With nearly 10,000 km of track, more than 700 stations and around 500m passengers on an annual basis, Egypt’s national rail network is one of the largest in the Middle East. Due to low levels of public investment in rail infrastructure since the late 1970s, as of mid-2013 the system was in a state of disrepair. The widespread lack of network upkeep...
Entering Egypt’s banking sector has long been a challenging proposition. The large number of domestic players serving a bankable population limited by low salaries and high informal employment has left the Central Bank of Egypt (CBE) reluctant to license new lenders. The last major alteration to the sector’s ownership came in 2004, when the Central...
THE COMPANY: Madinet Nasr for Housing & Development (MNHD) was established in 1959 by governmental decree to develop present-day Nasr City. The company also operates in construction works through two subsidiaries: El Nasr Utilities, 95% owned, and Nasr Company for Civil Works, 52% owned. Over the...
Ever since it was opened in 1879, the Suez Canal has been the most important transport artery in Egypt and a lynchpin of the global economic system – some 10% of world trade passes through the canal each year. As such, the canal is a major revenue earner for the government, with toll fees totalling $5.1bn in 2012, roughly a 10th of the country’s...
The government’s attempts to meet Egypt’s budgetary shortfalls have comprised three broad strands: the sale of government bonds in the domestic market, securing sovereign grants from friendly nations, and attempting to secure a financing package through the IMF, which could help open the door to additional developmental aid from international...
Effectively priced out of the international bond market, the Ministry of Finance has been compelled to turn to the domestic banking sector to meet the demands of the state budget. For local banks faced with reduced borrowing demand, the easy yield offered by a steady supply of treasury bills (T-bills) represents an attractive route to growth....
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