Today’s Top News & Analysis
Egypt-Africa trade records USD2.11bn in Q1 2023
GASC received 146,000 tons of local wheat from farmers so far
EGP45bn earmarked to buy local wheat from farmers this year
EBRD to provide a USD100mn loan facility for Banque Misr
Sukuk bonds lose 10% of their value within two months of their issuance
Allocating EGP10bn for tourism in the subsidized loans program
3.3% of PACHIN shares respond to National Paints offer
Sovereign Fund of Egypt plans to offer land to private investors
MACRO
Egypt-Africa trade records USD2.11bn in Q1 2023
Egypt’s Minister of Trade & Industry said that the volume of trade exchange between the country and the African market reached USD2.11bn in Q1 2023, with Egyptian commodity exports to Africa amounting to USD1.61bn and Egyptian imports recording USD506mn. The top five markets recipient of Egyptian exports are:
1. Libya with USD317mn.
2. Sudan with USD226mn.
3. Algeria with USD217mn.
4. Morocco with USD191mn.
5. Tunisia with USD86mn.
Additionally, the most prominent sectors that constituted Egyptian exports to Africa included construction materials, chemical products & fertilizers, food industries, and engineering & electronic goods. (Mubasher)
GASC received 146,000 tons of local wheat from farmers so far
The General Authority for Supply Commodities (GASC) received 146,000 tons of local wheat from farmers through 420 sites across the governorates of Egypt since the start of the local wheat harvest season until Wednesday. (Mubasher)
EGP45bn earmarked to buy local wheat from farmers this year
Egypt’s Minister of Finance said that EGP45bn have been allocated to buy local wheat from farmers this year, starting April until mid-August, marking an increase of more than EGP19bn over last year. (Mubasher)
EBRD to provide a USD100mn loan facility for Banque Misr
European Bank for Reconstruction and Development (EBRD) is to lend Banque Misr a USD100mn facility pending final review on 31 May 2023. This loan is to be on-lent to eligible micro, small, and medium enterprises (MSMEs). If approved, this would mark the second EBRD loan for Banque Misr, after receiving USD100mn last year to finance green projects for local SMEs. (EBRD)
Sukuk bonds lose 10% of their value within two months of their issuance
The prices of Sukuk bonds offered on the London Stock Exchange (LSE) fell to 90 cents/dollar, compared to 90.875 cents/dollar on its first trading day, losing 10% of its offering price within two months. (Al-Borsa)
Allocating EGP10bn for tourism in the subsidized loans program
The Prime Minister said that the government will offer EGP10bn for loans to tourism at an 11% interest rate, bringing the total value of the subsidized loans program to EGP160bn. (Cabinet statement)
Corporate
3.3% of PACHIN shares respond to National Paints offer
The Financial Regulatory Authority (FRA) has reported that the period for responding to National Paints Holding (NPH) offer to buy up to 100% of Paints & Chemical Industries (PACHIN) [PACH] has expired, with only 3.3% or 787,000 shares responding to the offer. (Economy Plus)
Sovereign Fund of Egypt plans to offer land to private investors
The minister of Public Business Sector has announced for plans to utilize land plots owned by Heliopolis Company for Housing & Development [HELI] to develop and offer it to private sector investors through the Sovereign Fund of Egypt. The minister also added that the development plan is expected to yield EGP300bn in revenues. (Mubasher)
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