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Financials and Investment News in Egypt

Egyptian Industry Ministry Report: EGP 353 bn Imports
2/3/2013 - The volume of Egypt's imports rose to EGP 353 billion in 2012 with an EGP 53.9 billion rise against the figures of 2010 and EGP 14 billion in 2011, according to industry and foreign trade ministry's r...
Egypt Approves Resignation of State's Largest Bank Head
2/3/2013 - Egypt's Prime Minister Hisham Qandil accepted the resignation of the head of the state’s largest bank, Al-Ahram's Arabic-language news portal reported. Tarek Amer resigned as the chief of National Ban...
Hisham Qandil Discusses Egyptian-Libyan Cooperation
2/4/2013 - Prime Minister Hisham Qandil chaired on 3/2/2013 a ministerial meeting on vitalizing cooperation between Egypt and Libya. The meeting took into focus increasing the volume of trade and investments, en...
Suez Canal Serves International Navigation
2/4/2013 - Head of the Suez Canal Authority Mohab Mameesh said on 3/2/2013 to the international maritime community and ships passing through the Canal that the Suez Canal with all its expertise and capabilities ...
Egypt Revenues Go up by LE 35 Billion
2/4/2013 - The volume of Egypt's revenues rose by LE 35 billion reaching LE 303.6 billion of the Fiscal Year 2011/2012 with 14 per cent growth rate, according to the Finance Ministry's report. The tax revenues w...
Egypt Loses 2 Billion Cubic Meters of Water over Industrial Wastes
2/4/2013 - Water Resources and Irrigation Minister Mohamed Baha El-Din said on 3/4/2013 that Egypt lost more than two billion cubic meters of water annually due to industrial wastes, adding the lost water is suf...
Egypt to Finish Revised Economy Plan
2/4/2013 - Egypt's finance minister has said that the government would complete its revision of its economic reform plan next week, after which it planned to invite a delegation from the International Monetary F...
Salafist Nour Party Wants to Raise Egypt's Minimum Wage
2/4/2013 - Egypt’s Salafist Nour Party submitted a draft law on wages to the upper house of parliament, the Shura Council, through party members Salah Abdel Mabood and Ahmed Youssef on Monday. The Shura Council ...
Egypt's Foreign Reserves Enough for 3 Months of Imports
2/5/2013 - Egypt's net foreign reserves are currently enough to cover only three months of the country's imports, Ashraf El-Arabi, minister of planning and international cooperation, stated. Earlier the same day...
Qandil, el-Morsy Higazi Discuss Economic Woes
2/5/2013 - The meeting took up the current economic problems due to the political unrest in the country and the need to resume work in all fields to overcome the crisis. On the other hand, Prime Minister Hisham ...
Black sand Project Approved in Egypt
2/5/2013 - President Mohammed Morsi has approved the founding of a joint economic entity in coordination between the Nuclear materials Agency and Kafr El-Sheikh Governorate to run a project investing the black s...
CAPMAS: Reclaimed Lands up 151.6%
2/6/2013 - The areas of reclaimed lands rose in the 2011-2012 by 151.6 per cent to stand at 39,000 feddans compared to 15,500 feddans in the previous year, said the Central Agency for Public Mobilization and Sta...
Mamish: Canal Transit Fees Determined by Economic Experts
2/6/2013 - Chairman of the Suez Canal Mohab Mamish said transit fees of the Canal will be determine by a high level committee of experts and economists. He pointed out that they verified this issue upon accurate...
Pound Falls, CBE to Hold Extra Auction
2/6/2013 - Egypt's central bank said that it had accepted bids worth $49.6 million with a cut-off price of LE6.7020 to the U.S. dollar at a foreign currency auction. The cut-off price at the previous auction, he...
Abdullah bin Zayed Receives Comoro Islands' Counterpart
2/6/2013 - H. H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister has received in his office at the ministry Comoro Islands' Foreign and Cooperation Minister Mohammed Bakri Abdul Fatah Sherif. The two sides...
Egypt Keen on Resolving Problems Facing Foreign Investors
2/7/2013 - Finance Minister el-Morsi Hegazi said that the government is keen on resolving any problem facing foreign investors in the country as long as they are committed to the Egyptian law.

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Ashraf el-Arabi: Negotiations with IMF Going on
2/7/2013 - Minister of Planning and International Cooperation Ashraf el-Arabi said that negotiations with International Monetary Fund (IMF) are going on as usual. In a press release, el-Arabi denied news claimin...
Currency Auction by Egypt's Central Bank Nets $49.2 Million
2/7/2013 - Egypt's central bank sold $49.2 million foreign currency auction, at a cutoff price of LE6.7043 to the dollar. The cutoff price at the previous auction held, in which the bank sold $49.6 million, was ...
Hisham Qandil Receives US Ambassador to Egypt
2/8/2013 - Egypt's Prime Minister Dr. Hisham Qandil received on 7/2/2013 US Ambassador to Egypt Anne W. Patterson. They discussed ways of fostering bilateral ties especially in the fields of trade and investment...
EGP 835 Million to Revamp Railways -- Ashraf El-Arabi
2/8/2013 - Planning and International Cooperation Minister Ashraf El-Arabi has agreed to allocate EGP 835 million in the 2012-2013 budget to develop Egyptian railways to avoid more accidents. He added that the f...

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