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Financials and Investment News in Egypt

Egypt, Bulgaria to Enhance Cooperation Across Diverse Sectors: Trade Minister
10/22/2023 - Egypt plans to enhance economic and trade cooperation with Bulgaria in the coming period, said Minister of Trade and Industry Ahmed Sami.

The two countries are witnessing promising collabor...
War In Gaza Pushes Egypt's Gold Prices 12.4 Percent Higher In Two Weeks
10/22/2023 - Gold prices in Egypt increased by 12.42 percent since the start of the Palestinian-Israeli conflict on 7 October, reflecting uncertainty among investors.

"The key reason behind the recent j...
Madbouli Follows Up on Initiative of Reducing Prices of Basic Commodities
10/22/2023 - Prime Minister Mostafa Madbouli reaffirmed the importance of working to resolve any problem facing the implementation of an initiative on cutting down the prices of basic commodities to mitigate the b...
EBRD Allocates $2 Billion to Finance Green Projects in Egypt During 2023
10/23/2023 - The European Bank for Reconstruction and Development (EBRD) has mobilized $2 billion to finance development projects in Egypt during 2023, said Heike Harmgart, Regional Director for the Southern and E...
Central Bank of Egypt Eases Export Rules for Gold Artefacts
10/23/2023 - The Central Bank of Egypt (CBE) revised the deadline for transferring the export proceeds of gold artefacts to banks from 7 days to 30 days, according to a circular.

Accordingly, banks in E...
Egypt Launches Mega Project for Building 17 Green Food Hubs
10/23/2023 - The Ministry of Supply and Internal Trade launched on Monday a mega project to establish 17 green food hubs across Egypt in collaboration with the Ministry of International Cooperation, the Internal T...
Egypt Cabinet Approves Issuing Third Batch of $500 Mln Samurai Bonds
10/24/2023 - Egypt’s Cabinet approved issuing a third batch of $500 million Yen-denominated bonds, aka Samurai bonds, with a five-year tenor, according to a statement released.

The move is part of the g...
Egypt, World Bank Group Hold Intensive Talks on Climate Investment Fund Executive Plan
10/24/2023 - Egypt's Ministry of International Cooperation and the World Bank Group held extensive discussions with the Climate Investment Fund (CIF) mission on the executive plan for the Nature, People and Climat...
Egypt Providing Zambia With $24 Mln in Pharma Supplies
10/24/2023 - The Egyptian Authority for Unified Purchasing (UPA) is supplying Zambia with a total value of $24 million of pharmaceutical supplies, according to a statement by the Cabinet .

The move is p...
Suez Canal Authority, Qatari Baladna Sign $1.5 Bln Deal to Ensure Food Security for Egyptians
10/25/2023 - Egypt's Suez Canal Authority (SCA) has signed a memorandum of cooperation (MOC) with Qatari dairy producer Baladna valued at $1.5 billion to initiate projects that guarantee food security for the Egyp...
CBE Eases Restrictions on Credit Cards Usage Outside Egypt
10/25/2023 - The Central Bank of Egypt (CBE) has eased the restrictions on credit card usage abroad, allowing clients to use their cards without limits on hard currency withdrawals while being abroad.

C...
Israeli War on Gaza Drives Down Egyptian Pound on Parallel Market: Fitch Solutions
10/25/2023 - The Israeli war on Gaza has driven the Egyptian pound down to a record low on the parallel market, where it is now trading for EGP 46 against the US dollar, said Ramona Moubarak, head of MENA Country ...
War on Gaza Will Harm Economies in Egypt, Jordan, Lebanon: IMF’s Georgieva
10/25/2023 - The war in Gaza will negatively impact the economies of neighbouring countries; including Egypt, Jordan and Lebanon, according to the Managing Director of the International Monetary Fund (IMF) Kristal...
S&P Global Downgrades Credit Rating for Three Major Egyptian Banks
10/26/2023 - S&P Global has revised down the long-term credit ratings for three Egyptian banks; including two major state-owned banks, to B- from B.

The banks are the National Bank of Egypt (NBE), Banqu...
Egypt Increases Minimum Wage for Private Sector Workers to EGP 3,500
10/28/2023 - The National Wages Council (NWC) has approved raising the minimum wage for private sector employees from EGP 3,000 to EGP 3,500, effective 1 January 2024, according to a Cabinet statement on Friday.
Egyptian And German Trade Ministers Discuss Building Industrial Zone in SZCONE
10/28/2023 - The Egyptian Minister of Trade and Industry Ahmed Samir has discussed with its German counterparts building an industrial zone in the Suez Canal Economic Zone (SZCONE), according to a statement.
Minister: Companies Face Real Test to Fulfill Local Market Requirements
10/28/2023 - Minister of Public Business Sector Mahmoud Esmat said the ministry's affiliated companies face a real test of their ability to fulfill the local market requirements, meet the needs of citizens, increa...
Maait Stresses Importance of Enhancing Contacts With Business Community
10/28/2023 - Finance Minister Mohamed Maait stressed the importance of enhancing contacts with the business community to lure local and foreign investments with the objective of expanding the customs and tax servi...
Central Bank of Egypt’s Gold Holdings Decline 2.8% in September
10/29/2023 - The gold holdings of the Central Bank of Egypt (CBE) declined by 2.8 percent to EGP 235.64 billion ($7.64 billion) in September from EGP 242.42 billion ($7.86 billion) in August, according to the mont...
War on Gaza Has Moderate Impact on Egypt’s Tourism: Experts
10/29/2023 - The Israeli war on Gaza has had a moderate impact on tourism to Egypt, particularly in South Sinai, experts told Ahram Online.

“The impact of the war is already felt in South Sinai, which a...

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