06:59
cairo, gmt + 2
19 March
Tuesday, 2024
Mon, 18 Mar 2024 - 11:19 GMT
These changes in the global agency's view of the Egyptian economy come after Cairo secured a $35 billion investment from the United Arab Emirates (UAE), adding to a string of international commitments and financing exceeding $50 billion.
These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.
The value of Egyptian exports to EU members declined by 31.8 percent year-on-year, amounting to $11.8 billion and the value of imports from EU members witnessed a drop of 9 percent and were valued at $19.4 billion
The purpose of this request is to strengthen Egypt's economy and ensure a sustainable infusion of foreign currency liquidity.
The benchmark EGX30 decreased 0.81 percent, or 254.55 points, to end at 31,061.88 points.
This positive development is attributed to various factors, including the UAE's investment in Ras El Hekma, the flotation of the Egyptian pound, and a financing deal with the International Monetary Fund (IMF).
Samir added that Egypt plans to increase industrial production by 20 percent, enhance the green economy's contribution to the gross domestic product to a minimum of 5 percent, and provide number of job openings, targeting 7 to 8 million opportunities.
Ghatoury further informed that payment orders had reached $1.6 billion by the end of the previous week, with a total of 464,000 beneficiaries having availed themselves of the initiative
Egypt plans to produce about 140,000 tons of sugar during the ongoing season of local sugar beet supply, aiming to put an end to the long-standing sugar crisis affecting the country.
The number of Islamic banking branches also expanded to 263 by the end of 2023, with an addition of 18 branches compared to the previous year.
Italy and India were noteworthy as well, as Egypt imported goods worth $3.2 billion each from these countries. Additionally, Brazil's imports amounted to $3 billion, while Turkey and Kuwait had imports valued at $2.8 billion and $2.7 billion, respectively.
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