Top 10 News: A Recap of the Dynamic Week

Updated 3/22/2024 9:00:00 AM
Top 10 News: A Recap of the Dynamic Week

Arab 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:

  1. S&P Global revises Egypt’s credit outlook to positive

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”.

  1. EU provides €1B immediate aid to Egypt under €7.4B package

Egypt is set to receive €1 billion in emergency funding this year from the European Union (EU) under a €7.4 billion funding package.

  1. World Bank pledges $6B financing package to Egypt over 3 years

The World Bank Group (WBG) will provide a financing package of $6 billion to Egypt over the upcoming three years.

  1. EBRD, IMF in talks to extend Egypt’s loan program by $1B

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.

  1. Goldman Sachs expects $26.5B external financing surplus for Egypt in 4 years

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.

  1. Egypt earmarks EGP 99.6B for oil extractions in FY2023/24

The Egyptian petroleum sector targets investing EGP 99.6 billion in the development of oil extractions during fiscal year (FY) 2023/2024.

  1. Suez Canal's trade plunge 50% YoY in 2 months: IMF

Trade volume through the Suez Canal plummeted by 50% year on year (YoY) in the first two months of 2024.

  1. EGAS plans for $2.6B projects in FY2024/25

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.

  1. Al Ahly Sabbour eyes 1,000-feddan plot in Ras El-Hekma

Al Ahly Sabbour is targeting purchasing around 1,000 feddans in Ras El-Hekma to develop an integrated tourist and urban project.

  1. Telecom Egypt, EXA Infrastructure partner to remap international data movement

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.

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