EgyptCentral Bank announced that Egyptian expats' remittances jumped 27.8%, or 426.1 MM USD reaching 2.3 BN USD in March, compared to 1.8 BN USD in February. Moreover, Egypt foreign reserves increased registering 44.112 BN USD in March 2019. Issue 229
UAE Purchasing Managers' Index (PMI) recorded its 3rd successive monthly increase in May 2019 to hit its highest since October 2014 registering 59.4 in May compared to 57.6 in April. Issue 230
Elsewedy Electric, a leading Integrated Energy and Infrastructure Solution Provider announced entering into a Share Purchase Agreement with R.F. Energy S.A. to acquire 100% of the share capital of 3 wind and 1 hydro-electric energy companies in operation in Greece for a total consideration of 55 MM EUR. Issue 231
Egypt is planning to launch international bonds in either the Chinese, Japanese, or South Korean currency. The planned bonds' currency will be determined according to a group of factors including investor demand and the cost. Issue 232
Insights Africa
The World Bank has approved a 750 MM USD (75 BN KES) loan to Kenya for budget support. The loan marks the first time in years, the World Bank is putting cash straight into the treasury to be used at the discretion of the government as opposed to the recent trend where it has channeled funds straight into projects. Issue 23
The mining industry reporting from 2017 to 2019 indicates a trend of increasing paid-out political risk insurance claims in Africa. Risk is partially driven by high exposure to commodity prices, as inZambia, which has altered mining royalty laws five times since 2014 following copper price fluctuations. Issue 24
The Minister of Finance and Economic Planning, Mr. Matia Kasaija, has presented to Parliament 40.5 TR UGX(10.84 BN USD) 2019/2020 national budget revealing that Uganda will finance 74.5% of its national budget. Issue 25
The Nairobi US Embassy is now accepting both the new and the old currency for payment of services like Visa fees, reversing an earlier decision where it had asked Kenyans planning to make payment to use only the old currency. Issue 26
