Business - Economy

Egypt’s exports up by 20% Y-o-Y in 1Q 2022: Trade minister

Egypt’s exports increased by 20 percent in the first quarter (1Q) of 2022, compared to the same period in 2021, despite the global crises, according to Minister of Trade and Industry Nevine Gamea.

Global elites return to Davos under Ukraine storm

The Davos summit of global political and business elites returns Monday after a Covid-induced two-year break to face another momentous crisis: Russia's invasion of Ukraine.

INTERVIEW: Africa, Mideast will likely suffer most from reduced grain shipments - WTO director general

For years, global trade has been facing major challenges that were magnified in 2020 due to the onset of the coronavirus pandemic that affected the global economy.

AfDB’s 57th annual meetings to kick off on Monday

Returning to an in-person format after years of virtual meetings due to the coronavirus pandemic, the 57th round of the African Development Bank (AfDB) Group’s annual meetings will kick off on Monday in the Ghanian capital of Accra under the theme ‘Achieving Climate Resilience and a Just Energy Transition for Africa.”

Egypt’s Suez Canal revenues to hit $7 bln by end of FY 2021/2022

Egypt expects the Suez Canal’s revenues to reach about $7 billion by the end of the current FY 2021/2022 — ends on 30 June — up from $5.5 billion last year, Minister of Finance Mohamed Maait said on Saturday.

The Central Bank of Egypt raises key interest rates by 2% to counter Russia-Ukraine war repercussions

The Central Bank of Egypt (CBE) raised on Thursday key interest rates by two percent (200 basis points) as the government attempts to deal with the negative economic repercussions of the Russian-Ukrainian war and curb inflationary pressures.

CBE to decide on key interest rates on Thursday amid rising inflation

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) is set to convene on Thursday to review the key interest rates for the third time in 2022 and for the second time since the breakout of the Russian-Ukrainian conflict.

Egypt to host IsDB Group annual meetings for first time since 1990s

The Islamic Development Bank Group is set to hold its 2022 Annual Meetings in Sharm El-Sheikh from 1 to 4 June under the theme ‘Beyond Recovery: Resilience and Sustainability,’ the planning ministry announced on Tuesday.

Egypt’s Sovereign Fund becomes a full IFSWF member

The International Forum of Sovereign Wealth Funds (IFSWF) — a global network of sovereign wealth funds from over 40 countries — admitted the Sovereign Fund of Egypt (TSFE) as a full member along with Ethiopian Investment Holdings and the Fonds Souverain de Djibouti as associate members, the forum announced on Tuesday.

Egyptian expats’ remittances rise by 12.8% in March to reach $3.3 bln: CBE

Remittances of Egyptian expats rose by 12.8 percent in March to reach $3.3 billion, up from then $2.9 billion recorded in the corresponding month of 2021, according to the Central Bank of Egypt (CBE).

Egypt’s PM discusses enhancing industrial cooperation opportunities with UAE, Jordan

Egypt’s Prime Minister Mostafa Madbouly met on Monday with Minister of Trade and Industry Nevine Gamea and other Egyptian officials to review means of enhancing cooperation with UAE and Jordan in the industry sector.

Wheat prices hit record high after Indian export ban

Wheat prices surged to a new record high in European trading on Monday after India decided to ban exports of the commodity as a heatwave hit production.

Egypt expected to reach agreement on new IMF programme within ‘very few months’: PM

Egypt is negotiating with the International Monetary Fund (IMF) on a new cooperation programme to support the country's comprehensive economic reforms and an agreement is expected to be reached within a “very few months,” Prime Minister Mostafa Madbouly said on Sunday.

Agriculture’s contribution to Egypt’s GDP increases to ‘more than 15 percent:’ Minister to Senate

Egypt's Minister of Agriculture El-Sayed El-Quseir announced Sunday that Egypt's agriculture sector has been able to absorb the shock of the coronavirus pandemic, and “as a result, the contribution of the agriculture sector to Egypt's GDP increased to more than 15 percent.”

Unemployment in Egypt down to 7.2% in first quarter of 2022

The unemployment rate in Egypt declined by 0.2 percent in the first quarter of 2022 compared to the same period last year to 7.2 percent of the workforce, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said in its periodical manpower bulletin on Sunday.

Egypt to list 12 companies under IPO programme by end of 2022: PM Madbouly

Egypt plans to offer 12 companies under the government’s initial offering programme (IPO) on the Egyptian Exchange by the end of 2022, including two army-run companies and other firms that are under the umbrella of the public business sector, Prime Minister Mostafa Madbouly announced on Sunday.

Fitch Solutions revises Egypt’s real GDP growth slightly

Fitch Solutions revised up Egypt’s real GDP growth forecast by 0.1 percent for 2022 to reach 5.6 percent, up from the 5.5 percent it projected in April, according to Fitch Solutions’ MENA Monthly Outlook Report.

Egypt replaces payroll slips for 4.1 mln state employees with Meeza cards

The Central Bank of Egypt (CBE), in collaboration with the Ministry of Finance, has replaced 4.1 out of 4.3 million payroll slips for state-employees with Meeza cards, the bank announced on Sunday.

Egypt's food exports increase by 5% in 1Q of 2022

Exports of the Egyptian food industry increased by 5 percent in the first quarter of 2022, recording $1.04 billion against $996 million in the corresponding period in 2021, chairman of the Food Export Council Hany Barzy said on Sunday.

Q&A on Egypt’s FY 2022/23 budget highlights, targets

On 1 July, Egypt’s FY 2022/23 budget will be rolled out with a total value of EGP 9.2 trillion, the highest in the country’s history, growing by 16.3 percent compared to the current FY 2021/22 budget.

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