The National Company for Iron and Steel is going through a horizontal split-up, a difficult step that was met with widespread criticism, prompting the Cabinet to explain the decision in a statement.
IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023.
"Total investments allocated for the communication sector within 2020/2021national budget mount to dlrs 10 bn, with a 300% increase," noted the minister.
The elaborate implementation of the economic reform program and dealing with a proactive methodology helped a lot in containing the repercussions of the coronavirus crisis, and mitigating the shock.
The agreements, worth about $1 billion, aiming to drill 17 new exploration wells, Molla said in statements Friday.
Director of the European Investment Bank Neighboring Countries Flavia Palanza said, the bank is proud to work with Banque Misr and hailed the partnership’s effect on the lives of people in Egypt, it said.
As for the new taxes law, he noted that the new law is meant to realize justice, expounding that the number of people exempted from taxes rose to 60 percent.
The minister made the remarks on Thursday while inspecting the complex and other vital fuel projects in Upper Egypt governorates.
Chinese Ambassador in Cairo Liao Liqiang has praised the economic achievements by Egypt that have contributed to reduce the negative impacts of the novel coronavirus.
The new exchange aims at shrinking the circle of commodity trading from the source to the consumer, and saving the transportation cost, which represents 30% of the total cost of goods.
"Egypt will offer full support to the Sudanese side to overcome all obstacles hindering flow of goods," the minister said.
Oil companies, atop of which Petrojet, have indeed gained big experience over a long time of action that resulted in many success stories where local industrialization is concerned, the minister acknowledged.
The minister referred to a tangible decline in poverty rates across the country; the first ever in almost 20 years.
Egypt's top exports since the outbreak of the pandemic include citrus, potato, onion, beets, pomegranate, grapes, potatoes, mango, garlic, strawberry, beans, guava, and pepper.
The report also pointed to a 21.3 percent drop in the value of imports from 6.4 billion dollars in September last year to 5 billion in September 2020.
The 12-month SBA in the amount about US$5.2 billion was approved by the Executive Board on June 26, 2020 to support the authorities’ economic reform program during the COVID-19 crisis.
“Now, Egypt stands on its feet with the least amount of trouble, thanks to the efficiency of the daily administration and the reformist vision of the president,” he stated.
President Abdel Fattah el-Sisi assured a high-profile Iraqi ministerial delegation on Saturday that Egypt is ready to provide any raw materials and equipment or to establish any facilities.
Egypt and Romania held on Saturday a round of political consultations in Bucharest that was attended by Egyptian Assistant Minister of Foreign Affairs for European Affairs Badr Abdel-Ati, and Romanian State Secretary for Global Affairs and Diplomatic Strategies Cornel Feruţă Romania
The 534-km line will accommodate both cargo and passenger trains and will pass through the new capital, 6th of October City and Alexandria, making the line the longest in the Middle East.