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Financials and Investment News in Egypt

LE 7 bn in Loans for Strategic Crops
12/6/2012 - The Principal Bank for Development and Agricultural Credit decided to earmark LE 7 billion in loans for the farmers who grow staples such as cotton, wheat and corn at an interest of about 5%. The Bank...
$ 500 mn from ADB to Support Egypt Budget
12/6/2012 - At a forum on employment of the youth that was held in Cairo on Wednesday 5/12/2012, Prime Minister Hisham Qandil said that a $ 2.5 billion short-term plan was agreed on within the two coming years to...
Public Debt Exceeds Red Lines
12/9/2012 - A report released by the Ministry of Finance for November confirmed the rise in public debt in late September, saying it hit 69.7% of the GDP or EGP1.23 trillion compared to about EGP1.01 trillion in ...
FTSE: Egypt among 19 African Stock Exchange
12/9/2012 - Financial Times Group began FTSE global launch index FTSEASEA with African Federation of Exchanges, which measures the computationally independent stock performance in the African markets. The Directo...
Tourist Arivals to Egypt on the Rse in October
12/9/2012 - Egypt received almost 1.2 million tourists in November, 8 per cent more than the 1.1 million it received the previous year, but still almost 400,000 less than October 2010 - before the revolution bega...
Egypt's Morsi Raises Sales Taxes and Stamp Duties
12/9/2012 - Egyptian President Mohamed Morsi, who holds legislative authority, announced sweeping increases in sales taxes and stamp duties on a wide range of consumer goods and services and amended Egypt's incom...
Egypt Stocks Market Registered Significant Gains
12/9/2012 - Egypt’s stock market registered significant gains with the main EGX30 index gaining a healthy 5.02 per cent to stand at 5,081 points. The stock market suffered heavy losses during the past three weeks...
Egypt's Reserves Fall in November
12/9/2012 - The drop in Egypt's Net International Reserves (NIR) in November to $15.03 billion came as a result of political instability which took its toll on tourism and Foreign Direct Investment (FDI), Cairo-b...
Egypt President Morsi Halts Tax Hikes, Calls for Dialogue
12/10/2012 - Egypt President Mohamed Morsi has retracted his Sunday decisions to increase tax burdens on the Egyptian people, and ordered the government to carry out a "social dialogue" on the measures before impl...
Egypt to Ask Russia to Lift Ban on Potatoes & Citrus
12/10/2012 - An Egyptian commercial delegation is to visit Russia within few coming days to discuss reasons behind Russia denying access to Egyptian potatoes and citrus into its markets, said Minister of Industry ...
Qandil Reviews Suez Canal Axis Development Project
12/10/2012 - Prime Minister Hisham Qandil said on 9/12/2012 that a massive national project to develop Suez Canal axis is ready to be carried out. The project will attract investments boosting up the Egyptian econ...
Mohamed Bahaa in a Visit to Qena
12/10/2012 - Irrigation Minister Mohamed Bahaa el-Din paid an inspection visit on 9/12/2012 to several projects in the Upper Egyptian governorate of Qena. The visit aims at checking on the water facilities and irr...
Momtaz El Saeid Starts Dialogue with Businessmen, Experts
12/11/2012 - Minister of Finance Momtaz El Saeid decided on 10/12/2012 to launch a societal dialogue on the latest taxes with Businessmen and experts. Mamdouh Omar, the Chairman of tax administration said he as an...
Egypt Works Toward African Free Trade Zone, Joint Market
12/11/2012 - Egypt strongly desires comprehensive African economic integration that can pave the road to a free trade zone and a joint market, said Minister of Industry and Foreign Trade Hatem Saleh. This came dur...
Egypt-IMF Loan Agreement Postponed
12/11/2012 - Egypt has asked the International Monetary Fund (IMF) to delay its approval of a $4.8 billion loan until next month due to domestic political circumstances, Prime Minister Hisham Qandil said at press ...
Egyptian Tax Rises Aim at Social Justice
12/11/2012 - Prime Minister Hisham Qandil criticised what he described as the negative role of private media in portraying recently-announced tax hikes at a press conference. Egyptian President Mohamed Morsi, who ...
Morsi Alots himself more Control Over Egypt's Central Bank
12/11/2012 - President Morsi is set to issue a modification to two articles in the laws governing the Central Bank of Egypt within days, which grants himself more authority. Notably, the modifications reduce the n...
Qandil: Tax Amendments Part of National Program
12/12/2012 - Prime Minister Hisham Qandil on 11/12/2012 said that his government has plans to generate around 800,000 jobs in various sectors. At a press conference, he added that these jobs will be provided throu...
Momtaz al-Saeed: Gov’t Puts IMF Deal on Hold
12/12/2012 - Minister of Finance Momtaz al-Saeed asserted that a delay in talks on a loan agreement with the International Monetary Fund (IMF) won't affect the loan decision. "The IMF board was supposed to review ...
IDB to Lend Egypt $ 32 mn for Tile Sewage Projects
12/13/2012 - Head of Tile Sewage Authority Younis Abdul-Salam al-Sarri said that a delegation from the ministries of international cooperation, and irrigation and water resources will head for Jeddah on 15/12/2012...

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