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Financials and Investment News in Egypt

Sahar Nasr Draft Law of Financial Leasing Discussed by and EFSA’S HEAD
Sahar Nasr Draft Law of Financial Leasing Discussed by and EFSA’S HEAD 2/19/2017 - The Minister of Investment and International Cooperation Dr. Sahar Nasr met with Head of the Egyptian Financial Supervisory Authority (EFSA) Mr. Sherif Samy at GAFI's premises.

The Minister ...
Amr el-Garhy Urges More Efforts to Reduce Budget Deficit
Amr el-Garhy Urges More Efforts to Reduce Budget Deficit 2/20/2017 - Finance Minister Amr el-Garhy has called for exerting more efforts to reduce the budget deficit and public debt.

In a statement, the ministry said that Garhy made that statement during his pa...
Sherif Ismail Chairs Meeting of Higher Committee on 1.5mn-Feddan Project
Sherif Ismail Chairs Meeting of Higher Committee on 1.5mn-Feddan Project 2/20/2017 - PM chairs meeting of higher committee on 1.5mn-feddan project Prime Minister Sherif Ismail chaired a meeting of the higher committee supervising a major national project to reclaim 1.5 million feddans...
Egypt's Economic Status 'Weak', Says Head of Parliament's Economic Affairs Committee
2/20/2017 - Egyptian MP and head of parliament's economic affairs committee Amr Ghallab has described the country's current economic situation as "very weak," but said he expects a decline in prices in the upcomi...
France Ambassador in Cairo Lauds Egypt's Recent Measures to Face Economic Challenges
2/21/2017 - France's Ambassador to Egypt hailed as brave and important the measures taken by the Egyptian government to face economic challenges and a foreign currency crisis, especially a deal with the Internati...
Egypt Central Bank, Investors Reach Agreement to Settle Pre-Float Credit Lines
Egypt Central Bank, Investors Reach Agreement to Settle Pre-Float Credit Lines 2/21/2017 -  Egypt's central bank has agreed with Egyptian investors to settle credit lines opened before it floated the pound in November, alleviating debts that threatened the closure of some firms, bankers sai...
Egypt to Be Main Player in Global Economy By 2030
Egypt to Be Main Player in Global Economy By 2030 2/21/2017 - The Egyptian economy will be a main player in the global economic order by 2030, said Trade and Industry Minister Tarek Qabil.

The government is committed to creating a diversified economy w...
Egypt: China’s Sinopec Welcomes Setting Up Petrochemical Industries Complex in Gulf of Suez
 Egypt: China’s Sinopec Welcomes Setting Up Petrochemical Industries Complex in Gulf of Suez 2/22/2017 - Prime Minister Sherif Ismail met Wang Yupu, the chairman of Sinopec, a Chinese oil and gas company based in Beijing, who led a delegation of representatives of Chinese companies.

During the ...
Sahar Nasr: Gov't Exerts Utmost Effort to Create Attractive Investment Environment
Sahar Nasr: Gov't Exerts Utmost Effort to Create Attractive Investment Environment 2/22/2017 - The Egyptian government exerts the utmost effort to create an attractive environment for investment, Investment and International Cooperation Minister Sahar Nasr said.

Speaking to reporters ...
Sahar Nasr: US$20 Billion Investments in Egypt Within 10 Years:
Sahar Nasr: US$20 Billion Investments in Egypt Within 10 Years: 2/22/2017 - Minister of International Cooperation Sahar Nasr met with a delegation from the Industrial and Commercial Bank of China Limited (ICBC) headed by Ivy Tsai, the director general of the bank for the Afri...
Orange Egypt records losses in 2016, blames pound flotation
2/22/2017 - Egypt’s second largest mobile operator, Orange Egypt, announced on its 2016 consolidated financial results, recording a net loss of EGP 2.5 billion in 2016 compared to a net profit of EGP 10.3 million...
Average yields rise on Egyptian six-month and one-year T-bills
2/23/2017 - Average yields on Egyptian six-month and one-year Treasury bills rose at an auction data from the central bank showed.

The yield on 182-day Treasury bills rose to 19.826 percent from 18.829 p...
Egypt seeks tax on share trades - finance ministry official
2/23/2017 - Egypt's Finance Ministry is recommending a tax on stock exchange transactions of 0.2 percent on both sellers and buyers, a senior ministry official told Reuters

The official said he expected...
Egyptian Exchange approves Egyptian Financial and Industrial capital increase
2/23/2017 - Listing committee approves listing of authorized capital increase of Egyptian Financial and Industrial Company to EGP 2 billion from EGP 1 billion

Approves listing of issued and paid up capi...
Egyptian Finance Ministry expects 0.2 pct stamp duty on market transactions by May
2/23/2017 - Egypt's Finance Ministry is recommending the implementation of a stamp duty on stock exchange transactions of 0.2 percent on sellers and buyers, a senior ministry official

The official said ...
Sherif Ismail: Urgent Plan to Train Workers in State Administrative Body
Sherif Ismail: Urgent Plan to Train Workers in State Administrative Body 2/26/2017 - Prime Minister Sherif Ismail held a meeting with head of the Central Agency for Organization and Administration (CAOA) Mohamed Gameel.

Gameel updated Ismail on the efforts exerted to train w...
Egypt, Lebanon Develops Mechanisms To Resolve Problems, Increase Trade Exchange
Egypt, Lebanon Develops Mechanisms To Resolve Problems, Increase Trade Exchange 2/26/2017 - The Egyptian-Lebanese Business Forum has agreed on mechanisms that aim at resolving problems and increasing trade exchange between the two countries, head of the Egyptian Lebanese Businessmen Friendsh...
Egypt seeks end to constitutional restrictions on presidential terms
2/26/2017 - An Egyptian lawmaker started collecting signatures for a motion to extend presidential terms and lift restrictions on re-election - a year before general-turned-president Abdel Fattah al-Sisi's first ...
Foreigners Invest EGP 53 Bln in Egypt's Local Currency T-Bills
Foreigners Invest EGP 53 Bln in Egypt's Local Currency T-Bills 2/26/2017 - International investments in the governmental debt tools were around EGP 10 billion ($633 million) during the roadshow for the Egyptian eurobonds The foreign holdings of Egyptian treasury bills have ...
Sisi, UK's Johnson finalise $150 mln loan to Egypt as part of new support package
Sisi, UK's Johnson finalise $150 mln loan to Egypt as part of new support package 2/26/2017 - President Abdel-Fattah El-Sisi and British Foreign Secretary Boris Johnson finalised a joint declaration agreement on a $150 million loan guarantee to Egypt as part of three new UK support packages to...

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