Business news wrap-up

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Thu, 12 Oct 2017 - 05:00 GMT

US dollar- Creative Commons via Pizabay- Brett Hondow

US dollar- Creative Commons via Pizabay- Brett Hondow

– 12 October 2017:

World Bank president applauds Egypt’s economic reform


A number of investors have started to regain confidence in the Egyptian economy, which will bring more foreign direct investment to the country, Kim said.

Shell plans to drill 63 wells in Egypt in 2018


“This targets increasing oil and gas production volume in the Western Desert,” Shell’s director said.

Cabinet approves EBRD’s €186M loan for sanitation


The loan will be used for a sanitation project in Fayoum, which will include building eight new sanitation plants and expanding nine existing plants.

EGX closes in green, market capitalization rebounds


The broader index EGX100 leveled up 0.92 percent to close at 1,809 points.

Sisi opens projects in New El Alamein City by end of month


The Egyptian President Abdel Fatah al-Sisi will open projects in New El Alamein City by the end of this month.

Nasr meets with several U.S. investors in Washington


Egyptian Investment Minister Sahar Nasr, currently in Washington to attend the annual meetings of the World Bank, held a number of meetings with US investors and representatives of US companies to mull cooperation in the energy, petroleum and industry domains.

Finance Minister meets asset managers of $280B in Washington


Next week, CI Capital will organize a second roundtable between Garhy and institutional investment firms in London holding $276 billion in assets.

Trade balance deficit drops 37% in 8 months


Non-petroleum exports in that period increased 11 percent to register 15 billion, compared to 13.5 billion from January to August last year.

Sisi approves loans for 250MW wind farm


The wind farm is developed by a consortium of Egypt’s Orascom Construction, France’s GD France, and Japan’s Toyota.

Overview: The ambitious Administrative Capital project


In light of the country’s celebration of the inauguration of the first phase of the mega New Administrative Capital, Egypt Today tracks down recent achievements.

Egypt’s budget deficit to decrease to 8.8% this year: World Bank


The improvement in the budget deficit was attributed by the bank to the reforms made in the energy subsidies system and the hike in tax revenues.

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