Business News Wrap-up
Wed, Feb. 7, 2018
Governor of the Central Bank of Egypt (CBE) Tarek Amer said that the launching of LE 1 billion fund will support innovation, according to his speech at the second day of the Financial Technology (FinTech) conference "Seamless North Africa".
Egypt’s foreign debts reached $80 billion at the end of September 2017, up from the $79 billion recorded at the end of fiscal year 2016/2017, the Central Bank of Egypt (CBE) said Wednesday.
Russia’s Ministry of Industry and Trade affirmed that the governmental agreement project about the Russian Industrial zone in Egypt has been approved, according to the Russian News agency.
Petroleum minister Tarek el-Molla said Wednesday that Egypt’s fuel subsidy costs increased 34 percent in the first half of fiscal year 2017/2018, in a telephone statement to Reuters.
The Central Bank of Egypt (CBE) is expected to start easing monetary policy in the coming period after inflation rates have slowed down in recent months.
The Egyptian Exchange (EGX) ended Wednesday in green, recovering some of its loss in Tuesday’s session, amid Arab and foreign purchases. The benchmark EGX30 rose 2.17 percent, or 319.07 points, to end at 15,037.05 points.
The Cabinet has approved Wednesday a draft law to establish an authority for Upper Egypt Development, which will be located in Aswan governorate, Minister of Local Development Abu Bakr el- Guindy said.