Your Weekend Catch-Up: Top 10 News Stories

Updated 3/15/2024 9:00:00 AM
Your Weekend Catch-Up: Top 10 News Stories

Arab Finance: The second week of March has been packed with newsworthy events.

From Egypt’s soaring inflation in February to the country’s overall budget deficit widening in eight months, here is a brief rundown of the 10 most interesting news stories covered in the five working days from March 10th to 14th.

  1. Egypt’s annual headline inflation hits 36% in February

Egypt's annual headline inflation rose to 36% in February, compared to 31.2% in January.

  1. Egypt's budget deficit worsens to 6.7% in first 8 months of FY2023/24

Egypt's overall budget deficit widened 6.7% of gross domestic product (GDP) during the first eight months of the current fiscal year (FY) 2023/2024, compared to 5% in the same period a FY earlier.

  1. EU prepares €7.4B financing aid for Egypt

The European Union (EU) is preparing a financing package valued at €7.4 billion for Egypt to boost its economy amid the current geopolitical risks in Gaza and Sudan.

  1. Goldman Sachs, Citibank, Morgan Stanley return to Egypt’s debt market

Some international investment banks, including Goldman Sachs, Citibank, and Morgan Stanley, resumed investing in Egypt’s government debt instruments.

  1. Egypt targets EGP 83.3B investments in communications, IT sector in FY2023/24

Egypt targets investing EGP 83.3 billion in the communications and information technology (IT) sector during the current fiscal year (FY) 2023/2024, up by 48.8% from the expected investments by the end of FY 2022/2023.

  1. Egypt raises wheat procurement price to EGP 2,000/ardeb

The Egyptian government has raised the wheat procurement price for the 2024/2025 harvest season to EGP 2,000 per ardeb.

  1. FRA issues standards for adopting local voluntary carbon registries

The Financial Regulatory Authority (FRA) has issued a resolution to regulate the standards for accrediting the authority’s voluntary carbon records.

  1. Petroshrouk dedicates $535M for Zohr field development in FY2024/25

Petroshrouk, the provider of oil exploration services at Zohr field, has allocated $535 million to develop and operate the Zohr-19 well in fiscal year (FY) 2024/2025.

  1. 5 Egyptian firms seek to issue EGP 10B Sukuk in 2024: Official

Five Egyptian firms are planning to issue sukuk worth up to EGP 10 billion.

  1. MSMEDA, Tanmeyah pen EGP 200M financing deals to back SMEs

Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed two financing agreements worth EGP 200 million with Tanmeyah for Microenterprise, a financial services provider and a subsidiary of EFG Holding.

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