Business news wrap-up
Thu, Oct. 26, 2017
The International Monetary Fund (IMF) loan will be directed towards financing the budget deficit, where the Central Bank of Egypt (CBE) will take the equivalent amount in foreign currency to support its international reserves, Ahmed Kojok, Deputy Minister of Finance, said in a Thursday statement.
The trade deficit during the nine months of 2017 has declined by 33 percent compared to the same period of 2016, Trade and Industry Minister Tarek Kabil announced on Thursday. The deficit stood at $23.390 billion during the first nine months of the current year, compared with $34.860 billion in the same corresponding period of 2016.
Minister of International Cooperation and Investment Sahar Nasr agreed with the Saudi fund on pumping new investments in the Egyptian market within the coming period in the domains of agriculture, tourism, industry, health, education, construction and renewable energy, especially after the Egyptian-Saudi business council upped investment ceiling to Egypt to $51 billion.
Arab crisis with Qatar has hampered the development of a single currency in the six-nation Gulf Cooperation Council (GCC), Bahrain central bank’s governor Rasheed Mohammed al-Maraj said Thursday.
Egypt’s AMECO, a medical equipment company, has started a joint venture with British company Kimal, investing $4 million to launch a state-of-the-art facility to produce catheters, a statement from the British embassy said Thursday.
The statute of the Investment Law mainly aims to lure foreign businessmen to pump investments into the Egyptian market, Minister of Investment and International Cooperation Sahar Nasr said on Thursday. The 132-article five-chapter statute includes various incentives and additional guarantees that will contribute to attracting investors into the Egyptian market, she said.
President Abdel Fatah al-Sisi issued on Thursday a decree approving an agreement between the Egyptian government and the French Development Agency (AFD). Under the deal, the AFD allocates a 50 million euro credit-line for curbing the environmental fallout of wastewater treatment.
Presidential spokesman Alaa Yousef said the president asserted that Egypt gives priority to diversifying the resources of energy to meet the growing needs of electricity necessary in the industry domain.