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Update: 2024-12-22
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The EU approved the disbursement of an EUR 1 bn macro-financial assistance package. The package marks the first phase of a EUR 5 bn set of concessional loans running through 2027, which comes as part of a wider EUR 7.4 bn package from the EU announced in March.

The China Communications Construction Company (CCCC) is interested in working with the Madbouly government on its airport development plans, namely the development of Cairo International Airport.

The average yield on six-month t-bills jumped to a fresh high of 31.21% during the central bank’s latest EGP t-bills auction on Thursday.

Transactions of foreigner investors in the local debt market turned into net purchases amounting to about EGP21.3 billion, equivalent to USD418.3 million, during the past week.

IMF spokeswoman Julie Kozak stated that discussions of the fourth review of Egypt's economic reform program are still going on virtually, with the aim of reaching an agreement on policies and reforms that can support the completion of the review.

State-owned pharma manufacturer HoldiPharma is gearing up to list stakes ranging between 25-30% in subsidiaries Chemical Industries Development (CID) and Misr Pharma on the EGX. 

Government sources estimated that raising mobile bill prices would achieve an increase in tax revenues ranging between EGP5-6 billion.

A delegation of Bavarian business leaders will visit Egypt in January to explore green hydrogen investments, German ambassador to Egypt Jürgen Schulz told Al Arabiya. Another delegation of investors from Saxony is scheduled to visit in April with an eye on the energy and infrastructure sectors.

The Bank of England and the Bank of Japan kept their interest rates unchanged on Thursday, with a cautious stance for 2025. 

GBCO's new manufacturing plant in Sadat city is expected to begin operations in 1H25.

Cheiron Energy is looking to expand its energy portfolio in Egypt, targeting new concessions and ramping up exploration to boost production, CEO Alan Linn said.

Saudi Arabia's Alqahtani Holding is in talks with the Oil Ministry to explore joint investments in petroleum, gas, and petrochemical projects. 

The General Petroleum Company (GPC) has resumed production of its GPY field, following years of inactivity. The field is expected to produce some 1.5 million barrels of oil in the coming three years.

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