CAIRO: The Egyptian government is in the final stages of signing a new financing agreement with the International Monetary Fund, Al-Arabiya reported citing Prime Minister Mostafa Madbouly.
His statement came hours after a Moody’s report, which expected a gradual devaluation of the Egyptian pound in order to curb inflation in the North African country.
Wheat procurement
Egypt’s state grains buyer has directly purchased 240,000 tons of Russian wheat, the Supply Ministry said in a statement to Reuters. With this purchase, the country continued with its recent practice of buying without issuing international tenders.
The General Authority for Supply Commodities bought six 40,000 tons on a cost and freight basis, with payment via 180-day letters of credit, two people with knowledge of the matter said.
The ministry did not disclose the price or the supplier but traders said they thought it was sold by a trading company called GTCS at a price of $368 per ton.
Acquisition
Egypt’s private equity firm Ezdehar Management has acquired a 60 percent stake in retail supermarket chain Zahran Market through its Mid-Cap Fund II, according to a statement.
Ezdehar didn’t disclose the value of the transaction,
The acquisition will contribute to Zahran Market expansion plans to increase its footprint across the country.
“We are excited to be joining forces with Ezdehar to continue our vision in growing the Zahran Market brand across Egypt,” Karim Zahran, CEO of Zahran Market, said.
“This partnership comes as an affirmation of the confidence in the company’s performance in the past period, along with our shared vision of the company’s growth prospects,” he added.