Business news wrap-up

Egypt to receive $2B of IMF $12B in June or July 2018

Egypt will receive the forth tranche of the IMF’s $12 billion fund facility at a value of $2 billion in June or July 2018.

New city in Bir al-Abd to be built with LE 100B in investments: Sisi

President Abdel Fatah al-Sisi announced on December 23 that Egypt will build a new city in North Sinai’s Bir al-Abd at a cost of LE 100 billion.

Sisi inaugurates giant offshore support vessel Ahmed Fadel

President Abdel Fatah al-Sisi has inaugurated on Saturday the giant offshore support vessel named Ahmed Fadel.

Projects worth $1.35 billion to be executed in Red Sea ports

Ministry of Transportation to construct two container transshipment terminals in Safaga and Nuweiba Ports, and a business center in Sharm el-Sheikh Port.

Alex Bank, IDA sign protocol on cooperation to finance SME’s

Alexandria bank signed a protocol on cooperation with Industrial IDA to finance new micro, SME industrial units.

Venezuela reports economy shrank by 16.5% in 2016

Venezuela's economy shrank a massive 16.5 percent in 2016.

Italian parliament passes 2018 budget, clearing way for elections

Italy's upper house Senate on December 23 gave parliament's final approval to the government's 2018 budget.