Prime Minister Mostafa Madbouly disclosed that Egypt is set to receive the initial tranche of $820 million from the International Monetary Fund (IMF) expanded loan next week, along with the second tranche from the Ras El-Hekma deal in early May.
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The Executive Board of the International Monetary Fund (IMF) completed on Friday the first and second reviews of Egypt’s 46-month Extended Fund Facility arrangement with Egypt and approved an expansion of the original program by about $5 billion.
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The exchange companies affiliated with Egypt's three largest state-owned banks have collected foreign currency proceeds surpassing EGP 7.5 billion in total since the devaluation of the Egyptian pound on 6 March, the companies' chiefs told the state news agency MENA.
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The European Union intends to fast-track some of its aid money to Egypt using an urgent funding procedure that bypasses parliamentary oversight and other safeguards, according to the president of the bloc’s executive branch.
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The EU will provide one billion euros to finance microenterprises in Egypt during 2024 as long-term loans with low-interest rates, EU Ambassador to Cairo Christian Berger said in an interview with Al Arabiya Business.
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The Executive Board of the International Monetary Fund (IMF) is set to decide on the completion of the first and second reviews under its EFF loan Programme for Egypt on Friday.
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Minister of Planning and Economic Development Hala El-Said said on Wednesday that priority in the FY 2024/2025 budget's development plan has been given to establishing and expanding water and food security projects.
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Egypt’s cabinet has approved in its meeting on Wednesday the draft budget for the upcoming FY 2024/2025 to send to the House of Representatives by the end of March, the cabinet said in a statement.
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The Ministry of International Cooperation revealed on Wednesday highlights of 2023’s development cooperation programmes under the umbrella of the strategic partnership framework between Egypt and the United Nations Development Cooperation Organization.
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The General Authority for the Economic Zone of the Suez Canal and the French-owned Saint-Gobain Egypt Glass Companies Alliance signed a framework agreement to build a flat glass factory in the industrial zone of Ain Sokhna, the cabinet said on Wednesday.
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The state’s general budget for the fiscal year (FY) 2024/25, which begins in July, will increase allocations for health and education by 30 percent, the Egyptian presidency announced on Tuesday.
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France and the European Union (EU) have signed 61.5 mln euro financing agreements to support the development of the Yellow River Water Treatment Plant project in Egypt, the Ministry of International Cooperation announced on Tuesday.
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Hossam Heiba, executive director of the General Authority for Investment and Free Zones (GAFI), granted on Tuesday golden licenses to six companies implementing projects worth EGP 5.6 billion (just over $117 million), bringing the total number of projects receiving golden licenses to 29.
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Prime Minister Mostafa Madbouly announced on Monday an agreement with private sector manufacturers and merchants to reduce prices of food commodities by 15-20 percent, and then by 30 percent after Eid Al-Fitr, in line with President Abdel-Fattah El-Sisi’s directives.
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A presidential decree establishing the Supreme Council of Taxes was issued on Monday, Minister of Finance Mohamed Maait announced.
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Commercial International Bank (CIB) has raised the yields on its new EGP-denominated fixed-rate certificates of deposits (CDs) by two percent, for the second time in two months, up to 24 percent on some of the three-month certificates, according to the bank’s website.
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The Central Bank of Egypt (CBE) decided to cancel the scheduled meeting of the Monetary Policy Committee on Thursday in light of the sufficiency of the special meeting of the Committee on Wednesday, 6 March 2024.
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The US Federal Reserve voted Wednesday to hold interest rates at a 23-year high for a fifth consecutive meeting, while signaling it still expects to make three cuts this year.
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French construction materials group Saint-Gobain laid on Wednesday the foundation for its third glass factory within Egypt’s Al-Ain Al-Sokhna Industrial Zone, northwest of the Gulf of Suez. The company plans to invest approximately €175 million in the project.
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Minister of Finance Mohamed Maait said the state is placing a stringent ceiling of EGP 1 trillion on public investments in the upcoming fiscal year 2024/25, while also capping public debt.
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