Business news wrap-up
Sat, Oct. 28, 2017
The meetings with the IMF mission were positive and great progress in the negotiations on the performance review was made, Garhy told reporters at the Cabinet, expecting the review and evaluation process to end by November.
Trade Minister Tarek Kabil inaugurated a complex of small enterprises in the Suez Industrial Development Company (SIDC) in the Red Sea resort of Ain Sokhna Saturday.
Stretched over 35,000 meters, the complex includes 47 companies with total investments worth LE 800 million, providing some 5,000 jobs.
As per the Prime Minister’s directions to raise the efficiency of the first line of Cairo’s Metro, Transport Minister Hisham Arafat said Saturday that the government will develop the first line at a cost of €360 million.
Minister of Civil Aviation Sherif Fathy said his Saturday meeting with Prime Minister Sherif Ismail touched on plans to develop Egyptian airports and upgrade EgyptAir company. Addressing a press conference at the Cabinet’s headquarters, Fathy said the meeting also tackled the latest deals concluded by EgyptAir to buy new aircrafts and the plan to upgrade the company.
Trade Minister Tarek Kabil inaugurated on Saturday a technical training complex in Suez governorate as part of his field visit to Ain Sokhna and Suez to inaugurate and inspect a number of projects, according to a statement from the ministry. Built over 2,700 square meters, the new complex includes a large number of classrooms and workshops that will be dedicated to 10 main crafts.
The Transport Ministry will work on developing 1,200 km of railways, with a cost of LE 21 million for each kilometer, Transport Minister Hisham Arafat said Saturday in a press conference.
The Ministry of Investment and International Cooperation has held a workshop in cooperation with the World Bank to boost investments in the agriculture sector.
The World Bank officials reviewed the preliminary findings of what they have reached to develop the agriculture sector and bolster related investment opportunities, the ministry said in a Saturday statement