VenturesNow

Egypt signs $1.9 billion contract for sale of public assets

Published

1 year ago

July 11, 2023

Egypt’s Prime Minister, Mostafa Madbouly has revealed that his country has signed contracts to sell stakes in state assets worth a total of $1.9 billion as part of a programme to boost the private sector and raise scarce hard currency.

According to the Minister of Planning, Hala el-Said the agreements include one to raise $700 million by raising the capital of a firm that runs a chain of hotels in Egypt and another to sell minority holdings in three companies to the national wealth fund of Abu Dhabi for $800 million.

Last month, an agency of the World Bank, the International Finance Corporation (IFC), pledged economic advisory services to Egypt. The IFC said it would offer strategic advice to Egypt towards plans to improve private sector participation in its economy.

Madbouly told a press conference in Cairo attended by several senior ministers that the government was about one quarter through a list of 32 state companies that it announced last year it would sell stakes in and was preparing stake sales in other companies for later.

Egypt in 2022 pledged to sell state assets worth billions of dollars over the next four years as part of its efforts to escape financial pressure after the International Monetary Fund (IMF) approved a $3 billion Extended Fund Facility that will be paid out over 46 months.

Delays to the programme in recent months have put more pressure on the Egyptian pound, which has fallen by roughly half in value versus the dollar since the beginning of last year.

Related Topics:Egypt Featured Public Asset

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”