economy

Fully explained for non-specialists: The split-up of the National Company for Iron and Steel

Mon, 18 Jan 2021 - 03:09 GMT

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 raises its forecast for Egypt's economy growth to 2.8% in 2020/21

Sun, 10 Jan 2021 - 03:38 GMT

IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023.

Planning min approves EGP 50 mn to communication ministry to launch Egypt digital initiative

Thu, 07 Jan 2021 - 01:43 GMT

"Total investments allocated for the communication sector within 2020/2021national budget mount to dlrs 10 bn, with a 300% increase," noted the minister.

Egyptian economy still able to face repercussions of coronavirus: Fin. Min.

Mon, 04 Jan 2021 - 12:45 GMT

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.

Petroleum ministry reaches 12 new exploration agreements worth $1.4 bln

Fri, 01 Jan 2021 - 10:46 GMT

The agreements, worth about $1 billion, aiming to drill 17 new exploration wells, Molla said in statements Friday.

European Investment Bank, Banque Misr support private sector with 425 million euros

Thu, 31 Dec 2020 - 04:08 GMT

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.

State managed to improve salaries despite COVID-19: Finance min.

Thu, 31 Dec 2020 - 09:54 GMT

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.

Petroleum min.: Two fuel supply projects at dlrs 3.4 bn in Upper Egypt

Thu, 31 Dec 2020 - 09:41 GMT

The minister made the remarks on Thursday while inspecting the complex and other vital fuel projects in Upper Egypt governorates.

Chinese amb. hails Egypt's economic achievements amid Covid crisis

Tue, 29 Dec 2020 - 05:22 GMT

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.

Egypt is working on establishment of first commodity exchange company: Cabinet

Sun, 27 Dec 2020 - 02:04 GMT

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.

Finance min.: Promoting transit trade of Sudanese goods via Egyptian ports

Sun, 27 Dec 2020 - 11:03 GMT

"Egypt will offer full support to the Sudanese side to overcome all obstacles hindering flow of goods," the minister said.

Petroleum minister highlights importance of local industrialization of oil equipment

Sun, 27 Dec 2020 - 10:38 GMT

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.

Planning min. probes with Japanese amb. bilateral cooperation

Sun, 27 Dec 2020 - 10:35 GMT

The minister referred to a tangible decline in poverty rates across the country; the first ever in almost 20 years.

Egypt's agricultural exports rise to 4.9 mn tons despite Covid-19: Min.

Sun, 20 Dec 2020 - 10:04 GMT

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.

Balance of trade deficit down 32.4% from September 2019 -- CAPMAS

Sun, 20 Dec 2020 - 10:01 GMT

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.

IMF board completes first review under Stand-By Arrangement for Egypt

Sat, 19 Dec 2020 - 12:01 GMT

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.

Egypt’s economic stability due to reform program: Businessman Ayman Al Gamil

Sun, 13 Dec 2020 - 05:50 GMT

“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.

Sisi, PM meet with high-profile Iraqi delegation in prelude to wide-scale cooperation

Sat, 12 Dec 2020 - 06:20 GMT

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, Romania to hold 4th session of Joint Committee for Economic Cooperation in Q1 of 2021

Sat, 12 Dec 2020 - 01:38 GMT

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

PM, Siemens CEO discuss Ain Sokhna-El Alamein high speed train project

Fri, 11 Dec 2020 - 11:29 GMT

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.

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