Business news wrap-up

IMF approves 3rd $2B tranche of Egypt’s $12B Extended Fund

The International Monetary Fund’s (IMF) executive board has approved the third $2 billion tranche of Egypt’s $12 billion Extended Fund Facility.

Eni announces official production from Zohr

Egypt has officially started operations of the Mediterranean’s largest gas field, Zohr, Saturday.

EGX extends mixed performance, market cap up LE 5.6B

Benchmark index EGX30 went up 0.03 percent to stand at 14,682 points.

Net FDI inflows down $300M in Q1 FY 2017/18

The inflows of net FDIs stood at $1.6 billion in the first quarter of the current fiscal year.

Will Egypt be capable of being regional energy hub?

El-Molla said Egypt has infrastructure, which would enable the country to be a hub for oil industry in the region.

Oil prices edge up from North Sea pipeline outage, lower U.S. crude stocks

Oil prices inched up on Wednesday, supported by expectations of a fall in U.S. crude inventories and the ongoing outage of the North Sea Forties pipeline system.

Canada approves exporting fresh Egyptian grapes

Minister of Trade and Industry Tarek Kabil on Wednesday said Canada has allowed access of fresh Egyptian grapes into its markets.

MSMEDA funds 4,000 projects in Matrouh with LE 76.5M

The Micro, Small and Medium Enterprises Development Agency (MSMEDA) financed LE 76.5 million to approximately 4,000 projects in Marsa Matrouh governorate.