Business News Wrap-up

Gov’t approves deal to explore gas off the coast of northern Sinai

The government approved on Wednesday an exploration agreement to search for oil and gas in the Mediterranean off the coast of northern Sinai, Petroleum Minister Tarek el-Molla said on Wednesday

Egypt launches Mexico-Egypt Business Council

The Mexico-Egypt Business Council was launched on Tuesday to activate cooperation between Egypt and Mexico.

Foreign currencies in Egypt’s int’l reserves rise to $40.5B in April

Foreign currencies’ balance in Egypt’s international reserves increased to $40.5 billion in April, up from $39 billion in March, increasing by LE 23 billion in one month, according to data from the Central Bank of Egypt (CBE).

Eni starts drilling of Faghour field in Western Desert

Italian energy company Eni started the drilling of its second discovered field, Faghour, in its concession in the Western Desert a few days ago, according to an official source in the petroleum sector.

EBRD expects Egypt’s growth rate to reach 5.5% in 2019

The European Bank for Reconstruction and Development (EBRD) expects growth in Egypt to record 5.3 percent in 2018 and 5.5 percent in 2019, up from 4.3 percent in 2016 and 4.2 percent in 2017, with an increase of 0.8 percent.

IFC provides Egyptian currency loan to support construction sector

International Finance Corporation (IFC), a member of the World Bank Group, announced Wednesday providing a $15 million (LE 265.35 million) loan mainly in Egyptian pounds to Vinavil Egypt for Chemicals Company.

EGX ends Wednesday in red, market cap. loses LE15.9B

The Egyptian Exchange (EGX) ended Wednesday’s session in red and market capitalization lost LE 15.9 billion ($896.01 million) amid Egyptian and foreign selling.