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Financials and Investment News in Egypt

Egypt May Lose $20 bln Qatari Investments
12/14/2012 - The Qatar-based Egyptian Islamic preacher Youssef Qaradawi has called on Egyptians to participate and vote 'yes' in the constitutional referendum set on Saturday, Turkish news agency Anadolu reported ...
Egypt Stocks Rise on Trouble-Free Charter Poll
12/16/2012 - Egypt's stock market staged a partial recovery after three weeks of market fluctuation, as Egyptians cast ballots in a contentious constitutional referendum. Egypt's benchmark EGX30 index rose by 2.72...
CAEU Probes Setting up Three-Way Economic Entity
12/16/2012 - The council of Arab Economic Unity (CAEU) currently presided over by Jordan will kick off on 18/12/2012. Ambassador Mohammed El-Rabeea the council's secretary general will present an all-inclusive rep...
EGP 225m to Implement Industrial, Irrigation Projects
12/16/2012 - Irrigation and Water Resources Minister Mohamed Bahaa El-Ein said the ministry is currently financing a number of industrial and irrigation projects in all governorates with investment worth EGP 225m....
EGP 238m Allocated to Develop Sinai
12/17/2012 - Water Resources and Irrigation Minister Mohamed Bahaa El-Din said on 16/12/2012 the ministry's plan for developing Sinai includes digging 30 underground wells with EGP 210 million investment cost by 2...
91-Day, 273-Day T-Bills Auctioned
12/17/2012 - The Finance Ministry auctioned on 16/12/2012 the 91-day and 273-day treasury bills at a total value of LE5 billion. In an online statement, the ministry said the average yield on the 91-day T-bills wa...
ACA Claims EGP 5bn, dlrs 200m of State Funds
12/18/2012 - The Administrative Control Authority (ACA) has claimed so far around 5.13 billion EGP and 2.4 milion dollars of state funds since the January 25 revolution. The funds were collected from defendants in...
Qandil Discusses Amendments to Social Insurance Law
12/18/2012 - Prime Minister Hisham Qandil held a cabinet meeting on 17/12/2012 to review amendments to Law 79/1975 on social insurance. The meeting discussed the draft law, which will give new benefits to pensione...
US Advised Egypt to postpone IMF Loan
12/18/2012 - The US government has advised Egypt to request the delay of a proposed loan from the International Monetary Fund (IMF) until January after Egypt failed to fulfil its promise to the fund to raise sales...
Market Dips Amid Political Volatility
12/18/2012 - The Egyptian stock market closed in the red, despite analysts' predictions that it was likely to gain throughout this week, with the generally trouble-free referendum vote expected to boost market con...
IMF Loan Delay Could Damage Egypt's Credit Rating
12/18/2012 - Egypt's request to postpone a long-awaited IMF loan due to recent political unrest could lead to a downgrade in the country's credit rating, credit rating agency Moody's said in a report.

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US Urges Egypt, IMF to 'Quickly' Reach Loan Deal
12/18/2012 - The United States urged Egypt and International Monetary Fund to reach an agreement on the $4.8 billion loan that was postponed on 11 December "as quickly as possible." In an exclusive statement to Ah...
OCI to Return Renationalised Company to Egyptian Government
12/19/2012 - Orascom Construction Industries (OCI) said it would respect the court order stipulating that its subsidiary, the International Steam Boilers, would be returned to state ownership due to problems in th...
Egypt Stock Market Gains 2pct on Real Estate Rebound
12/19/2012 - Egypt's stock exchange witnessed a healthy surge Wednesday driven by positive trading on the Commercial International Bank (CIB) as well as the real estate sector. The main EGX30 index grew 1.86 per c...
Egyptian Gov’t Approved Islamic Bonds
12/20/2012 - The Cabinet at a meeting on 19/12/2012 under Prime Minister Hisham Qandil approved in principle a draft law on using Islamic bonds. The new financial instrument (Islamic Sokouk) will be referred to th...
Egypt to Offset Budget Deficit, Provide 20,000 Jobs
12/20/2012 - Industry and Foreign Trade Minister Hatem Saleh said on 19/12/2012 new tax rises on some commodities and products aim to offset state budget deficit, adding he expects that deficit may reach to LE 200...
Egypt’s Budget Deficit May Reach EGP 200 Billion
12/22/2012 - Finance Minister Momtaz el-Saeed said Egypt has been suffering imbalance in the state budget, saying that the total budget deficit in the country may be ranging between EGP 185 to EGP 200 billion if t...
OAPEC Meeting in Cairo Sends Message that Egypt is Stable
12/22/2012 - Minister of Petroleum and Mineral Resources Osama Kamal said the convocation of the 89th round of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Cairo drives home a strong message t...
Initiative to Attract European Investments into Egypt
12/22/2012 - Egypt has decided to boost economic cooperation with Spain and the Czech Republic which includes increasing trade and investments, said Minister of Industry and Foreign Trade Hatem Saleh during talks ...
120m Euros from EU to Cope with Water Challenges
12/23/2012 - The European Union (EU) initiative for water in the Mediterranean extended a grant of 120 million euros to Egypt to help it cope up with challenges of a growing shortage of water resources and negativ...

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