Top 10 News: A Recap of the Dynamic Week
Updated 3/22/2024 9:00:00 AMArab Finance: The five working days, ended on March 21st, have been a dynamic period with a flurry of major news. From S&P Global Ratings shaking up its credit outlook on Egypt to the aid package unveiled by the EU for the country, it has been an eventful week.
So, to highlight the top 10 headlines reported throughout the week, we have put them together as follows:
S&P Global Ratings has revised its credit outlook on Egypt to positive from stable, while affirming its long- and short-term local and foreign currencies credit ratings on the country at “B-/B”.
Egypt is set to receive €1 billion in emergency funding this year from the European Union (EU) under a €7.4 billion funding package.
The World Bank Group (WBG) will provide a financing package of $6 billion to Egypt over the upcoming three years.
The European Bank for Reconstruction and Development (EBRD) is coordinating with the International Monetary Fund (IMF) to extend the latter’s $8 billion loan program to Egypt by $1 billion.
Goldman Sachs projects a surplus of $26.5 billion in external financing to Egypt over the next four years, versus previous expectations of a deficit of $13 billion.
The Egyptian petroleum sector targets investing EGP 99.6 billion in the development of oil extractions during fiscal year (FY) 2023/2024.
Trade volume through the Suez Canal plummeted by 50% year on year (YoY) in the first two months of 2024.
The Egyptian Natural Gas Holding Company (EGAS) is planning to implement new seven projects and start production from 20 development wells in fiscal year (FY) 2024/2025, with a total of $2.6 billion in investment.
Al Ahly Sabbour is targeting purchasing around 1,000 feddans in Ras El-Hekma to develop an integrated tourist and urban project.
Telecom Egypt has signed a trade agreement with the digital infrastructure operator EXA Infrastructure to remap the international data movement between the East and West passing by the Mediterranean Sea.
