Business - Economy

Czech CDG announces expansion to Egypt, targets €100 mln investments in MENA

The Czech Creative Dock Group (CDG) announced on Monday the creation of FoundersLane Egypt as part of a plan to expand in the Middle East and North Africa (MENA).

Egypt to host African Reinsurance Corporation meetings in 1st since COVID outbreak

Egypt will host the representatives of 42 African countries at the General Assembly and the Board of Directors’ committee meetings of the African Reinsurance Corporation (Africa Re) on Wednesday after a three years hiatus due to the COVID-19 pandemic.

Egypt's FRA seeks to double non-traditional financing by 2026

Egypt's Financial Regulatory Authority (FRA) seeks to double non-traditional financing to reach EGP 820 billion by 2026 from EGP 370 billion in 2021 and about EGP 159 billion in 2017, the authority said in a statement on Saturday.

EU provides €117.9 mln grant to support Egypt’s water, energy budgets

The European Union (EU) has provided Egypt with a €117.9 million grant in order to support the government’s water and energy budget, Egypt’s Ministry of International Cooperation announced on Thursday.

Cabinet approves promoting two national companies for public offering on EGX

Egypt’s cabinet has approved in its weekly Wednesday meeting preparing two national companies for their stakes to be offered for sale on the Egyptian Exchange (EGX).

Switzerland offers grant worth USD 1.8 bln for water project in Aswan

Swiss Ambassador in Cairo Yvonne Baumann announced that the Swiss Agency for Development and Cooperation (SDC) would offer a grant worth USD 1.8 billion to a water project east Aswan.

Egypt cancels tender to purchase imported wheat over high prices

The General Authority for Supply Commodities (GASC) on Tuesday canceled a tender for purchasing imported wheat as the offered prices were higher than the estimated ones.

McDonalds' Big Mac price increases in Egypt: Blame placed on production costs

McDonalds Egypt announced earlier this week a major increase in the prices of its products by up to 40 percent, prompting other fast-food chains to follow in its footsteps.

AfDB approves $271-mln-loan for Egypt’s Food Security Programme

The African Development Bank’s (AfDB) Board of Directors approved a loan on Thursday worth $271 million to finance Egypt’s Food Security and Economic Resilience Support Programme that targets supporting the country’s efforts to mitigate the impact of the global shocks on the domestic economy.

Egypt's New Administrative Capital to launch int’l tender to generate electricity from solar cells

Egypt’s New Administrative Capital (NAC) is set to launch an international tender to install photovoltaic solar cells on the rooftops of some of its residential buildings to generate electricity with an estimated capacity of 130 megawatts.

COVID fears, soaring inflation affect global oil market in June: Report

Crude oil prices have been declining over the past two weeks, dropping to below $100 per barrel, as fears about the recovery of demand mount, stated the Oil Market Monthly Report, published by Kamco Invest, a UAE-based investment strategy and research firm.

Egypt gov't will continue to subsidise bread amid rise of fuel prices: Minister of Supply

The General Authority for Supply Commodities (GASC) will continue to bear the difference between the actual cost of production and the price to consumers of subsidised bread in diesel-fueled bakeries, Minister of Supply Ali Moselhi said Sunday.

INTERVIEW: COP27 opportunity to raise awareness on need for financing to green transition - GEFF

COP27 is an opportunity to increase awareness of business community and general public of ways to find financial resources for green transitions, Emad Hassan, the team leader of the Green Economy Financing Facility (GEFF) programme of the European Bank for Reconstruction and Development (EBRD), stressed in an interview with Ahram Online.

Fitch Solutions revises Egypt’s real GDP growth up 0.1%, projects 13.2% inflation in 2022

Fitch Solutions upgraded its projections for Egypt’s real GDP growth slightly to 6.1 percent during 2022, up from the six percent projected a month ago, according to the MENA Key Themes 2022: Mid-Year Review MENA Monthly Outlook Report.

Egypt raises fuel prices in quarterly review

Egypt’s Fuel Automatic Pricing Committee (FAPC) raised on Wednesday fuel prices for various octanes by EGP 0.5 to EGP 1 per litre, keeping the price of mazut for electricity and food industries fixed, for the third quarter of the year due to the global rise in oil prices.

Over EGP 1 bln allocated for industrial complexes nationwide: Egypt's Finance minister

Minister of Finance Mohamed Maait assured that the government has allocated EGP 1.1 billion in the new budget to establish utilities for 13 industrial complexes in several governorates with the aim of providing a stimulating infrastructure for the owners of small, medium, and micro enterprises (SMEs).

Egypt’s new budget allocates EGP 356 bln for subsidisation, social protection; EGP 400 bln for wages: Minister

Egyptian Minister of Finance Mohamed Maait said on Sunday that EGP 356 billion of the fiscal year (FY) 2022/23 budget has been allocated for social protection and subsidization, while another EGP 400 billion will go for improving conditions of public employees including wages and compensations.

EGP 40 million of loose coins and new banknotes issued in July: Egypt’s finance minister

Egypt’s Finance Minister Mohamed Maait said EGP 40 million of loose coins and new banknotes were issued in July, at a 10 million pounds rise, on the occasion of Eid El-Adha.

IMF held productive discussions on Egypt’s new loan: Mission head

The International Monetary Fund (IMF) concluded on Thursday a staff-level mission to Egypt – through a team led by IMF mission chief for Egypt Celine Allard – to discuss a new loan programme with Egypt, the Fund announced on Friday.

Explainer: The consequences of the euro's fall against the dollar

The euro fell below $1.02 this week to its lowest level in 20 years. Here are the concrete consequences of the decline in the value of the single European currency.

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