cairo, gmt + 2
Tue, 27 Feb 2024 - 04:07 GMT
The benchmark EGX30 increased 0.94 percent, or 273.24 points, to end at 29,205.16 points.
To bolster its operations, Cairo 3A Poultry recently inaugurated its state-of-the-art poultry processing factory in the Tenth of Ramadan City's industrial zone. The company invested a substantial amount of EGP 600 million into the facility, which has an initial production capacity of 9,000 tons per year.
Zater added when asked about the Ras El Hikma deal, that exchange rate stability would attract investors.
The purpose of the meeting was to discuss the EIB's financial and technical support for crucial investments that enhance economic opportunities for millions of Egyptians.
In the previous fiscal year, FY22/23, Egypt anticipated a growth of around 31 percent in private investments, while the actual growth rate achieved in FY21/22 was 29 percent.
The report explained that the target unemployment rate for the year of the plan is between 7.3% - 7.6%, while the target is to achieve an inflation rate of 16%.
Egypt enjoys strong relations and a huge portfolio size with the European Investment Bank (EIB), in light of the role played by the Ministry of International Cooperation to develop and strengthen economic relations with multilateral and bilateral development partners and international institutions.
Maait will present Egypt's perspective on various aspects, including the need for the global financial structure to accommodate the requirements of developing and emerging nations.
The funding will be divided into two parts: firstly, €28 million will be directed towards enhancing risk management and credit guarantee mechanisms, specifically tailored to meet the financing needs of small and medium-sized enterprises (SMEs). Secondly, €32 million will be allocated to support the Comprehensive Technical Education Initiative in Egypt
The new regulations aim to govern funds and private accounts while complementing efforts to establish a robust framework for preparing, implementing, and monitoring the state's general budget and economic entities
Themis came during a session entitled,”Promotional efforts to attract foreign direct investment”.