197 Articles
Prime Investment bank said that floating the national currency is a great step that would push Egypt’s economy forward by eliminating the informal market and creating one price for foreign currencies, combined with decisions by the Supreme Council for Investment to help boost investments in Egypt. The bank believes that the supply of US dollars …
This move is necessary, but investing in projects to increase exports is more profitable, says economist
Colliers International, The Commercial Real Estate Leader published its 3-month rolling forecast for October until December on Wednesday.
Egypt floated its currency on Thursday, allowing it to fall from its previous peg of EGP 8.88 to the US dollar to between EGP 13 and EGP 16. This is the final push to secure the three-year International Monetary Fund (IMF) programme within days. In another step toward securing $12bn from the IMF, the government …
The Central Bank of Egypt (CBE) announced on Thursday that it is floating the Egyptian pound completely, and banks will be free to quote whatever rates they decide on, for cash and transfer transactions. Despite the hardships, investment banks see a bright vision of Egypt’s economy in the near future. According to a statement released …
The CBE announced on Thursday that it would float the Egyptian pound, setting an initial guidance rate of EGP 13 to the US dollar
Since the end of September, Egypt has been facing a remarkable shortage in sugar, pushing the commodity’s price upwards, while creating its very own informal market, and consequently, increasing the suffering of Egyptians. Egypt produced a total of 2.2m tonnes of sugar in 2015 and consumed 3.1m tonnes, creating a shortage of some 900,000 tonnes. …
During his meeting with Minister of Industry and Trade Tarek Kabil, President Abdel Fattah Al-Sisi emphasised the importance of small- and medium-sized enterprises (SMEs) and how these could improve Egypt’s economy. The president noted that banks should provide loans with low interest rates not exceeding 5%, as the Central Bank of Egypt (CBE) initiative stipulated. …
According Russian transport minister Maxim Sokolov, Russia will resume its flights to Egypt in 2017. The minister’s announcement comes at a time when Egypt’s tourism market is in a state of atrophy and starved for foreign capital and experts agree that, while the return of the Russian market would aid in tourist numbers, 2017 will …
Like last year, rainfall across Egypt’s governorates has caused another crisis, killing 18 people and injuring more than 27 others. Members of parliament are preparing questions for the government about this yearly crisis. Every year, the rainfall is concentrated in particular areas of Egypt, yet the government always acts surprised, said Aliaa El-Mahdy, economist and …
For more than a month, Egypt has been facing a crisis in supplying sugar, and for more than five years, the country had been facing problems due to a shortage in foreign currencies. The two problems are not easily solved, leading to doubts as to when the government will be able to fix them. One …
On 18 October, , said that Egypt has to focus on developing its investment climate instead of national projects. However, nobody feels the economic effects of the three main national projects that Abdel Fattah Al-Sisi announced would be implemented when he became president over two years ago, including developing the Suez Canal area, the …
Minister of International Cooperation Sahar Nasr and Japanese ambassador to Egypt Takehiro Kagawa signed on Monday a $460m loan to finance the second phase of the Grand Egyptian Museum. Minister of Antiquities Khaled El-Anany also signed the loan agreement for the project with Teruyuki Ito, chief representative of the Japan International Cooperation Agency (JICA). Nasr …
For more than five years, Egyptians have been looking for a safe and profitable haven for their savings and for a long time the US dollar was seen as the safest bet. However, as Egypt currently faces huge shortages in foreign currencies, the price of the US dollar, which did not record more than EGP …
The cabinet, headed by Prime Minister Sherif Ismail, met with economic experts from different fields Tuesday to promote the economic reform programme. During the meeting, the ministers explained the current challenges and obstacles that Egypt is facing, in order to hear the different opinions on these problems from specialists. The experts did not object to …
Egypt’s negotiations for loans from the International Monetary Fund, World Bank, and the African Development Bank would increase the country’s external debt to approximately $70bn. Yet, the government views the loans as a way for reforming poor economic conditions that have plagued the country since 2011, and a tool to attract foreign investment. Essentially, …
The Ministry of Industry and Trade will establish a major centre under the mandate of the Industrial Development Authority (IDA) to be responsible for issuing industrial licences in line with the new law for these licences, which is currently under consideration by the parliament, Minister Tarek Kabil announced. He said that the centre will be the …
During his meeting with the editors-in-chief of national newspapers on Friday, President Abdel Fattah Al-Sisi talked about the loan that Egypt is seeking from the International Monetary Fund (IMF). This was the first time that the president tackled the country’s negotiations with the IMF, as he ensured that economic reforms will be implemented and …
The government will provide subsidies for the poor, Egyptians can bear country’s tough conditions
The deficit in the trade balance dropped by 13.1% in July to EGP 30.9bn, compared to EGP 35.6bn in July 2015, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) monthly bulletin of foreign trade statistics. In a statement issued on Wednesday, CAPMAS noted that the deceleration happened because the value of exports …
When the people of Egypt heard that the government was willing to take a loan from the International Monetary Fund (IMF), they didn’t think that the government had decided to walk down a hard, tiring path. They didn’t know that Egypt would apply austerity measures that would affect their lives, by cutting its subsidies for …
Minister of International Cooperation Sahar Nasr met on Tuesday with EU representative and the Commissioner for European Neighbourhood Policy, Johannes Hahn, to sign an agreement on six projects worth €130m, according to a statement from the ministry. The projects that will receive financing from the agreement include the construction of a wind power plant in …
Brazil has best quality at best prices; Russia cannot export a commodity it imports
The annual inflation rate in September changed to 14.6%, compared to 16.4% in August
The Ministry of Supply and Internal Trade announced that it would provide 50,000 tonnes of sugar to meet the market’s demand. The step comes days after the Egyptian market began to witness a growing shortage in the supply of sugar . Prime Minister Sherif Ismail said yesterday in a press release that the government contracted …
For decades, Upper Egypt has been ignored by Egypt’s development projects. While the ministers have changed over the years, the view towards Upper Egypt remains the same. Bureaucracy and the lack of services kept investors away from Upper Egypt, which resulted in increasing the unemployment rate. It has become the poorest area in the country …
The current circumstances have made it hard for experts to predict how much money is enough for a small family to live a fair life in Egypt. With the high inflation rate on the rise due to value-added taxation, the majority of Egyptians are unsatisfied with their income which, unlike almost every product or service, …
Prime Minister Sherif Ismail and the government have promised a litany of political and legislative reforms that would be implemented in the short term to develop Egypt’s economy and pull it out of its poor state. Debates over the Civil Service Law, the value-added tax, the investment law, as well as the budget deficit, trade …
The year 2014 was remarkable due to a number of reasons. One of its most important traits was one that received little attention, but changed the geopolitical outlook the world has gotten used to for decades. In 2014, the United States could no longer claim to be the world’s largest economic power. The torch was …
Small- and medium-sized enterprises (SME) may be the best solution for Egypt’s poor economic state. SMEs have the ability to provide a large number of jobs to subdue unemployment and produce important products. In May, the executive manager of the Egyptian Banking Institute (EBI) Mona El-Baradei said that the number of SMEs in Egypt constitutes …
