Business - Economy

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.

Remittance flows to Egypt expected to grow by 8% in 2022: World Bank

Remittance flows to Egypt are expected to inch up by eight percent in 2022 despite the repercussions of the global economic challenges, the World Bank stated.

Suez Canal Economic Zone to produce 300k tonnes of green ammonia annually

Prime Minister Mostafa Madbouly attended on Wednesday the signing ceremony for a Memorandum of Understanding (MoU) establishing a project to annually produce 300,000 tonnes of green ammonia from green energy inside the Suez Canal Economic Zone (SCZone) in its first phase.

Egypt plans to issue Chinese Yuan-dominated bonds: Finance minister

Minister of Finance Mohamed Maait announced on Wednesday that the government is considering issuing Yuan-dominated bonds that will target the Chinese market, which is the second largest bond market globally.

PM attends signing of deal to build, develop Damietta Port 2nd container terminal

An agreement has been signed on Tuesday between the Damietta Port Authority (DPA) and Damietta Alliance Container Terminal to build and develop the superstructure of the second container terminal Tahya Misr 1 in Damietta port.

Egypt-based Paymob raises $50 mln in Series B funding round

Egypt-based Paymob, a financial services for merchants platform, raised $50 million in Series B funding, which the platform will use to grow its product range, expanding in the Egyptian market as well as into new markets across the Middle East and Africa region.

Egypt’s inflation speeds up amid war in Ukraine, rising food and energy prices

Egypt’s headline annual inflation rate accelerated to 14.9 percent in April, up from the 12.1 percent recorded in March and 4.4 percent in the corresponding month in 2021, the Central Agency for Public Mobilisation and Statistics (CAPMAS) announced on Tuesday.

EBRD upgrades Egypt’s GDP growth forecasts in FY2021/22 by 0.8%

The European Bank for Reconstruction and Development (EBRD) raised its projections for Egypt’s GDP growth for the current FY2021/22 to 5.7 percent — which ends in June — up from the 4.9 percent it projected in November before slowing down to 5 percent in FY2022/23 — which begins in July — according to the Regional Economic Prospects Report the bank released on Tuesday.

Gold prices down in Egypt amid uncertain economic outlook, expected dollar price hike

Gold prices in the Egyptian market saw a fluctuation on Monday amid the uncertainty cast by an expected rise in the US dollar price and inflation caused by the Russian war in Ukraine, as well as rising food and energy prices.

Egypt, EU ink €138 mln development finance deals covering several sectors

Egypt and the European Union (EU) delegation in Egypt signed on Monday a number of development finance agreements worth €138 million covering healthcare, administrative reform, the environment, rural and social development, and enhancing governance.

Egyptian pound stable on a calm day in banking sector after long Eid holiday

After a nine-day holiday due to Eid El-Fitr and Labour Day celebrations, Egypt’s banking sector resumed work on Sunday amid calm as the Egyptian pound remained stable despite the US Federal Reserves' recent decision to raise interest rates.

Egypt’s international reserves inch up slightly in April

Egypt’s net international reserves (NIRs) rose slightly in April to $37.1 billion, up from $37 billion posted in March, the Central Bank of Egypt (CBE) announced on Sunday.

Egyptian commerce, industry federations deny reports of halting buying, selling gold over unstable prices

The Federation of Egyptian Industries (FEI) and the Federation of Egyptian Chamber of Commerce (FEDCOC) denied reports on halting buying and selling gold in the country due to the allegedly unstable market and failure to control the price of gold.

What's next for Egypt after US Fed raised interest rate?

With the US Federal Reserve (Fed) deciding to increase its interest rate by a rare half-percentage-point — the largest increase in two decades — in an effort to reduce burgeoning inflation that is running at a four-decade high, major economic impacts are looming for countries worldwide, especially emerging markets like Egypt.

Budget more flexible to face severe world economic crises: Finance Minister

Minister of Finance Mohamed Maait said in a statement on Friday that the general budget is more flexible in light of the severe world economic crises.

Heatwave-hit India says no plans to curb wheat exports

India has no plans to curb wheat exports -- needed to help plug the gap left by the Ukraine war -- despite the current heatwave hitting output, the government said.

Asian, European markets rise as Fed eases fears of huge rate hike

Markets rallied Thursday after the US Federal Reserve played down chances of a huge interest rate hike in the near future, while oil extended gains as the European Union moved to ban imports from Russia.

US Federal Reserve raises interest rate by half point to contain inflation

The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday - its most aggressive move since 2000 - and signaling further large rate hikes to come.

Trade minister, Mercedes-Benz discuss boosting investments in Egypt

Egyptian Minister of Trade and Industry Nevine Gamea and a delegation from Mercedes-Benz Egypt discussed in Cairo on Tuesday boosting the company’s projects in the country.

Egypt’s CBE offers US dollar-dominated T-bills worth $1 bln

The Central Bank of Egypt (CBE) offered on Thursday one-year maturity US dollar-dominated treasury bills (T-bills) worth $1 billion.

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