Business - Economy

Egypt licenses 7,200 industrial projects in 2022: Trade minister

The Egyptian Ministry of Trade and Industry issued 7,200 licences for industrial projects in 2022, Trade Minister Ahmed Samir stated on Wednesday.

Egypt's food exports rise by 10.5% in 7 months: Trade minister

Egypt's food industry exports rose by 10.5 percent recording $2.6 billion in the first seven months of 2023, up from $2.3 billion in the corresponding period in 2022, Minister of Trade and Industry Ahmed Samir said on Monday.

World Bank appoints Stephane Guimbert new country director for Egypt

The World Bank has appointed Stephane Guimbert as the new country director for Egypt, Yemen, and Djibouti, effective 1 August.

Egypt's zero-customs gold import initiative brings 1.5 tons in 4 months: Supply ministry

Around 1.5 tons of gold have entered the Egyptian market since the start of the zero-customs gold import initiative in May, Nagi Farag, gold trade advisor to the minister of supply and internal trade, told Ahram Online.

More than 90% of Egyptian consumers at risk of online fraud: Visa

Around 91 percent of Egyptian consumers are at risk of becoming victims of fraud through online and phone scams, according to a recent study from Visa released on Monday.

Egypt to hold National Investment Forum in 1st half of 2024

Egypt is set to hold the National Investment Forum in the first half of 2024 to partner with the private sector and promote investment in the country, Prime Minister Mostafa Madbouly announced on Sunday.

Sisi to attend AIIB meetings in Egypt's Sharm El-Sheikh: Finance Ministry

Egypt's President Abdel-Fattah El-Sisi is scheduled to attend the inauguration of the Asian Infrastructure Investment Bank (AIIB) meetings, held on 25-26 September, in the Red Sea resort of Sharm El-Sheikh, Finance Minister Mohamed Maait stated on Monday.

Egypt's trade deficit drops by 47.7% YoY in June

Egypt's trade balance deficit dropped by 47.7 percent to $2.32 billion in June 2023, down from $4.43 billion in June 2922, reported the Central Agency for Public Mobilization and Statistics (CAMPAS) on Saturday.

Asian shares mostly higher as investors await US inflation, China economic data

Stock prices were mostly higher in Asia on Monday as investors awaited U.S. inflation figures and China’s latest economic data.

Saudi investments in Egypt touches $ 32 billion: Planning Ministry

Deputy Minister of Planning and Economic Development Ahmed Kamail said Sunday that Saudi investments in Egypt recorded $ 32 billion, stressing that Egypt seeks to increase cooperation in trade and investment with Saudi Arabia.

Egypt's annual core inflation at 40.4 percent in August

Egypt's annual core inflation rate has decreased slightly, recording 40.4 percent in August, down from 40.7 percent in July, according to the data released by the Central Bank of Egypt (CBE) on Sunday.

In Photos: Egypt & Pakistan sign 7 MoUs at major business conference in Cairo

Egypt and Pakistan signed seven Memorandums of Understanding (MoU) for cooperation in various economic fields at the Pakistan-Egypt Business Opportunities Conference in Cairo.

Egypt constructing new mega electrical industries complex in Alexandria

Minister of Trade and Industry Ahmed Samir and Governor of Alexandria Mohamed El-Sharif inaugurated Thursday work on a new mega EGP 500 million electrical industries complex in the Mediterranean governorate.

Inflation in Egypt hits all-time high of 39.7% in August: CAPMAS

Egypt’s annual headline inflation hit a record high of 39.7 percent in August, up from 38.2 percent in July, according to figures released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday.

Egypt paid $52 billion in external debt over the past two years: Finance minister

Egypt has paid $52 billion of its foreign liabilities within the past two fiscal years (2021-22 and 2022-23), Finance Minister Mohamed Maait said on Saturday.

Asian shares weaken while Japan reports economy grew less than expected

Shares fell Friday in Asia after Japan reported its economy grew less than earlier estimated in the last quarter.

US Treasury pushing to increase IMF funding: US official

The US Treasury is pushing to increase funding for the International Monetary Fund by raising the quota obligations paid by member countries, a top official said Thursday.

Egypt races to meet IMF requirements ahead of September scheduled review

As the second review of the International Monetary Fund's (IMF) $3 billion loan agreement with Egypt draws nearer, many concerns are raised regarding the progress of the programme.

IMF, World Bank pledge greater climate collaboration at G20

The leaders of the International Monetary Fund and World Bank announced Thursday that the two institutions will collaborate more closely to tackle the "existential threat" posed by climate change.

Egypt seeks to collect $1.5 bln in external financing by year end

The Egyptian government seeks to collect $1.5 billion in external financing before the end of 2023, Minister of Finance Mohamed Maait stated on Thursday.

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