Egyptian Currency – File Photo Egyptian Currency – File Photo

Business News Wrap-Up

Thu, Mar. 1, 2018

Foreign direct investment rose 14.5% in 2016/17: Min



Egyptian foreign direct investment rose 14.5 percent during fiscal year (FY) 2016/2017, the Investment and International Cooperation Ministry said in an annual report.

NBE deposits record LE 1T for 1st time in Egyptian banks



Vice Chairman of the National Bank of Egypt (NBE) Yehia Abul Fotouh said that the bank’s deposit portfolio increased to record LE 1 trillion – LE 1,000 billion – for the first time in Egyptian banks’ history.

EGX ends Thursday in a semi-collective regression



The Egyptian Exchange (EGX) ended Thursday in a semi-collective regression, amid foreign selling.

The benchmark EGX30 slipped 0.19 percent, or 29.51 points, to end at 15,443.18 points.

Dollar exchange rate stable at major banks in Egypt



The US dollar exchange rate was relatively stable at Egypt's major banks on Thursday.

The dollar rate reached LE 17.56 for buying and LE 17.66 for selling at the National Bank of Egypt and Banque Du Caire.

Sisi lays foundation stone of 3 new cities via video conference



President Abdel Fatah al-Sisi laid the foundation stone of October Gardens City, New Obour City and West Qena City, via video conference, during the inauguration of the first phase of the new city of Alamein.

Exclusive Interview: EBRD to invest at least €1B in Egypt in 2018



Thanks to the bold economic reform program launched by the authorities in November 2016, the European Bank for Reconstruction and Development’s (EBRD) has doubled its investments in Egypt in 2017 to about Eur1.5 billion in investments, the Bank's Managing Director for the southern and eastern Mediterranean (SEMED) region Janet Heckman told Egypt Today in an interview in Dubai.

Sisi orders to provide daily workers with insurance in 15 days



President Abdel Fatah al-Sisi ordered, during the inauguration of the first phase of the new city of Alamein, to finish the procedures of the insurance policies for temporary and seasonal workers "daily workers" within 15 days.

EBRD eyeing 25% shares of Egypt's upcoming public banks' IPOs



The European Bank for Reconstruction and Development (EBRD) would be interested in buying a stake in state-owned banks if the government decides to privatize the state owned banks, the Managing Director for the Southern and Eastern Mediterranean (SEMED) region at EBRD Janet Heckman.

Egypt to establish 15 new 4th generation cities: PM



The Egyptian government has commenced establishing 15 new fourth-generation cities, Prime Minister Sherif Ismail announced in his speech during the inauguration of the new Alamein city and other projects.

CBE issues LE 15.5B in T-bills Thursday



The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, is scheduled to issue LE 15.5 billion in treasury bills on Thursday.

The T-bills are to be offered in two installments, with the first valued at LE 7.2 billion with a 182-day term and the second worth LE 8.2 billion with a 364-day term.
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