CIB Egy fully acquires Mayfair Bank in Kenya/ S&P Global Ratings: Egy credit rating at B with stable outlook/ Egypt's food exports hit $4.12B in 2022

CIB Egypt fully acquires Mayfair Bank in Kenya for $40mln

• Egypt’s largest private bank, the?Commercial International Bank?(CIB-Egypt) has acquired the remaining 49% stake in Kenya’s Mayfair Bank for $40 million. CIB-Egypt is now fully owning Mayfair Bank following the approval of both central banks of Egypt and Kenya.
• CIB has been present in the Kenyan market since April 2020 through its acquisition of a 51% stake in Mayfair Bank.

S&P Global Ratings maintains Egypt credit rating at B with stable outlook

Standard and Poor’s (S&P) has maintained Egypt's foreign and local currency credit ratings at B level with a “stable outlook" for the second time in three months.

Egypt's food exports hit $4.12B in 2022

• The Food Export Council (FEC) said that the food industry sector's exports increased last year by 0.5% to reach $4.124 billion compared to $4.102 billion in 2021.
• According to a monthly report issued by the FEC January 2022 exports reached $306 million, with an increase of 14%, compared to the same period in 2021, as it stood at $267 million.

Egypt: The accumulation of goods is over... and prices will drop

• The Prime Minister of Egypt announced the end of the crisis in the accumulation of goods in the ports, indicating that all factories have returned to work at full capacity and now have enough materials for two months.
• Mostafa Madbouly said in a conference, “The government of Egypt is following up on the position of ports and goods,” stressing the decline in prices in Egypt during the coming period.

Brazil, Argentina Eye Common Unit for Trade, Not a Single Currency,?Minister Says

• Brazil and Argentina are planning to launch a common unit of account to promote their bilateral trade rather than a single currency to replace the real and the peso, according to Brazilian Finance Minister Fernando Haddad.?
• Haddad’s comments seek to dispel controversy after the presidents of Brazil and Argentina published an op-ed saying they were renewing discussions about a common currency for financial and commercial transactions.?

Italy's Eni signs $8 billion gas deal with Libya

• Italian energy company Eni?and Libya's National Oil Corporation (NOC) have signed an $8 billion gas production deal. The deal, which was signed against the backdrop of a trip by Italian Prime Minister Giorgia Meloni to Tripoli, will also entail carbon capture projects and solar energy.
• The deal will have a duration of 25 years and have production capacity of up to 800 million cubic feet of gas per day, NOC chairman Farhat Bengdara said.