October 4th, 2019 | 0 commentsEgypt is committed to its economic reform policies whether with or without an agreement with the International Monetary Fund (IMF), the country’s finance minister Mohamed Maait told Bloomberg. In June, Maait revealed are plans to replace the $12 billion three-year loan deal which expired in June with a new non-financial agreement with the...
October 4th, 2019 | 0 commentsThe Egyptian cabinet approved the proposal submitted by the ministerial committee concerning the prices of natural gas to several industries. Natural gas delivered to cement factories will be priced at $6 per one million British thermal units (BTU), while the price of natural gas for iron, steel, aluminium, cooper, ceramic, and porcelain...
October 4th, 2019 | 0 commentsThe ordinary general meeting of the Export Development Bank of Egypt (EBE) approved a cash dividend distribution of EGP 272.8 million, or EGP 1 per share, for fiscal year 2018/2019. An amount of EGP 99.15 million will be distributed to employees as a profit share, while EGP 1.28 million will be retained, the bank said in a statement to th...
October 4th, 2019 | 0 commentsEgypt is looking to increase its share of long-term debt to 40% of annual local issuance by the end of fiscal year 2019/2020 from 5% in FY17/18, the country’s finance minister Mohamed Maait said in an interview with Bloomberg. The government aims to raise the average maturity on debt to four years by the end of June 2020, compared to 1.9...
October 4th, 2019 | 0 commentsEl Nasr Housing and Development, a subsidiary of the Egyptian Ministry of Public Enterprise, has signed a settlement agreement with Emaar Misr for Development to end a dispute regarding a project located in Mokattam. Under the deal, Emaar Misr for Development, an Egyptian unit of the UAE-based Emaar Properties, will pay EGP 100 million as...
October 4th, 2019 | 0 commentsThe non-performing loans of the Central Bank of Egypt (CBE) have reached 5%, the central bank’s governor Tarek Amer told reporters on Thursday. On the sidelines of a press conference, Amer said that the percentage of the non-performing loans was at 45% when he held his position as the CBE’s governor. He also discussed the new banking law...
October 4th, 2019 | 0 commentsForeign investments in EGP-denominated debt instruments reached $30 billion, the Central Bank of Egypt’s (CBE) governor Tarek Amer said. Foreign investors have been attracted to invest in the Egyptian market, Amer added during a press conference on Thursday. In September, the country’s foreign minister Mohamed Maait revealed that foreign...
October 3rd, 2019 | 0 commentsThe Egyptian security forces have arrested the administrator of a Facebook page that published posts advertising the buying and selling of human organs. According to a statement issued by the interior ministry on Wednesday, the general directorate of information technology observed the posts on the Facebook page, in violation of the law....
October 3rd, 2019 | 0 commentsEgypt's Parliament Speaker Ali Abdel-Aal said on Wednesday that Prime Minister Mostafa Madbouli and a number of cabinet ministers would be in parliament the following week to address MPs on the country's economic conditions and the strategy of fighting terrorism and hostile media campaigns trying to spread chaos in Egypt. Abdel-Aal said E...
October 3rd, 2019 | 0 commentsPrime Minister Mostafa Madbouly has issued a decree to the effect that Sunday 6 October, will be an official paid holiday, on the occasion of Armed Forces Day. The decision will be applied in ministries, government bodies and authorities, local administration units, and public sector companies. The Central Bank of Egypt and the Egyptian s...
