Mar 26 2024 3 mins
The government has begun paying back nearly 20% of the arrears it owes to international oil companies (IOCs) operating in the country, with a structured plan now in place to clear the remaining debt in stages over the coming period.
The Emirati company, Dana Gas, revealed that it received USD58 million in dues from Egypt during 2023. The company added they still have arrears of USD75 million.
Egypt targets a GDP growth rate of 4% in FY 2024/25, with a primary surplus of 3.5% and reducing the total deficit in the medium term to 6% of GDP.
The Ministry of Finance targets a 25% growth in income tax in the FY2024-25, on an expected increase in the tax revenues on economic authorities and the tax on interest income from treasuries.
The General Authority for Investments and Freezones (GAFI) has awarded six golden licenses for projects worth a combined EGP5.6 bn.
US multinational conglomerate Honeywell in partnership with the European Bank for Reconstruction and Development will complete a feasibility study within the next few months for a proposed sustainable aviation fuel production facility in Egypt.
The Mineral Resources Authority intends to launch a new global tender for gold exploration in the Eastern Desert region, early 2025, as part of a new plan of offering 7 to 9 sites for investment in exploring gold annually.
The EU and the French Development Agency will provide a total of EUR61.5 mn in financing for the third phase of the Gabal El Asfar water treatment plant, the International Cooperation Ministry said.
CCAP plans to list its printing subsidiary, the National Printing Company, on the EGX in the second quarter of this year.
Fertilizers prices increased by EGP500/ton after the latest increase in diesel prices.
New leaders could be appointed at banks including: the National Bank of Egypt, Banque Misr, Banque du Caire (BdC), AAIB, Export development Bank, and Suez Canal Bank (CANA).
Valu, HRHO’s arm plans a securitization issuance worth EGP800 million next month. The company had issued an issue earlier this week worth EGP888 million.
COMI’s OGM approved distributing dividends of EGP0.55/share from 2023 profits, implying a dividend yield of 0.65%. It also approved increasing the issued and paid-in capital by EGP236.6 mn to EGP30.6 bn.
SAUD’s OGM approved not distributing dividends to shareholders from 2023 profits.
According to local media, the Egyptian Drug Authority (EDA) plans to launch a tracking system before the end of the year to eradicate the sale of counterfeit and imitation meds and crack down on illegal sales.