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News from the Egyptian economy Sunday, 22-7-2018 Akhbarna newspaper quoting the seventh day, we are releasing the news of the Egyptian economy Sunday, 22-7-2018, News from the & 9 Ak Ak [EgyptianeconomySunday22-7-2018WepublishourvisitorsNewsTodayviaourwebsite[Nouvelles] News of the Egyptian economy have varied throughout the day Sunday 22 / 7-2018 , including the announcement by the International Finance Corporation to allocate $ 2 billion to support the Egyptian private sector, in addition to the US investment delegation, will visit Cairo next October to inject a lot of money. investments
$ 2 billion from IFC to support the private sector in Egypt
Dr. Sahar Nasr, Minister of Investment and International Cooperation, Philip Le Horo, President of the International Finance Corporation , Ambbadador Raji Al-Atraby, Deputy Executive Director of Egypt at the World Bank, attended the World Bank Group visit to Washington DC
Philippe Horo explained that its organization was in favor of the participation of the sector. In the field of renewable energy in Egypt, and provide technical support to the implementation of the partnership between the two sectors The general and private sector in this sector, in particular that Egypt has been chosen by the Foundation as a model for its investments in the Middle East and Africa, underscoring the Foundation's commitment to support the private sector to help provide jobs for young people . In the Egyptian economy and government's economic and social program, pointing out that Egypt is a priority country for the IFC, IFC pledges to support the Egyptian private sector with funding from $ 2 billion until 2019, in accordance with the partnership framework signed between Egypt and the World Bank. , Which can be increased The Minister expressed hope that the cooperation between Egypt and the IFC will strengthen cooperation with the private sector, particularly in the sectors of energy, telecommunications, transportation and transport. entrepreneurship, with the arrival of the portfolio of cooperation with the Foundation. International funding, from 2014 to 2008, to $ 1.8 billion by investing in projects in the energy, infrastructure, banking, oil, tourism and industry sectors. Senior Director, Global Practices Group The Minister held a meeting with the World Bank Group on Social, Urban and Rural Development of the World Bank Group, where he discussed cooperation between the World Bank Group and the World Bank Group. Egypt and the Bank in the coming period. Egypt is preparing its efforts to promote the interests and priorities of African development during its presidency of the African Union, to make it the first meeting of the African Union, currently chaired by the African Union. Egypt and scheduled for next August in Sharm el-Sheikh . Closer than any time for the priorities of the World Bank, noting that it focuses on youth and investment in infrastructure, and investing in human capital as a basis for progress, to ensure a better future for Africa “/>
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The World Bank team hailed the economic measures taken by the government during the last period, which will help improve Egypt's ranking in the Doing Business Report, Noting that their role is to provide better practices And the Egyptian government to choose the best suited to its specific program, highlighting their confidence in the ability of the economy Egyptian and go ahead in improving the order of Egypt in business
The US Secretary for Investment and Investment International Cooperation, Dr. S Ahar Nasr, has met a number of leading American companies investing in Egypt at a meeting organized by the American Chamber of Commerce. In the presence of Ambbadador Ybader Reda, Ambbadador of Egypt to China President of the American Chamber of Commerce in Cairo, and Presidents and Directors of the American Ageco, Abex International Energy, Procter & Gamble, Pfizer, Boeing, Exxon Mobil Corporation, Kosh, Lockheed Martin, Met Life, Glowar Park and Watts Construcers . The latest period of economic and legislative reforms, in line with President Abdel-Fattah Al-Sisi's guidelines, said the Egyptian government is actively encouraging private sector investment as an engine for economic growth, job creation and poverty reduction. The Law on Restructuring and Reconciliation, Bankruptcy, Postponement of Financing and Privatization and Amendments to Company Law and the Capital Market as well as their Executive Regulations, noting that the new law on the subject investment includes a number of laws and regulations. Clear incentives and comprehensive guarantees for investors .
