Egyptian economy
Sisi launches ‘spare change’ initiative to fund national projects
Egypt
September 27, 2016
Sisi launches ‘spare change’ initiative to fund national projects
Egyptian President Abdel Fattah al-Sisi has announced his third major initiative to support the Egyptian economy by directing money from…
Revenues from Suez Canal traffic down by 4.5% on previous year: CBE report
Business
September 23, 2016
Revenues from Suez Canal traffic down by 4.5% on previous year: CBE report
In a report published on Wednesday, the Central Bank announced that revenues from Suez Canal traffic decreased by 4.5 percent…
Egypt in talks to obtain $2 bln in financing from China
Egypt
September 19, 2016
Egypt in talks to obtain $2 bln in financing from China
Egypt is in talks with China to obtain $2 billion in financing, Deputy Finance Minister Ahmed Kojak said, without giving…
IMF sees ‘productive’ talks on Egypt loans with China, Saudi Arabia
Business
September 16, 2016
IMF sees ‘productive’ talks on Egypt loans with China, Saudi Arabia
The International Monetary Fund said on Thursday it has held "very productive discussions" with authorities in China and Saudi Arabia…
KLM has not informed Civil Aviation Ministry of flight suspension plan: official
Business
September 15, 2016
KLM has not informed Civil Aviation Ministry of flight suspension plan: official
KLM Royal Dutch Airlines has not yet officially communicated its decision to temporarily suspend flights to Cairo starting next January,…
Egypt receives first tranche of $3 bn World Bank loan
Business
September 9, 2016
Egypt receives first tranche of $3 bn World Bank loan
The World Bank has handed over to Egypt the first tranche of a US$3 billion loan to support the government's…
Sisi ratifies law replacing sales tax with VAT
Business
September 9, 2016
Sisi ratifies law replacing sales tax with VAT
President Abdel Fattah al-Sisi has ratified the new law on Value Added Tax (VAT), according to a report in The…
Egypt’s budget deficit rises by 16.8 pct yr/yr in first nine months
Business
September 5, 2016
Egypt’s budget deficit rises by 16.8 pct yr/yr in first nine months
Egypt's budget deficit rose by 16.8 percent to 254.9 billion Egyptian pounds ($28.71 billion) in the first nine months of…
Egypt’s EFG-Hermes losses deepen to 67.55 mln Egyptian pounds in second quarter
Business
August 11, 2016
Egypt’s EFG-Hermes losses deepen to 67.55 mln Egyptian pounds in second quarter
Egypt's EFG-Hermes, the country's largest investment bank, said on Thursday it made a net loss of LE67.55 million ($7.61 million)…
Yields drop at Egypt T-bill auction
Business
August 1, 2016
Yields drop at Egypt T-bill auction
Yields on Egypt's three-month and nine-month treasury bills edged down at Sunday's auction, data from the central bank website showed.The…