Business News Wrap-up
Wed, Mar. 7, 2018
Egypt received the third tranche, worth $1 billion, of the World Bank’s $3 billion loan, Minister of Investment and International Cooperation Sahar Nasr said Wednesday.
The government approved Wednesday an agreement to establish a Russian industrial zone in the East Port Said region in the Suez Canal Economic Zone, Trade Minister Tarek Kabil said.
Egypt aims at reducing the budget deficit to 8.5 - 8.7 percent in the upcoming budget of fiscal year 2018/2019, Minister of Finance Amr el-Garhy said at the Conference of boosting the mobilization of Egypt’s domestic resources.
The Egyptian Exchange (EGX) indices recorded an increase for the fourth consecutive session by the end of Wednesday trading, amid foreign purchases.
The benchmark EGX30 rose 2.26 percent, or 361.81 points, to end at 16,384.07 points.
President Abdel Fatah al-Sisi praised the cooperation with Italian energy company Eni and its operations in Egypt, stressing on the importance of committing to the set timeline for the development of the fields that Eni is working on.
Petroleum Minister Tarek el-Molla followed up Wednesday on the second phase involving the development of Fayoum and Giza gas fields located within the North Alexandria and West Mediterranean Deepwater concessions in the Mediterranean sea, approximately 65km to 85km off the coast of Alexandria.
Egyptian businessman Nassef Sawiris ranked first in Egypt’s billionaires list in 2018 with an estimated wealth of about $6.6 billion (LE 116.16 billion), with an increase of $1 billion, compared to his wealth in 2017, according to Forbes Magazine.
Minister of Finance Amr el-Garhy said that Egypt implemented a treatment plan for economic bugs during 2016 and 2017, which helped in achieving sustainable development goals, adding that boosting taxes organizational work is one of the pillars of Egypt’s economic reforms.
The recent revival of Egypt’s tourism sector has driven many to discuss what needs to be done to ensure the continuation of growth. Between diversifying types of tours, training, running campaigns to alter behavior toward tourists, or even rolling out incentives to ensure regular flights to Egypt, there is plenty yet to be done.