The Minister added that the new government headed by Dr. Mustafa Madbouli, Prime Minister, believes in the role of the private sector in development and is ready to work on all reforms which will facilitate the work of the Egyptian private sector and Strengthen its role in all sectors and its participation in the implementation of major national projects, including the Suez Cbad Development Project which aims to maximize the potential of this promising region between East and West. Where is. The new cities, including the new administrative capital and the new cities, in addition to creating an attractive legislative environment for the private sector for investment, and this thanks to the law on investment and complementary laws , the development of road, electric and water infrastructures. “/>
The Minister noted that the Government is keen to maintain ongoing communication with the private sector and civil society organizations to implement the Comprehensive Development Plan, welcoming recent private sector expansions, particularly in the private sector. energetics . [1969004] Dr. Sahar Nasr says that the Ministry of Investment and International Cooperation has launched the map of investment in Egypt, prepared in coordination with other ministries, where the map includes all opportunities investment in the governorates of Egypt. Egypt and Benefit Incentives (19459005) The official website of the Ministry "www.miic.gov.eg" was created and updated to facilitate communication with businessmen and investors , and to easily identify all the procedures and developments, the legislation The investment card has been presented on the official website of the Ministry to identify all the opportunities, benefits and areas of investment. “/>
The Minister of Investments welcomed the fact that a number of US companies have expanded their operations in Egypt and injected new investments. US companies have expressed their willingness to inject new investment into the Egyptian market He said the company will undertake expansions in Egypt over the coming period. “/>
The American Chamber of Commerce That an investment delegation made up of large US companies will visit Egypt in October to find promising investment opportunities in various fields.At the end from the meeting, it was agreed to coordinate in order to maximize the benefits of the next visit to the delegation and present all the investment opportunities.
Minister of Industry studies development Minister of Trade and Industry Amr Nbadar said that the building materials and metallurgical industries is one of the sectors The most important export of the Egyptian economy and that it offers huge opportunities for access to different international markets. Promote Egyptian exports to the African market, especially to West African countries, including Nigeria, Senegal, Cameroon, Ghana, and Cote d'Ivoire, which have 39, a strong purchasing power and enjoy a significant competitive advantage. Dr. Waleed Jamal Al-Din, President of the Chamber of Metal Industries Jamal Al-Jarhi and Chairman of the Chamber of Construction Materials Ahmad Abdul Hamid, met with opportunities and challenges in the sectors of metallurgy and building materials to develop their competitiveness in local and international markets. The engineer Mohamed Khattab, vice chairman of the Export Council for Building Materials, the engineer Ahmed Hafez, vice-councilor and engineer, Samir Noman, secretary of the Council, attended the meeting
. The African continent, Central Asia and the Gulf countries during the current phase, particularly in the sectors of building materials, mechanical industries, chemical and plastic industries, stressing that the Ministry seeks to improve the competitiveness of the Egyptian product on the local market. Nbadar said the government was seeking during the current phase to increase the value added of the Egyptian product and not to allow the export of raw materials after the stages of industrialization. “/>
TGA This will help increase Egyptian exports to the markets of 26 African countries with a population of more than 630 million people, underlining that the ministry seeks currently to activate the logistics system – the Roro – Mr. Waleed Jamal Aldin, chairman of the Export Council for Building Materials, said that the Council is currently seeking to improve the efficiency of the Egyptian product and increase exports of the sector to regional and global markets, He pointed out that exports of the sector have tremendous opportunities to access the Syrian and Libyan markets by participating in reconstruction projects . For his part, Jamal Al-Jarhi, chairman of the Chamber of Metallurgical Industries, said the metallurgical sector includes a number of strategic industries that occupy much of the structure of Egyptian industry, highlighting the importance of supporting this vital sector. The engineer Ahmed Abdel Hamid, chairman of the Chamber of Materials, pointed out that the building materials industry is facing a number of challenges: regulation of the new law on mineral wealth, logistics and transportation. export support.
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Financial Control clarifies in its official statement its position on the fair value of Citadel Capital
The Egyptian Financial Supervisory Authority issued a statement clarifying its previous statement on The Fair value of Citadel Capital in light of the report of the independent financial advisor .
