Business News Wrap-up

Egypt launches innovation fund worth LE 1B

Governor of the Central Bank of Egypt (CBE) Tarek Amer said that the launching of LE 1 billion fund will support innovation, according to his speech at the second day of the Financial Technology (FinTech) conference "Seamless North Africa".

Egypt’s foreign debt increases to $80B: CBE

Egypt’s foreign debts reached $80 billion at the end of September 2017, up from the $79 billion recorded at the end of fiscal year 2016/2017, the Central Bank of Egypt (CBE) said Wednesday.

Russian Industrial Zone agreement will be signed next March

Russia’s Ministry of Industry and Trade affirmed that the governmental agreement project about the Russian Industrial zone in Egypt has been approved, according to the Russian News agency.

Egyptian energy subsidy costs increase 34% in H1 of 2017/18: Min.

Petroleum minister Tarek el-Molla said Wednesday that Egypt’s fuel subsidy costs increased 34 percent in the first half of fiscal year 2017/2018, in a telephone statement to Reuters.

CBE expected to ease monetary policy after cooling inflation

The Central Bank of Egypt (CBE) is expected to start easing monetary policy in the coming period after inflation rates have slowed down in recent months.

Arab and foreign purchases push EGX into green

The Egyptian Exchange (EGX) ended Wednesday in green, recovering some of its loss in Tuesday’s session, amid Arab and foreign purchases. The benchmark EGX30 rose 2.17 percent, or 319.07 points, to end at 15,037.05 points.

Cabinet approves establishing authority for Upper Egypt Development

The Cabinet has approved Wednesday a draft law to establish an authority for Upper Egypt Development, which will be located in Aswan governorate, Minister of Local Development Abu Bakr el- Guindy said.