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Wednesday, 17 February 2021

Other news: Eurobond ceiling, labor advorce Farghaly dead at 73 + two corrections because we goofed

Other stories we’re tracking as the workday draws to a close:

The ceiling for Egypt’s eurobond program has been raised to USD 40 bn from USD 30 bn following the recent USD 3.75 bn eurobond sale that was listed on the Luxembourg Stock Exchange, head of the Finance Ministry’s Debt Management Unit Mohamed Hegazy told Enterprise. The increase was “procedural” and came as the latest eurobond sale nudged the size of Egypt’s overall international debt issuance program to over USD 25 bn, creating the need for more room to expand in the future, Hegazy said. Finance Minister Mohamed Maait had said that the most recent sale would be Egypt’s last during FY2020-21.

Labor rights advocate and parliamentarian El Badry Farghaly passed away at the age of 73 in his coastal hometown Port Said after complications following surgery, according to a statement by leftist political party Al Tagmoaa which Farghaly co-founded in 1978. Farghaly started his career in the 1960s as a laborer at the Suez Canal before entering into public affairs work in the late ‘70s. He was then elected in 1990 as a member of parliament four consecutive times during the 30-year tenure of former president Hosni Mubarak, spending nearly a decade advocating for laborers and the poor as a persistent thorn in the side of Mubarak-era ministers.

CORRECTIONS-

  • In EnterpriseAM today, we included the wrong figure for inflows into NI Capital’s Sioula money market fund. It is EGP 1.075 bn, not EGP 1.7 bn. The story has been corrected on our website.
  • We also goofed on the currency in our pickup of Sarwa Capital’s FY2020 earnings, which were in EGP (not USD). That story has also been corrected on our website. H/t Haitham El-S.

We regret the errors.

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