 41% y/y to EGP341mn. (Enterprise)