The government raised fuel prices 10-15% as of last Thursday.

The price of mazut for most industries increased to EGP8.5k per ton, up 13.3% from EGP7.5k previously. The government has kept mazut prices stable for electricity generation and food industries.

Foreign investments in Egypt’s t-bills stood at USD35.2 billion (EGP1.70 trillion) by the end of April, up from USD32.0 billion (EGP1.54 trillion) in March.

The government is launching an initiative to support the tourism sector with EGP50 billion. Funding should not exceed EGP1 billion for one customer with a declining 12% subsidized interest rate.

The IMF Executive Board is scheduled to discuss the third review of Egypt’s USD8 billion loan program tomorrow.

The European Investment Bank will provide EUR200 million in the coming days for the Abu Qir Metro in Alexandria as the first tranche of the total soft financing allocated to the project from four international institutions.

The government intends to establish three strategic factories in the automotive sector with investments of USD1.4 billion.

Electricity distribution companies will now be able to install coded meters in buildings illegally drawing electricity until the building either legalizes its status or demolished.

EAST approved the sale of one of its factories, which is currently rented, to United Tobacco Company for EGP1.6 billion.

Eni will leverage Egypt’s position as a regional energy hub to export gas produced in Eni’s fields throughout the whole Eastern Mediterranean through Egyptian facilities.

Four companies have plans to pump millions of USD into oil production through well-drilling and well-rehabilitation, according to an Oil Ministry statement.

Egyptian Marketing Company for Phosphate targets increasing it production capacity to 5.5 million tons during 2024. The company has produced 2.6 million tons until the end of June 2024.

MNT-Halan has fully acquired Turkish commercial finance company Tam Finans from Actera Group.

COMI, in collaboration with the German development agency GIZ and the Frankfurt School of Finance and Management, has rolled out a new SME financing product tailored to boost sustainable development.

Beltone Mortgage, BTFH’s arm, has already snapped up a sizable market share, which it plans to grow to no less than 25% by the end of the year. It currently ranks second in the mortgage finance market in terms of bookings and market share, which stood at EGP2.6 billion and 22.5% at the end of 1H24, respectively.

Tamweel Mortgage Company intends to complete the first issuance of a new multi-issue securitization bond program with a total size of about EGP5 billion.

Banque Misr signed a credit facility agreement of EGP500 million with Tanmeyah micro-finance, affiliated with HRHO.