Business News Wrap-up
Thu, Aug. 30, 2018
Telecom Egypt (We) signed on Wednesday with Huawei Technologies Company a $200 million long-term financing agreement provided from a number of Chinese financial institutions, which are Bank of China and China Export & Credit Insurance Corporation (Sinosure).
The Central Bank of Egypt (CBE) said on Wednesday that the country's foreign debts reached at the end of last September 82.9 billion dollars recording a 3.9 billion dollar increase compared to July 2017.
British Investment Minister Graham Stuart stressed that the British government supports financial and economic reform efforts exerted by Egypt despite challenges.
He hailed the outcome and positive indicators of this reform topped by increasing growth rates, allowing the private sector to participate in the development endeavors and improving the investment atmosphere.
Egypt has set aside 25 billion Egyptian pounds (around $1.4 billion) to be spent over two years on developing the country’s electricity network, the electricity minister said on Wednesday.
The Egyptian Exchange (EGX) ended Wednesday in red, and market capitalization lost LE 10.6 billion ($592.45 million) amid Arab selling.
The benchmark EGX30 declined 1.44 percent, or 245.62 points, to close at 16,760.24 points.
Trade Exchange between Egypt and Britain recorded £447 million ($593.22 million) during the first quarter of 2018, compared to £414.8 million during the first three months of 2017, Minister of Industry and Foreign Trade Tarek Kabil said.
British Investment Minister Graham Stuart praised the recent economic reforms carried out by Egypt, asserting that such move made Egypt a country luring investments from various world countries.