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Financials and Investment News in Egypt

Egypt Lost $150 Mln Due to Red Sea Disruptions
1/22/2024 - Egypt has lost about $150 million in Suez Canal revenue due to ongoing Red Sea disruptions, according to Bloomberg’s Chief Emerging Markets Economist Ziad Daoud.

In a research note posted o...
Moody's Expects IMF Loan Programme for Egypt to Increase to $10 Bln
1/22/2024 - Global credit rating agency Moody's has expected the International Monetary Fund (IMF) to increase its existing $3 billion loan programme for Egypt to $10 billion, according to a recent report by the ...
SCA Announces Its Services to Minimize Impact of Situation in Bab El-Mandab
1/22/2024 -  Chairman and Managing Director of the Suez Canal Authority, Admiral Ossama Rabiee has announced the Authority’s readiness to cooperate with its client shipping lines and shipping agencies to minimize...
Egypt Inks Agreement With Italy for Ro-Ro Cargo Line
1/22/2024 - Egypt signed an agreement with Italy for cargo transport through the roll-on/roll-off (Ro-Ro) system capacity of 420 trucks every week between the ports of Damietta and Trieste, according to a stateme...
Egypt's Custom-Free Gold Imports Reach 3.8 Tons in Eight Months
1/22/2024 - Egypt’s imports of customs-free gold recorded approximately 3.8 tons over eight months, El-Shahat Ghatouri, head of the Egyptian Customs Authority (ETA), said.

In May, the government approv...
PM Orders Feasibility Study be Outlined for City of Hospitals
1/22/2024 - The Commercial International Bank (CIB) has issued new premium certificates of deposits (CDs) that offer a fixed monthly yield of up to 22 percent, according to the bank’s website.

To acqui...
Egypt’s Budget Deficit Rose to 5.51 Percent in July-November
1/23/2024 - Egypt’s budget deficit rose to 5.51 percent of GDP between July and November 2024 from 3.37 percent during the same period last year, according to data released by the Ministry of Finance.

...
PM Orders Feasibility Study be Outlined for City of Hospitals
1/23/2024 - Prime Minister Moustafa Madbouli has directed the Healthy Ministry to outline a feasibility study for a city of hospitals and research centers.

The study should determine the cost of operat...
Sisi Directs Intensive Work to Enhance Egypt's Higher Education
1/27/2024 - President Abdel Fattah El Sisi issued directives to maintain intensive work to enhance the quality, efficiency and competitiveness of university education in Egypt.

The President made the r...
Minister: Egypt Looking Forward to Benefiting from Hong Kong Experience to Boost Investment Flows
1/27/2024 - Finance Minister Mohamed Maait asserted that Egypt is looking forward to benefiting from Hong Kong experience in boosting the investment flows in accordance with the keenness of the Egyptian side on d...
Trade Minister says looking forward to boosting exports to Europe, Africa
1/27/2024 - Minister of Trade and Industry Ahmed Samir underscored the ministry's keenness to boost exportation to the continents of African and Europe alongside cementing coordination with commercial offices abr...
Supply Minister: State Working on Plan for Modern Civilized Markets Nationwide
1/27/2024 - The State is working on a plan to establish modern civilized markets in all governorates, especially Port Said as a trading hub, Minister of Supply and Internal Trade Ali Moselhi said.

In a...
DPA Chairman Visits Italian Port of Trieste
1/27/2024 - Board chairman of the Damietta Port Authority (DPA) Ahmed Hawash paid a work visit to the Italian Port of Trieste.

This comes to continue efforts of Transport Minister Kamel el Wazir during...
Communication Minister Asserts Encouraging Setting Up Digital Export Centers Nationwide
1/27/2024 - Minister of Communications and Information Technology Amr Talaat asserted state's keenness on fostering a favorable business climate for investments in the information technology alongside encouraging...
Egypt on Verge of Achieving Its Nuclear Dream After Over 60 Years
1/27/2024 - El-Dabaa Nuclear Power Plant, Egypt’s first-ever nuclear power plant project, will contribute to attaining Sustainable Development Goals (SDGs), which include generating clean energy, increasing depen...
Finance Minister Asserts Keenness on Encouraging Startups in Technology Domains
1/27/2024 - Minister of Finance Mohamed Maait asserted keenness on supporting startups operating in various technological projects in the financial, industrial and services domains.

The Minister made t...
Central Bank of Egypt to Issue EGP 130 Bln T-Bills This Week
1/28/2024 - The Central Bank of Egypt (CBE) is set to issue EGP 130 billion treasury bills (T-bills) with four different maturities between April 2024 and January 2025.

Last week, the bank auctioned EG...
Egypt Approves Third Phase of Zero-Customs Car Import Initiative
1/28/2024 - The Egyptian Cabinet has approved the extension of the zero-customs car import initiative for expats for an additional three-month period, starting from 29 January, according to the Egyptian Gazette.<...
Saudi Strawberry Imports Ban Isn’t Exclusive to Egypt: Agriculture Trade Regulator
1/28/2024 - Saudi Arabia’s decision to ban strawberry imports does not apply only to Egypt, said Saad Moussa, supervisor of Egypt’s Central Administration of Plant Quarantine (CAPQ).

Moussa explained t...
What Is Causing Turmoil in Egypt's Gold Market? Official Answers
1/28/2024 - Egypt's recent gold market crisis could be attributed to a significant disparity between supply and demand, fueled by an overwhelming demand for profit, said Ihab Wassef, head of the Gold and Precious...

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