197 Articles
Deputy minister of finance for monetary policies Ahmed Kojak said that the ministry is not going to issue any other treasury bonds in the current fiscal year (FY) 2016/2017. He stated that the financial gap of the current FY is already covered, adding that the gap of the next FY 2017/2018 is also nearly covered, …
The government of President Abdel Fattah Al-Sisi promised to carry out a lot of economic reforms in the country, which require excessive effort and financing, as the president had mentioned many times during different speeches. The government has been asking for foreign help since Al-Sisi came to office, from Saudi Arabia, Kuwait, the United Arab …
Minister of Investment Dalia Khorshid said that the private sector and investment banks currently play an important role in promoting Egypt’s investment climate. She added during a conference arranged by Beltone Financial, which took place on Monday, that their role does support the government to clarify the vision of Egypt’s economy to investors from Europe, …
High demand on US dollar-denominated bonds caused rise in issuance value, says Minister of Finance
The government headed by Sherif Ismail has repeatedly said that it wants to attract investment to all national projects which were announced by President Abdel Fattah Al-Sisi. However, experts believe that the government is wasting precious time by not establishing the infrastructure of these mega projects. These projects are the Suez Canal Economic Zone, the …
E-Planet Educational Services, an international organisation created by a team of education experts, has launched a new smartphone application named “E-planet English Courses” in January 2017. The new application attempts to facilitate communication between students and their English-language school, besides providing other educational services. “Through the app, learners can message their course provider at …
Since the 25 January Revolution in 2011, Egypt’s foreign currency reserves were used to support Egypt’s important imports at a time that witnessed a lack of inflow of foreign currencies. It was also used to support the Egyptian pound against the US dollar to postpone the effect of the low demand on the Egyptian pound. …
The minister emphasised that the centre will also establish infrastructure after clearing the area of landmines
Minister of International Cooperation Sahar Nasr signed an agreement with Ahmed Abou Hashima, head of Egyptian Steel, and Hossam El-Kabany, head of Orman charity association, to develop villages around Egypt. Nasr said that the agreement represents the true cooperation between the government, private sector, and civil society organisations. She stated that establishing sustainable development cannot …
At the American Chamber of Commerce in Egypt, country general manager of IBM Amr Talaat said that trade relations between Egypt and African countries need to improve. He said that African countries receive almost 3% of Egyptian exports, which is a small amount that must be increased. He added that so far, large economies in …
Rumours have circulated in different media outlets regarding a potential cabinet reshuffling, supported by members of parliament. The parliamentary calls for areshuffle did not mention the main ministers they sought to replace or the ministries that should be subject to the reshuffle. However, the high inflation and the current economic conditions are cited as important …
Minister of Industry and Trade Tarek Kabil said that Egyptian agricultural exports increased by 17% during 2016, adding that Egypt is currently the biggest citrus exporter in the world. The minister added in a statement issued on Wednesday during a meeting with investment banks’ representatives, arranged by EFG-Hermes, that Egypt has a lot of investment …
Minister of Industry and Trade Tarek Kabil said that Egyptian exports to Lebanon increased by 65% during 2016 compared to 2015, adding that a lot of different fields benefited from the increase. Construction materials manufacturers benefitted most from the hike in exports, as their exports increased by 225% to record EGP 277m. Kabil said in …
The annual Inflation rate hiked to 24.3% in December, compared to 20.2% in November, according to a statement issued by the Central Agency for Public Mobilization and Statistics (CAPMAS). The statement issued on Tuesday attributed the increase of the inflation rate to price hikes in the food and beverage sector, as they registered an increase …
The Egyptian Competition Authority (ECA) dismissed rumours that it would approve the illegal broadcast of the Africa Cup of Nations matches by Egyptian television channels. The ECA said in a statement issued on Sunday that it did not approve broadcasting for any channel. Instead, it emphasised the importance of restoring the spirit of competition within …
Amid the government’s ongoing commitment to its economic reform programme, Tarek Kabil and Amr El-Garhy’s ministries claimed several accomplishments over the past year. Daily News Egypt takes a look at how their actions measure up to need
A recent data survey released by CAPMAS and the Population Council attempts to break down the reality of youth living in informal housing areas through numbers
Egypt’s exports to UAE increased by 224% in 2016
The Central Agency for Public Mobilization and Statistics (CAPMAS) and the Population Council announced the results of their survey of young people in the ashwa’yat (informal housing areas) of Greater Cairo during a meeting held on Tuesday. The survey measured the indicators of health, unemployment, migration, and marriage formation. The survey revealed that 44.5% of …
Minister of Finance Amr El-Garhy had said on Sunday that the ministry has set three goals for the country’s budget in the fiscal year (FY) 2017/2018. According to him, the ministry plans to focus on sustainable development, by raising the GDP by 5%, reducing unemployment to 11%, and cutting the national debt to 94% of …
Minister of International Cooperation Sahar Nasr and Minister of Housing Mostafa Madbouly witnessed on Monday the signing of an agreement regarding the participatory strategic urban planning for Alexandria until 2032. The two-year agreement between the Ministry of International Cooperation and the United Nations Development Programme (UNDP) should have been completely planned out by 2016, but …
Minister of Finance Amr El-Garhy said that the ministry aims to achieve three main goals with the Egypt’s budget for fiscal year 2017/2018. The main goals are raising the GDP by 5% to establish more revenue-generating resources in order to enhance the quality of life by raising citizen’s incomes, creating more jobs, and reducing the …
The president dismissed suggestions about the military having a share of 50% of the Egyptian economy
Governmental programme for supporting exports is reason behind establishment, says Minister of Industry and Trade
One of the first things foreign investors look at before injecting their money into a new country is the legal framework and the amount of risk that may arise once business disputes occur. Looking at Egypt in recent years, several local companies have been faced with accusations and charges regarding their operations. While these disputes …
On Monday, the Minister of International Cooperation Sahar Nasr signed an agreement with Leila Mokaddem, resident representative of the African Development Bank (AFDB) to receive $500m as the second tranche of a $1.5bn loan. The loan was agreed on last year. The tranche will be given to Egypt in January 2017, according to Prajesh Bhakta, …
Egypt’s exports of construction materials has doubled in 2016 to record EGP41.93bn compared to EGP21.93bn during 2015, according to Waleed Jamal Al-Din, president of the Export Council for Building, Refractory and Metallurgy Industries (ECBM). Jamal Al-Din said exports surpassed plans and expectations set by ECBM, adding that they had aimed to increase exports by EGP …
Increasing the cost of agricultural fertilisers at this moment in time would be unwise, says Abou Ismael
Hotel occupancy rate is more than 80% despite all of the issues Egypt has been facing
The total amount of cotton exports in the fourth quarter of the 2015/2016 agricultural year increased by 77.7% compared to the same period of the previous year, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). Egypt exported 139,900 metric kantar of cotton during June/August 2016, compared to 78,800 metric kantar the year …
