Business news wrap-up
Sat, Oct. 14, 2017
Central Bank of Egypt (CBE) Deputy Governor Rami Abul Naga said on Saturday that the foreign currency collected by banks since floating the Egyptian pound in November last year increased to reach $52 billion.
He said that such increase came as a result of remittances of the Egyptian expats, investments and export revenues.
Minister of Investment and International Cooperation Sahar Nasr discussed with CEO of the International Finance Corporation (IFC) Philippe Le Houérou means of supporting Egypt’s entrepreneurship program and the initiative “Your idea is your company” that backs emerging companies.
Finance Minister Amr el-Garhy discussed with a number of American and Egyptian investors the outlook for Egypt’s economy and the impact of the economic reform program on the different sectors, adding that the program has a clear vision to revive the economy.
President Abdel-Fatah al-Sisi met on Saturday with a number of ministers to follow up on his visit to the new administrative capital last week, according to a statement from the presidency.
Sisi has particularly followed up on supplying the new capital with the needed electricity, sewage and water facilities.
Minister of Investment and International Cooperation Sahar Nasr has assumed the presidency of the 2018 World Bank Group Africa as she heads the Egyptian delegation in the annual meetings of the World Bank (WB) in Washington.
The minister said that Egypt would deploy all efforts to strengthen African interests and development priorities to be in line with the WB’s priorities.
Natural gas has been supplied to the New Administrative Capital after Cairo Gas, the company responsible of the project in cooperation with two public-sector companies, finished the construction works related to supplying the gas to the new city.
A source in the company told Egypt Today Saturday that the pipeline supplying gas to the new capital has been completed.
Minister of Trade and Industry Tarek Kabil and Alexandria Governor Mohamed Sultan inspected Saturday four factories worth LE6 billion of investments in the governorate. The factories are specialized in the manufacture of tableware, tiers, soap and diapers.
Growth in Russia’s gross domestic product exceeded 2 percent in the third quarter of this year, according to an early estimate, Russian Economy Minister Maxim Oreshkin said on Saturday, according to RIA news agency.