Misr Spinning and Weaving Co. starts producing 2.4K face masks/hour

Wed, Apr. 8, 2020

The production takes place through machines that were manufactured by a team of engineers and workers in the maintenance department.

Egypt’s foreign reserves record $40B by end of March

Wed, Apr. 8, 2020

CBE clarified that the decline came as a result of using the money to cover the Egyptian market's needs of foreign exchange, the drop in foreign investments and international portfolios.

Sisi’s decisions to curb coronavirus rescue collar to Egypt’s economy: Businessman Ayman Al-Gamil

Wed, Apr. 8, 2020

These decisions came in light of the recession that the world is currently going through as transportation, aviation and inter-country industries have been suspended.

Egypt's profit rate from tourism hits $11B as of March 8, 2020

Tue, Apr. 7, 2020

The rate of profit from this sector was expected to hit $16 billion by the end of 2020.

EGX adds LE 15.4B to market cap. during collective rise Tuesday

Tue, Apr. 7, 2020

The benchmark EGX 30 surged 4.17 percent, or 393.63 points, to close at 9,840.62 points.

South Korea allocates $200K as emergency aid to support Egypt’s anti-COVID-19 efforts

Tue, Apr. 7, 2020

"The South Korean government announced allocating US $200,000 in emergency aid to support Egypt’s efforts in fighting coronavirus," announced Ambassador of South Korea to Egypt Yoon Yu-chul.

Egyptian gov’t disburses 30% of exporters’ dues with minimum of LE 50M

Tue, Apr. 7, 2020

The exporting companies will be excluded from submitting a certificate of tax position to pay their dues with the Export Support and Development Fund until the end of June.

AfDB supports its members, including Egypt, by $3M-bond

Tue, Apr. 7, 2020

Bloomberg added that this step will entail enhancing communication between stakeholders at the government, private sector and civil society levels to provide joint ownership.