economy

Egyptian, Tunisian Ministers of Planning talk ways of cooperation in economic development

Thu, 23 May 2024 - 11:32 GMT

During the meeting, Hala Al-Saeed reviewed the role of the Sovereign Fund of Egypt, its mechanism of operation, and the investment opportunities provided by the Fund.

Planning Minister highlights IMF’s forecast for Egypt’s growth at 4.4% for FY24/25

Wed, 22 May 2024 - 02:05 GMT

Egypt is currently targeting a growth rate of between 4 and 4.2 percent for FY2024/2025, she added and expects a slowdown to 2.9 percent for the current fiscal year with growth impacted by geopolitical tensions

EBRD forecast for Egypt's economic growth in 2024 slips by 0.6% in latest report

Thu, 16 May 2024 - 12:30 GMT

EBRD anticipates the economy to recover in 2025, expecting an uptick to 4.4 percent while forecasting a climb to 4 percent for the coming fiscal year

Egyptian economy remains flexible enough to contain regional escalation risks

Sun, 28 Apr 2024 - 12:43 GMT

The agreement on the Ras El-Hikma project, along with the increase in the flexibility of the pound exchange rate, has significantly reduced the risks of external financing.

Into IMF's 1st, 2nd reviews of extended fund facility arrangement for Egypt

Sat, 27 Apr 2024 - 02:07 GMT

The International Monetary Fund (IMF) has released its experts' report on Egypt's financing program, shedding light on the country's economic policies and financial commitments.

Egypt aims for private sector to constitute over 70% of its economy: Finance minister

Wed, 17 Apr 2024 - 12:44 GMT

Maait emphasized the pressing need for the private sector to assume a more prominent role in Egypt's economy, considering that nearly one million young individuals enter the labor market yearly while the government can only create around 100,000 new jobs

Kaolin's reserves in Egypt reach 200 mln tons: Official

Wed, 10 Apr 2024 - 07:50 GMT

Kaolin, or China Clay, as it is commonly called, is a type of fine, white, soft rock, produced from feldspar rocks.

Egypt's annual inflation declines to 33.1% in March

Mon, 08 Apr 2024 - 01:15 GMT

Egypt's annual inflation rate declined to 33.1 percent during the month of March, compared to 36 percent during the month of February, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).

PM reaffirms govt. commitment to boosting private sector

Wed, 03 Apr 2024 - 01:13 GMT

The Prime Minister commended major international companies that have established factories of the highest standards within a remarkably short period.

Egypt’s PMI increases to 47.6 in March: S&P Global

Wed, 03 Apr 2024 - 12:24 GMT

The March PMI survey indicated that recent measures taken to address Egypt's currency crisis, such as raising interest rates and floating the Egyptian pound, provided some relief in terms of price pressures

President El-Sisi sworn in for third term, pledges to boost private sector and drive economic growth in Egypt

Tue, 02 Apr 2024 - 12:42 GMT

President El-Sisi pointed out the state's keenness to achieve strong, sustainable, and balanced economic growth, strengthen the role of the private sector, focus on the sectors of agriculture, industry, communications, information technology and tourism, and increase their contributions to the domestic product

Report: How int'l partners see Egypt's developmental opportunities

Tue, 02 Apr 2024 - 08:10 GMT

In this report, et highlights positive testimonials from partners on Egypt's developmental potentials.

IMF: $35 billion Ras el-Hekma deal supports Egypt's economy, to help handling of future shocks

Sat, 30 Mar 2024 - 12:07 GMT

The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector to be an engine of growth.

IMF expects Egyptian economy's growth rate to rise to 4.5%

Sat, 30 Mar 2024 - 12:00 GMT

The International Monetary Fund (IMF) said that the growth rate of the Egyptian economy reached 3.8 percent during the last fiscal year 2022-2023 and will reach 3 percent during the current fiscal year 2023-2024, expecting the growth of Egypt’s economy to rise to 4.5 percent in the next fiscal year 2024-2025.

Egypt ranks 2nd in CCPI index thanks to investment in renewables

Mon, 25 Mar 2024 - 10:17 GMT

The index data attributed this advanced ranking to the fact that Egypt has taken measures to invest in large-scale renewable energy projects, such as encouraging the installation of solar and wind energy.

Egypt aims to regain highest credit rating, boost confidence in economy: Finance Minister

Tue, 19 Mar 2024 - 07:34 GMT

He added that the government’s aim is to restore confidence in the Egyptian economy by explaining the dimensions of the new economic trajectory of the Egyptian state, which is a catalyst for promising horizons.

Parliament approves 3 bills on oil exploration

Tue, 19 Mar 2024 - 12:38 GMT

The House of Representatives approved, during its general session on Tuesday, three bills allowing the petroleum minister to strike contracts for oil exploration in the Mediterranean Sea, Gulf of Suez and Western Desert.

EU reportedly set to provide Egypt with $8B support package

Wed, 13 Mar 2024 - 12:31 GMT

The European Union is reportedly preparing the $8 billion to relieve pressure on the Egyptian economy as concerns over the impact of the ongoing war on Gaza continue to grow

Report: Egypt aims to achieve 4.1% economic growth rate during 2023/2024

Tue, 27 Feb 2024 - 12:14 GMT

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-EIB cooperation portfolio values $3.6 billion in 18 development projects

Tue, 27 Feb 2024 - 11:49 GMT

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.

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