Business News Wrap-up



Thu, 11 Jan 2018 - 05:00 GMT


Thu, 11 Jan 2018 - 05:00 GMT

Foreign currency – Courtesy of Pexels

Foreign currency – Courtesy of Pexels

WB agency aprroves $102M guarantee for Egypt's solar power

World Bank Group member, the Multilateral Investment Guarantee Agency (MIGA), announced Thursday a guarantee of $102.6 million for the construction of six power plants in Egypt.

Egypt’s trade deficit drops 15.4% YoY in October 2017

Egypt’s trade deficit dropped 15.4 percent in October 2017 to reach $3.22 billion, compared to $3.79 billion in the same month last year, the state staistics agency CAPMAS said Thursday.

3 refining, petrochemical firms announce their FY 2018/19 plans

The government will support state-owned companies working in the refining and petrochemicals sector to boost their production, Minister of Petroleum Tarek el-Molla said Thursday.

MSMEDA provides LE 4.8B in funding to SMEs in 2017

The Micro, Small, and Medium Enterprise Development Authority (MSMEDA) has pumped LE 4.8 billion to execute many projects in 2017, representing a 25 percent increase compared to 2016, head of the authority Nevine Game’ said Thursday.

Egypt bourse gains EGP 4.5B

The Egyptian Exchange (EGX) continued its record highs for the fifth day in a row during Thursday's trading to gain EGP 4.5 billion at the end of the week.

Sukari gold mine’s reserves rise to 8M ounces

Sukari gold mine operator Centamin said Thursday that the mine’s gold reserves rose to eight million ounces, after production increased by one million ounces in the period between June 2015 to June 2017.

New bankruptcy law boosts investment climate

Egypt’s parliament has provisionally approved a new bankruptcy law Tuesday in another boost to the investment climate. Minister of Investment and International Cooperation Sahar Nasr said the law will help improve Egypt’s investment climate and improve its ranking on global business indices.



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