Business News Wrap-Up
Thu, Mar. 1, 2018
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.