Business News Wrap-up

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Sun, 18 Mar 2018 - 05:51 GMT

FILE - Foreign Currency

FILE - Foreign Currency

Egypt selects 23 companies for 1st phase of state IPO program



Egypt selected 23 state companies for the first phase of the state IPO program, with total shares value of LE 80 billion, a statement from the Finance Ministry said Sunday.

Cabinet approves budget for FY 2018/19, refers it to Parliament



Egypt’s Cabinet approved on Sunday the new state budget for fiscal year 2018/19, Prime Minister Sherif Ismail said, adding that it will be referred to the Parliament.

Egypt signs strategic framework agreement with UN for $1.2B



Egypt and the United Nations (UN) signed the Strategic Framework Agreement for the Partnership with the United Nations 2018-2022, with a total value of $ 1.2 billion, an official statement said Sunday.

Egypt approves $1.5M loan from AFDB



Egypt’s Cabinet approved Sunday a $1.5 African Development Bank (AfDB) loan to construct the sewage station’s project in Abu Rawash with a capacity of 1.2 million cubic meters per day, Minister of Housing Mustafa Madboli said.

EGX30 passes 17,200 points, market capitalization gains LE 8.5B



The Egyptian Exchange’s (EGX) benchmark passed the first resistance point 17,200 by the end of Sunday’s session, amid Egyptian and foreign purchases.

The benchmark EGX30 rose 1.60 percent, or 271.93 points, to end at 17,271.03 points.

Power China, Methanex companies discuss investment opportunities in Egypt



Petroleum Minister Tarek el-Molla discussed on Sunday with the chairman of Power China company, which specializes in the fields of hydropower, new energy and infrastructure, the investment opportunities available in Egypt, especially in the petrochemicals sector, a statement from the Petroleum Ministry said.

EMRA receives $14.4M in revenues from Sukari mine in January



The Egyptian Mineral Resource Authority (EMRA) has received around $14.4 million in revenues from the Sukari gold mine in January 2018, Chairman of mineral exploration and mining company Centamin Egypt Youssef el-Raghy said Sunday.

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