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Business News Wrap-up

Sun, Jan. 28, 2018

New increases in electricity prices to take place in July



The Ministry of Electricity stated putting a plan for the imminent increase in electricity prices, slated for July 2018, a source at the ministry said Sunday.

Mars Egypt inaugurates 2 chocolate lines worth LE 750M



Mars Egypt is about to inaugurate two new production lines worth LE 750 million by the end of February 2018, Minister of Industry and Foreign Trade Tarek Kabil said on Sunday.

Egypt signs agreement to receive last $500M tranche of AFDB loan



Egypt signed an agreement on Sunday to receive the third and last tranche, worth 500 million, of a $1.5 billion loan package from the African Development Bank (AFDB) to finance Egypt’s Economic Governance and Energy Support Program.

Egypt's Parliament finally approves bankruptcy law



Egypt’s parliament has finally approved on Sunday a new bankruptcy law in another boost to the investment climate. The law regulates the financial and administrative restructuring for failed projects and companies.

Banking league offers SCA a $602 million loan



Six Banks offered a loan worth $602 million to Suez Canal Authority (SCA), banking sources told Al- Shorouk newspaper. The banking League is waiting for the Ministry of Finance’s endorsement to continue the procedures.

EGX starts the week in Green, benchmark gains 0.98 percent



The Egyptian Exchange (EGX) ended Sunday in green, amid foreign buying. The benchmark EGX30 increased 0.93 percent to reach 15,311.15 points.

Egyptian Chemical Industries completes 80% of KIMA2 project



Egyptian Chemical Industries (KIMA) completed 80 percent of KIMA2 facility for ammonia and urea production in Aswan, according to the company's release to the Egyptian Exchange on Sunday.

Franchise forum to take place in Assuit in February



A franchise forum will be held in Assuit governorate in the second half of February under the auspices of the Ministry of Investment and International Cooperation, Marwan Abdel Razek, member of the Cairo Chamber of Commerce and Chairman of the Franchise Jet Forum said Saturday.

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