Egypt Macro | IMF pressure leaves little room for manoeuvre
USD2bn received from Saudi brings an IMF deal closer. The IMF BoD targeted for next month provides a rigorous timeline to implement the managed float, subsidy cuts, and gradual easing of capital controls. The NIR build-up to USD24bn (5 months import cover) from USD19.5bn, remains a necessary buffer to defend the new currency arrangement, in our view, emphasising the need to receive pledges from UAE, China, and G7 countries. A combined USD5.5bn from the 1st tranche of the IMF loan and Eurobond proceeds are expected shortly after floatation occurs, boosting the CBE’s FCY liquidity further.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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