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News from the Egyptian Economy Sunday, 22-7-2018 The Kingdom of Bahrain, citing the seventh day, we are releasing the news of the Egyptian economy on Sunday 22-7-2018, News of The Egyptian economy Sunday, 22-7-2018 we publish our visitors The Kingdom of Saudi Arabia and the Gulf Cooperation Council (GCC), the largest economy in the world, Egyptian private sector, in addition of the US investment delegation will visit Cairo next October to pump Ast
$ 2 billion IFC to support the private sector in Egypt
Dr. Sahar Nasr, Minister of Investment and Investment International Cooperation, Philip Le Horo, President of the International Finance Corporation, the private sector branch At the World Bank Group, during his visit to Washington, DC, in the presence of Ambassador Raji Al-Atraby, Director executive of Egypt to the World Bank. Private sector in the field of renewable energy in Egypt, and provide technical support to the implementation of the partnership between the two countries The private and public sectors in this sector, especially that Egypt was chosen by the Foundation as model for its investments in the Middle East and Africa, highlighting the Foundation's commitment to supporting the private sector to create employment opportunities for young people. "Egypt is a priority country for the IFC and in accordance with the partnership framework between Egypt and the World Bank Group, IFC pledges to support the Egyptian private sector with funding from 2 billions of dollars from here next year ". 2019, which is reached The minister expressed hope that cooperation between Egypt and IFC would increase in the private sector, particularly in the energy, telecommunications, transport and energy sectors. 39, entrepreneurship, with the arrival of the portfolio of cooperation with the Ministry of Finance. The International Finance Corporation (IFC), from 2014 to 2008, invested $ 1.8 billion in projects in the energy, infrastructure, banking, oil, tourism, health, and environmental sectors. of industry . Vasquez, Senior Director of the Practice Group The Minister held a meeting with the African Union Group of the Bank, during which a discussion was held on the social, urban and rural development of the Bank Group. in which cooperation between Egypt and the Bank was discussed. Egypt is making every effort to promote the interests and priorities of Africa's development during its presidency of the African Union, the Minister of Foreign Affairs of the Republic of Egypt, To make it closer More than ever to the priorities of the World Bank, noting that it focuses on youth and investment in infrastructure, investment in the human capital as a basis for progress, to ensure a better future for Africa . The meeting discussed measures taken by Egypt in the areas on which the Doing Business report is based. “/>
The World Bank team praised the economic measures taken by the government over the past period that will help improve the company's ranking, noting that their role is better International practices in activities commercial, and the Egyptian government to choose the best fit according to its specific program, highlighting their confidence in the capacity of the Egyptian economy and go ahead in the improvement of the order of Egypt in the company. US investment will visit Cairo next October to invest new investment
Sahar Nasr, Minister of Investment and International Cooperation, met with several large US companies that invest and want to invest in Egypt at a meeting organized by the American Chamber of Commerce. "In the presence of Ambassador Yasser Reda, Ambassador of Egypt President of the American Chamber of Commerce in Cairo, and President and Director of US companies Ageco, Abex International Energy, Procter & Gamble, Pfizer, Boeing, Exxon Mobil Corporation, Kosh, Lockheed Martin, Met Life, Glowar Park and Watts Contractors. “/>
Egyptian Government actively promotes private sector investment as a driver of economic growth, job creation and poverty reduction, and implements the reform of economic and legislative reforms in accordance with the directives of President Abdel Fattah Al-Sisi.The Law on Restructuring and Reconciliation, Bankruptcy and the Postponement of Financing and privatization, as well as changes to company law and the capital market and their declarations, noting that the new law on investment There are a number of 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 Reforms that 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 Canal Development Project which aims to maximize the potential of this promising region between East and West; In addition to providing the creation of an attractive legislative environment for the private sector for investment, and this has been through the law on investment and complementary laws, and the development of l & # 39; 39, Road, Electricity, Water and Energy Infrastructure “/>
The Minister emphasized that the Government was keen to maintain ongoing communication with the private sector and public sector organizations. civil society to implement the global development plan, and welcomed the recent expansion of the private sector, particularly in the energy sector. The Ministry of Investment and International Cooperation has launched the Egyptian Investment Map, prepared in coordination with other ministries, where the map includes all the investment opportunities in various fields in the governorates of Egypt. In Egypt and enjoy the The official website of the Ministry "www.miic.gov.eg" was created and updated to facilitate communication with businessmen and women. investors, and to easily identify all procedures and developments.
The Minister of Investment praised the fact that a number of US companies are expanding their operations in Egypt and are injecting new investment. During the meeting, the investment card has been presented to the Ministry of Investment. , US companies have expressed interest in injecting new investment in the market The Egyptian Chamber of Commerce and Industry said in a statement that the Egyptian company would expand its operations in Egypt in the coming period. “/>
An American delegation will visit Egypt in October to discover promising investment opportunities in various fields and at the end of the meeting it was agreed to coordinate to maximize the benefits of the next visit to the delegation and present all investment opportunities.
Minister of Industry The Minister of Trade and Industry, Amr Nassar, pointed out that the building materials and metallurgical industries sector is one of the most important sectors in the industry. The most important export of the Egyptian economy and offers huge opportunities for access to different international markets. A global plan to boost Egyptian exports to the African market, particularly to West African countries, including Nigeria, Senegal, Cameroon, Ghana, and Cote d'Ivoire , which have a great purchasing power. Alcohol The meeting was attended by the Minister of Industry and Commerce and the Minister of Industry, Trade and Labor. The meeting was attended by the engineer Mohamed Khattab, Vice Chairman of the Export Council for Building Materials, Ahmed Hafez, Deputy Secretary of the Council, and the engineer Samir Noman, Secretary of the Council [19659009]. (19659005) The Ministry of Foreign Affairs of the Kingdom of Saudi Arabia and the United Arab Emirates, Nassar pointed out that the government is 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.
The Minister pointed to Pat Free trade between the three main economic blocks of Africa – COMESA, SADC and the Community of the United States. East Africa – has exceeded free trade, which will increase Egyptian exports to the markets of 26 African countries of more than 630 million inhabitants. “/>
The engineer Walid Jamaluddin, chairman of the Export Council for Building Materials, said the council aims to improve the efficiency of the Egyptian product and increase exports of the sector to regional markets and high. Miyah, pointing out that the sector's exports amounted to $ 5 billion and $ 133 million in 2017, and the Board aims to increase export rates to $ 6 billion by the end of the year. year and reach 8 billion dollars in the next three years . He pointed out that the sector's exports have enormous potential 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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The financial audit clarifies in its official statement its position on the fair value of Citadel Capital
EFSA has issued a statement clarifying its previous statement on the fair value of Citadel Capital in light of the advisor's report independent financial institution .
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 stated in the last paragraph of page 2 and the first paragraph on page 3 of the Independent Financial Adviser's Report published 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 assumptions 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 assessment 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) [dccaa335.jpg] “/>
The Collective Downturn in Stock Indices Ends by low trading volumes
The Egyptian stock exchange ended the trading session on Sunday with the start of trading sessions. (19659005) The volume of transactions amounted to 104 million titles valued at 383 million LE 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 rest of the 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 “/>
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The index of small and medium enterprises, "EGX70" fell by 0.33% to 750 points, and dropped the index "EGX XX" 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 companies in default, which have debts of 10 million LE to 8 banks .
