CBE

IMF Agrees to $12b Loan to Egypt

The International Monetary Fund (IMF) has agreed to lend $12b to Egypt to be paid out over three years, yet the agreement is subject to approval by IMF’s Executive Board in few weeks, according to IMF's website.

Oil Ministry’s Dues Owed to Shell, BG Increase to $1.1b

The total amount of dues that are owed by the Egyptian Ministry of Petroleum to British Gas (BG) and Shell, in return for their shares in the gas produced at El-Borollos and Rasheed fields, have increased to $1.1b, f ...

CBE Notes $3.7b Decrease in Egypt’s Export Proceeds

As a result of the declining oil prices that are witnessed on a global scope, Egypt’s export proceeds have decreased by $3.7b during the first nine months of fiscal year (FY) 2015/2016.

Electricity Ministry Launches Awareness Campaign

The Egyptian Ministry of Electricity is to launch a public awareness campaign that encourages the citizens to become more conscious towards their energy consumption in order to help solve the recent energy crisis tha ...

Egypt’s Arrears to Oil Firms Rise to $3b at End of 2015

Egypt’s overdue debt to foreign oil companies rose to $3b at the end of December 2015, up from $2.7b at the end of October, said Petroleum Minister, Tarek El Molla.

EGPC Payment Delays are Contractually Legal

Payment delays by the EGPC for crude oil and natural gas imports are legal, according to a source at the EGPC.

Egypt Struggling to Pay for Energy Imports, CBE Governor Denies

Egypt is having difficulty paying for energy imports priced in US dollars – cancelling orders and asking for extensions – as the country’s foreign currency reserves have fallen. CBE Governor Tarek Amer denies the rep ...

EGPC Denies Negotiations over Dollar Repayments

The EGPC denies reports that it is seeking to delay dollar repayments to creditors, in light of Egypt's current foreign currency shortage.

CBE Unable to Meet EGPC’s Dollar Needs

The Central Bank of Egypt is unable to provide the Egyptian General Petroleum Corporation with its monthly requirement of $700m for the import of petroleum and gas materials and the payment of loans from foreign banks.

EGPC, Suez Canal, CBE Drowning in Dues

Tax arrears from the Egyptian General Petroleum Authority (EGPC), Suez Canal and the Central Bank of Egypt (CBE) have reached EGP 35bn, Tax Authority Head Abdel Moneim Matar said on Tuesday.

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