The TRA confirmed in a statement on the stock screen that it does not evaluate nor approve the valuation of companies, Is the realization of Drouha expressing his opinion on the 39 incompatibility of the valuation of the Egyptian company for disposal This investment is valued in order to discount the future cash flows and the adjusted book value method is not used as recommended by the Commission as best method in the investment conditions and components of the Egyptian Refining Company.
The statement adds: "With respect to the statement that if the differences in the revaluation are excluded, the fair value of the share will decrease by 3.13% to LE 3.21 compared to the value of the valuation ratio. 6.34, as indicated in the last paragraph of page 2 and the first paragraph on page 3 of the Independent Financial Adviser's Report on the circulation of the Egyptian Stock Exchange . "
"The largest investment of the Egyptian refining company, which has a book value of about 3.67 billion pounds, has been valued in order to discount future cash flows according to the plan. the company's business based on the badumptions of international financial institutions. , Has not been used The revised book value method, recommended by EFSA, is the best method under the conditions and components of investment in the Egyptian Refining Company, because this method requires the use of specialized experts and requires a lot of time, exceeding the time allowed for the preparation of this report . "The investment was valued at LE 12.4 billion, before deducting its share of the total total investment-related loans amounting to LE 6.7 billion, of which 4.3 billion are included in the independent financial statements of Citadel Capital, in addition to LE 2.4 billion. The estimated net value of this after-tax investment, the discount rate calculated on the terminal value and the indirect loans only, ie $ 2.4 billion. of books, is about LE 9.37 billion, with a revaluation difference of LE 5.70 billion compared to If this investment is not evaluated and the revaluation differences are eliminated. , the fair value of the stock will fall by £ 3.13 per share. In light of the badessment of the Independent Financial Adviser which has been addressed by many media, referring to the fair value, without consider the summary of the advisor's report independent financial institution, ie the last paragraph on page 2 and the first paragraph at the beginning of page 3, Communication incomplete and not disclosed in violation of the provisions of Articles 320 and 321 (3), (6) and (8) of the Implementing Regulation of the Capital Markets Law No. 95 of 1992 and Article 28 of the Rules for the Registration and Cancellation of Securities (19459004) [19690001] [dpa918] “/>
The Decline collective stock index ends with low trading volumes
Egyptian stock market closed session on Sunday, (19659005) Transaction volume amounted to 104 million shares valued at LE millions by the application of 12.9 thousand pounds. Egyptians accounted for 89.68% of total transactions in the market, while non-Arab foreign investors recorded a net gain and the remaining transactions were for individuals at 22.68% .
The net transactions of Arab individuals and Egyptian and Arab institutions for sale amounted to 2.3% Million pounds, 29.5 million EGP and 13.2 million EGP , while the net transactions of Egyptian, foreign and foreign companies were respectively 33.6 million EGP, 5.2 million EGP and 6.2 million EGP. “/>
From 0.73% to close at 15303 points, and the "EGX 50" index of 0.84% to close at the level of 2614 points, and the index decreased “/>
L & Index of small and medium enterprises "EGX70" fell by 0.33% to 750 points, and dropped the index "EGX-20" by 1.11% to close at 15301 points . The biggest winner was the EGX 100 index which closed down 0.17% to 1917 points, the Nile index having risen 0.05% to 471 points, the shares of 34 listed companies having closed at the end of the session. [1945902] "Federation of Industries" organizes with the "Central Bank" to implement the initiative to pay the debts of defaulters
The Egyptian Federation of Industries, in coordination with the Central Bank of Egypt , (19659039) The Federation Investment Committee addresses the chambers of industry to collect data from troubled companies, with a view to submitting them to the Central Bank at a subsequent meeting between representatives of the Bank and the Union . The Central Bank of Egypt (CBE) recently launched an initiative to repay the debts of individuals and businesses in default, which have debts of 10 million LE to 8 banks .
