Business News Wrap-up

Banque Misr lowers interest rates on BMVIP service

Following the Central bank of Egypt’s decision of cutting the interest rates, Banque Misr lowered its interest rates by 1 percent on BMVIP service.

Gov’t investments to rise by 46% in FY 2018/2019: Planning Ministry

The Egyptian investment plan of the fiscal year 2018/2019 targets a gross domestic product (GDP) of 5.8 percent, according to the Ministry of Planning.

The plan also aims to raise the governmental investments by 46 percent during the upcoming fiscal year.

Egypt’s foreign reserves rise to $42.6B by the end of March

Egypt’s foreign reserves increased $100 million by the end of March 2018 to reach $42.6 billion, compared to $42.5 billion by the end of February 2018, according to the Central Bank of Egypt (CBE).

FRA targets doubling insurance sector investments to LE 150B by 2022

Head of the Financial Regulatory Authority (FRA) Mohamed Omran said the authority aims to increase net investments of the insurance sector to LE150 billion by 2022 compared with LE86 billion in 2017.

Investment min. launches strategy for non-banking services

Minister of Investment, Sahar Nasr, launched the National Strategy for Non-banking Financial services 2018-2022 with a main purpose to create a non-banking sector that is conducive to the sustainable growth and supports the financial inclusion, according to chairman of Financial Regulatory Authority.

Second Iraqi oil shipment arrives to Egypt

The second 2 million-barrel crude oil shipment coming from Iraq arrived to Egypt’s ports at the beginning of this week, according to a source familiar with the oil sector.

Egypt elected to chair African group at WTO agricultural negotiations

Minister of Trade and Industry Tarek Kabil said the African group at the World Trade Organization has unanimously elected Egypt through its trade representation office in the permanent diplomatic mission in Geneva to be a liaison point for the group at the organization's agricultural negotiations.

99% of production units in Damietta Furniture City finalized: Min.

Trade and Industry Minister Tarek Kabil said Monday that 99 percent of the production units in the Damietta Furniture City (DFC) have been finalized, including 1,400 units, in accordance to the set timetable.

EGX30 passes 17,600, market cap. gains LE 2.3B

The Egyptian Exchange (EGX) ended Monday session on a mixed note after the decline of the broader index EGX100, amid Egyptian and Arab selling.

The benchmark EGX30 rose 0.50 percent, or 88.78 points, to end at 17,684.66 points.