Back to the complete issue
Wednesday, 5 April 2017

On the horizon

Importers upside down after the float are still looking for relief: Companies with pre-float LCs and demand loans worth more than USD 5 mn will meet with the Union of Egyptian Investors Associations (UEIA) on Sunday, 9 April to discuss relief and payment schedules, Al Borsa reports. The UEIA is lobbying the CBE to give affected companies 10 years at an interest rate of 7% to make good on what they owe. The UEIA and Central Bank had brokered a settlement agreement for companies with pre-float debt lower than USD 5 mn in February that had set a repayment period of two-seven years at a 12% interest rate.

Renaissance Capital will hold its Egypt Investors Conference at the Vineyard Hotel in Cape Town on 24-25th April 2017. The event will see senior management from leading Egyptian companies meet one-on-one with South Africa-based investors. Speakers at the conference will include our friend Ahmed Badr, the CEO for MENA at Renaissance Capital, and a macroeconomic update from RenCap’s global chief economist, Charles Robertson.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.