Business news wrap-up



Sun, 29 Oct 2017 - 05:58 GMT


Sun, 29 Oct 2017 - 05:58 GMT

U.S. dollar - Pixabay

U.S. dollar - Pixabay

IFC-led consortium to invest $653M in world’s largest solar park in Egypt

The International Finance Corporation (IFC), a member of the World Bank Group, finalized a landmark $653 million debt package to finance the construction of 13 solar power plants near the Egyptian governorate of Aswan, according to a press statement issued Sunday.

EU supports Egyptian economic reform

The European Commissioner for European Neighbourhood Policy and Enlargement Negotiations Johannes Hahn told Italy’s AKI News Agency that the European Union (EU) will continue supporting the economic reform program executed by the Egyptian government.

80% of industries will obtain permits in one week: Min

The new Industrial Permits Act has reduced the time needed to acquire a permit from 360 days to only one week, Industry Minister Tarek Kabil said during a seminar organized by the American Chamber of Commerce Sunday.

Nasr signs agreements on sewage system, refugees

Minister of International Cooperation and Investment Sahar Nasr has signed two agreements with the European Commissioner for European Neighborhood Policy and Enlargement Negotiations, Johannes Hahn, on improving sewage services and supporting refugees, a statement from the ministry said Sunday.

Home appliances imports down 80% in 2017

Imports of home appliances decreased 80 percent over the past fiscal year on a decision that stipulates the Ministry of Industry and Trade’s approval of imports, deputy chairman of the home appliances division at the Federation of Egyptian Chambers of Commerce (FEDCOC) Fathy El-Tahawy said Sunday.

1st phase of Zohr gas field about to be finished: Min

The first phase of Zohr gas field in the Mediterranean sea is about to be finished, Petroleum Minister Tarek el-Molla said on Sunday, while inspecting the final preparations for the mega project, noting that an intensive program had been set for the implementation.

Montasser Al-Nabrawy becomes PR Head at Egyptian Media Group

Hossam Saleh, the chief operating officer of Egyptian Media Group, has declared that Montasser Al-Nabrawy has joined the group as the head of public relations and communications on Sunday.



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