Pre-Trading Thoughts

The House of Representatives preliminary approved government-drafted amendments to the law regulating how the Sovereign Fund of Egypt (SFE) operates. The MPs approved a presidential decree approving increasing our subscription to the IMF by 50% — which will be worth some USD1.4 bn and EGP48 bn. The MPs also approved a USD15 mn USAID grant to help us fight climate change. Investment Minister said that a new investment incentive package will be announced within a week. Efforts to s...