Dear followers everywhere, welcome to a new analysis of the most important reports presented by the Banker Research Unit throughout the day, Thursday, February 29, 2024.
We begin with a very important report on the positives of the Ras al-Hekma deal with the Emirates and the volume of foreign investments that the deal attracted to the Egyptian market
The report said that as soon as the Ras El Hekma deal was announced, the situation in the investment market in the region changed, and requests and negotiations for investment, projects, and deals began from every part of the world to Egypt, the most recent of which is a global Italian project, which is the world’s most modern iron and steel complex in the Suez Canal Economic Zone, with investments of $4 billion. One of these is a green hydrogen project with investments of 3 billion dollars, meaning two projects, but for 7 billion dollars.
Dr. Madbouly also signed agreements with investments of $40 billion all at once over 10 years in various fields such as clean energy, green hydrogen, and others…
The report revealed the latest deals that came after the large Ras Al-Hikma project, and they were from China, which decided to enter the Egyptian market forcefully, this time by establishing a Chinese industrial zone on the Mediterranean Sea to provide the needs of the local market and export to the European and American markets, in addition to the proposal to settle commercial transactions in the local currencies of the two countries. And discuss the proposal to establish a branch of a Chinese bank inside Egypt
The following report was presented by the Banker Research Unit regarding the important numbers announced by Dr. Mostafa Madbouly, head of the rare government, regarding the receipt of $5 billion from the first installment of the deal, and tomorrow, Friday, another $5 billion will be supplied to the Central Bank, with a total of $10 billion.
Madbouly also said that $35 billion will be invested as direct investment within two months, in addition to the 35 percent that the state will receive from the net profits of the Ras El Hekma development project.
The government also revealed the arrival of $520 million to the treasury of the Ministry of Business Sector today, Thursday, from the “hotels” deal.
Today, the Banker Research Unit presented a special and important report regarding the International Monetary Fund loan, the date of disbursement of the Egyptian loan, and its size
The report said that Egypt has been engaged in arduous negotiations with officials at the International Monetary Fund for months to increase the value of the financing program provided to Egypt and also to complete the second first review of the $3 billion loan that the government agreed upon with the Fund in December 2022.
The report added that after the announcement of the Ras al-Hikma deal, the good news did not stop, and recently good news also came from the International Monetary Fund, whose officials announced for the first time the date of announcing the additional financing that the Fund will provide to Egypt.
The Director of the International Monetary Fund, Kristalina Georgieva, announced that the Fund has succeeded in resolving the basic issues with the Egyptian government regarding its review of a loan program with Egypt worth $3 billion. She said that it is expected to put the final touches on an additional financing package to Egypt within a very few weeks.
The following report presented by Banker platforms on the conditions of the black market for the dollar after Dr. Mostafa Madbouly’s statements today and the arrival of $10 billion to the Central Bank, as well as statements by the International Monetary Fund about the approaching disbursement of the Egyptian loan, in contrast to the huge deals that came after the announcement of the Ras al-Hikma project.
The report said that the parallel market for the dollar is literally collapsing, as evidenced by the sharp decline in prices and illegal trading in it, and the dollar has reached between 38 and 40 pounds and is now at the price of the dollar in banks.
Expectations that the parallel market for the dollar will end completely by next March, as expected by banking market experts, and of course this means that all the crises that occurred due to the rise in the price of the dollar and the emergence of the black market many months ago will end, and we have already seen how prices began to fall and will still fall further in the coming days.
The last report with us in today’s analysis of the surprises of 2024 and the return of confidence in the Egyptian club
The report talked about the things that are expected to happen during the remaining months of the current year, the most important of which, of course, is the flotation file, or liberalizing the price of the pound, or reaching the flexible price. This is the source of the files postponed from last February, meaning it has a whole year, and it was the subject of a violent and sharp dispute between the Egyptian government and the International Monetary Fund.
The report added that the second most important file in 2024 is the loan file because they are linked to each other, as we saw, and from the hours of the Director of the International Monetary Fund, she said that the agreement on the new loan to Egypt has been completed and will be announced within a few weeks, meaning within a month or a month and a half.
The report said that among the files related to 2024, which have not been done yet, is the issuance of the pound index, which is a project announced by the Central Bank some time ago, and it is a real and fair measure of the value of the Egyptian pound against a basket of major currencies, including the dollar, and this index will block the way for any manipulation or speculation on the value of the Egyptian pound. This price of the pound came after international financial institutions confirmed that the pound is unfairly valued against the dollar and that its fair and real price is 27 pounds. This is at the height of the dollar crisis and the issuance of the pound index will establish transparent rules for its true value.
2024-02-29 21:35:40
#Goodbye #black #market…a #huge #investment #attack #Egypt
