Business News Wrap-up
Sun, May. 6, 2018
International Finance Corporation (IFC), a member of the World Bank Group, announced Sunday signing a memorandum of understanding with Daltex, an agribusiness producer in Egypt, to increase economic opportunities for Egyptian women employees and smallholder farmers.
The Ministry of Finance is working on a medium-term plan to decline the public debt from 107-108 percent in fiscal year 2016/2017 to reach 80 percent by 2020, Minister of Finance Amr el-Garhy said.
The Egyptian Exchange (EGX) ended Sunday in red for the second consecutive session, and market capitalization lost LE 7.3 billion.
The benchmark EGX30 declined 1.24 percent, to close at 17,640.87 points.
Egypt’s exports of readymade clothes jumped 17 percent in the first quarter (Q1) of 2018, recording $385 million (LE 6.77 billion), compared to $330 million during the same period of 2017, the Ready Made Garments Export Council revealed.
The volume of fish’ imports decreased to 250,000 tons annually from 400,000 tons, Head of Fish Division at Cairo Chamber of Commerce Ahmed Jaafar said.
Pioneers Holding Company for Financial Investment SAE (PIOH) said that its subsidiary, Rooya Holding, is still working on completing the Egyptian Exchange’s (EGX) listing requirements in accordance with the recent amendments of the Financial Supervisory Authority.
Egypt will have to deepen its IMF-backed reforms and better encourage private sector growth if it wants to cash in on a wave of global expansion that may soon come to an end, a fund official in Cairo said on Saturday.
This conference comes at a crucial moment for Egypt. In 2016, this country faced severe economic challenges. The response then was bold. It has been sustained, and it has succeeded.