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Financials and Investment News in Egypt

Egypt Protests won't Affect IMF Deal, Minister Says
11/29/2012 - Unrest in Egypt will not jeopardize a $4.8 billion loan deal with the International Monetary Fund, its foreign minister said after a week of protests triggered by President Mohamed Mursi's decision to...
Egypt to Apply Protective Tariffs on Imported Steel Rebars
11/29/2012 - Egypt's ministry of industry and foreign trade announced that protective tariffs on imported steel rebars would temporarily be applied at a rate of 6.8 per cent at a minimum of LE299 per ton for rough...
Egypt Stocks Make Slight Gains Despite Morning Losses
11/29/2012 - Egyptian stocks ended the day down by less than half a percentage point after plunging 3 per cent in morning trading. By the end of the session, the main EGX30 index had shed 0.16 per cent to alight a...
IMF’s Rejection to Provide Loan to Egypt, Baseless
12/1/2012 - Finance Minister, Momtaz al-Sayeed, said that reports on the International Monetary Fund’s refusal to provide Egypt with credit were absolutely baseless, stressing that the initial agreement between E...
State of Emergency to Secure Electricity Stations
12/2/2012 - Electricity Minister Mahmoud Balbaa asked chiefs of electricity companies to continue the state of emergency in order to secure power stations nationwide. The Minister also called for securing electri...
Biggest Liner Transits Suez Canal
12/2/2012 - The world's biggest liner transited the Suez Canal coming from Italy and bound for Indonesia, paying $ 2.5 million crossing duties. The Suez Canal Authority declared emergency and changed the course o...
Executive Status of Egypt-Italy Joint Projects Discussed
12/2/2012 - Minister of Planning and Cooperation Ashraf El-Arabi and his Italian counterpart Andrea Riccardi and the delegation accompanying him, and in attendance of the Italian ambassador in Cairo, discussed th...
Government to Develop 150 Rail Level Crossings Mid-December
12/2/2012 - The government decided to upgrade 150 rail level crossings mid-December along with another 171, said Minister of Housing and the official in charge of supervising the Ministry of Transport Tareq Wafiq...
Coming Period will Witness Major Leap in New Investments
12/3/2012 - Minister of Industry and Foreign Trade Hatem Saleh said that investors are strongly ready to achieve comprehensive and sustainable development for the people. The minister added that the coming period...
Setting up a Biggest Ever Poultry Complex in Egypt
12/3/2012 - Prime Minister, Dr. Hisham Qandil, approved setting up a biggest ever poultry complex in Egypt over a 140.000 feddan space as a first phase, senior officials told Al-Ahram daily newspaper. An aggregat...
Egypt to Release Delayed EGP2 bn in Arrears for Contractors
12/3/2012 - Planning and International Cooperation Minister Ashraf al-Arabi agreed on 2/12/2012 to release delayed EGP1.650 billion due on the National Authority for drinking water and sanitation for contractors ...
Egypt's CIB Buys Stake in Concrete Garment Maker
12/3/2012 - Egypt's Commercial International Bank (CIB) has acquired a 38 per cent share in garment maker Concrete, the bank said on Monday in a statement to the stock exchange. The LE152 million ($25.3 million) ...
LE 276 Billion New Investments in Egypt
12/4/2012 - Prime Minister Hisham Qandil unveiled on 3/12/2012 a mechanism to eliminate corruption, a move that has earned Egypt in LE20 billion in 2012. This came during the opening of the annual three-day confe...
Egypt Welcomes European Intensive Labour Plants
12/5/2012 - Industry and Foreign Trade Minister Hatem Saleh said on 4/12/2012 that Egypt welcomes European intensive labor projects with high technology. The remarks came after the Minister's meeting with the Gre...
Egypt Sets Plan to Carry out Proposed Projects till 2017
12/5/2012 - Irrigation Minister Mohamed Bahaa el-Din said on 4/12/2012 that the Ministry has laid down a plan to carry out proposed projects till 2017 worth LE 101 million is allocated for well drilling and const...
Bilateral Relations between Egypt and Indonesia
12/5/2012 - Prime Minister Hisham Qandil on 4/12/2012 discussed with Indonesian Parliament Speaker, Ali Marzouki, means of boosting trade relations, reaching a free trade zone agreement, said cabinet spokesman, A...
Overall Rural Development on Top of Egyptian Gov’t Agenda
12/5/2012 - Minister of Planning and International Cooperation Ashraf el-Arabi said the Egyptian government gives priority to comprehensive rural development. Speaking at a workshop "One Village One Product (OVOP...
Egypt Market Slides Today
12/6/2012 - Egypt stocks tumbled in the aftermath of violent clashes between pro and anti-Morsi supporters that left at least five dead and some 500 injured. The main EGX30 index slid 4.3 per cent to sit at 4,854...
Osama Saleh: Agreements Before, After Revolution Observed
12/6/2012 - Minister of Investment Osama Saleh said that the Egyptian government is committed to all contracts hammered out with local, foreign and Arab companies and investors both before and after the January 2...
$ 500 mn from ADB to Support Budget
12/6/2012 - At a forum on employment of the youth that was held in Cairo, Prime Minister Hisham Qandil said that a $ 2.5 billion short-term plan was agreed on within the two coming years to finance major projects...

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