Central Bank of Egypt offers EGP19 billion worth of treasury bills

The Central Bank of Egypt confirmed that the value of the first offering amounted to EGP11 billion for a period of 91 days. (Reuters/File)
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Updated 22 March 2021
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Central Bank of Egypt offers EGP19 billion worth of treasury bills

  • Governments resort to financing budget deficits by offering bonds and treasury bills as debt instruments, and public banks are their largest buyers. •Treasury bills are short-term debt instruments, with maturities ranging from three months to a year

CAIRO: The Central Bank of Egypt on Sunday issued treasury bills worth EGP19 billion ($1.21 billion) on behalf of the Finance Ministry.

Governments resort to financing budget deficits by offering bonds and treasury bills as debt instruments, and public banks are their largest buyers.

Treasury bills are short-term debt instruments, with maturities ranging from three months to a year.

On its website the Central Bank of Egypt confirmed that the value of the first offering amounted to EGP11 billion for a period of 91 days, while the second offering would be EGP8 billion for a period of 266 days.

Central bank revenues from loans and balances with banks, in addition to the proceeds from treasury bills and bonds, rose from EGP26.51 billion to a record EGP145.387 billion during the fiscal year ending June 30, 2019, compared to EGP118.875 billion for the year before that. 

Financial statements showed that the central bank increased its revenues from loans and bank balances to EGP18.7 billion at the end of June 2019, compared to EGP11.6 billion pounds at the end of June 2018.

NBE expansion plans

National Bank of Egypt (NBE) is looking to launch a subsidiary bank in South Sudan and a branch in Saudi Arabia, deputy chairman Yehia Abou El-Fettouh has said.

In an official statement, El-Fettouh said that NBE had obtained the necessary approvals from the Central Bank of Egypt to launch an affiliated bank in South Sudan with about $30 million in capital, adding that approval will soon be granted by South Sudan.

The Central Bank of Egypt also granted NBE permission to open a branch in Saudi Arabia, he said, adding that requirements by regulatory authorities in the Kingdom are being finalized.

El-Fettouh said that NBE seeks to consolidate its presence in emerging markets, especially in Africa, which is within the framework of Egypt’s goal to improve economic and commercial relations in the region.


Industry minister inaugurates advanced factories in Sudair

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Industry minister inaugurates advanced factories in Sudair

SUDAIR: Minister of Industry and Mineral Resources and Chairman of the Board of the Saudi Authority for Industrial Cities and Technology Zones, known as MODON, Bandar Alkhorayef, on Feb. 16, inaugurated several advanced factories to produce food, pharmaceuticals, medical equipment, and construction materials in Sudair City for Industry and Businesses.

The move is part of the ministry’s efforts to localize high-value industries and enhance the Kingdom’s health and food security.

The minister inaugurated the Sierra Life factory, the first facility in the Middle East specializing in producing medical foods for metabolic disorders.

This strategic investment aims to localize advanced therapeutic food production and integrate the industrial and health sectors to meet medical needs previously heavily reliant on imports.

Alkhorayef reviewed precise production lines for patients with metabolic disorders such as phenylketonuria, or PKU, and urea cycle disorders, as well as gluten-free and low-protein products for celiac patients.

The facility employs advanced manufacturing technologies and global quality standards, establishing a unique medical-industrial hub serving specialized medical cases in the region.

The minister also inaugurated the Sudair Warehouses project, representing an important step in developing logistics and industrial infrastructure.

The project reflects the industrial sector’s commitment to supporting industrial investors, stimulating high-value investments, and enabling national supply chains, thereby contributing to the achievement of Saudi Vision 2030 objectives.

Among the facilities inaugurated was Qomel Pharmaceutical Industries, supporting the localization of biopharmaceutical production in Saudi Arabia.

During his tour, the minister also reviewed the fully integrated industrial environment for producing solid pharmaceutical forms, such as tablets and capsules, advanced manufacturing operations, robust quality systems, high-level regulatory compliance procedures, and modern technologies that enhance production efficiency according to international standards. These measures help ensure product quality, reliability, and safety.

Alkhorayef also inaugurated Al-Hatab Foods Factory, the largest chilled food facility in the Middle East and a pioneering national project supporting the growth of the Kingdom’s food industry.

The minister reviewed advanced manufacturing methods that reduce bacterial growth and prolong shelf life without preservatives or heat treatment, maintaining nutritional value and high quality.

Al-Hatab operates 15 production lines for a wide range of fresh foods, including juices, salads, and sandwiches, with a capacity exceeding 6 million units per week, meeting growing domestic demand and reflecting the evolution of the Saudi food industry.

Alkhorayef also inaugurated the Industrial Orthopedic Co., which focuses on localizing the production of orthopedic medical devices. He reviewed production processes and technologies for manufacturing rods and screws for limb and spinal fracture treatment, artificial joints, and patient-specific products using 3D printing.

The project is currently undergoing operational testing, qualification, and workforce training, while quality, documentation, and traceability systems are being finalized ahead of full-scale production and regional and global expansion.

Additionally, the minister inaugurated a factory specializing in construction panels and industrial building solutions, providing sustainable insulation products that support the Kingdom’s construction sector.

The facility represents an investment of SR100 million ($27 million), incorporates 80 percent industrial automation across its production lines and operations, and has an annual capacity of 200,000 linear meters of insulating panels.

During his visit to Sudair City for Industry and Businesses, the minister also inaugurated the ready-made factories project, developed by Pan Kingdom Co.

This initiative is a key step in developing logistical and industrial infrastructure, supporting industrial investors, promoting strategic investments, and enabling national supply chains, contributing to the objectives of Saudi Vision 2030.

The project provides advanced operational spaces, fosters the growth of the manufacturing sector and creates quality jobs, as well as enhances local content and strengthens industrial sector efficiency.

The minister’s visit underscores the ministry’s commitment to creating a competitive investment environment in the industrial sector, developing infrastructure in industrial cities, and expanding the localization of industries related to food and health security, further positioning the Kingdom as a leading industrial hub regionally and globally.