Pre-Trading Thoughts

The Head of EBRD in Egypt said that the bank has pumped USD500 million into Egypt YTD, and expects the bank's financing to reach USD1.2 billion by year-end. The Cabinet has turned down a proposal from the Supply Ministry to raise the price of subsidized sugar to EGP18 from EGP12.6 per kilo. The government will not be importing sugar for a while and the private sector is expected to import some 250k tons of sugar over the next three months. Suez Canal revenue continued to decline in May, falli...