economy

Egypt's economy to improve with support of global economy recovery, vaccine sustainability: NBK

Mon, 01 Mar 2021 - 03:42 GMT

“Growth is projected to reach around 2.8 percent in FY20/21, and to rebound strongly to about 5 percent over the medium term, benefitting from the authorities’ continued commitment to reforms and renewed IMF support,” NBK foresaw in a report

Planning Ministry launches 1st platform for entrepreneurship in ME, N Africa

Thu, 25 Feb 2021 - 10:57 GMT

The new move comes within the framework of the Egyptian state and the Ministry of Planning's efforts to support entrepreneurship and encourage youth to create job opportunities by themselves

Suez Canal hits 5th high shipment record

Fri, 12 Feb 2021 - 06:50 GMT

The south-bound convoy included 37 ships with a total cargo of 2.8 million tons, while the north-bound convoy included 35 ships carrying 2.5 million tons, he added.

IIF says Egypt's economy succeeded in weathering coronavirus crisis

Thu, 11 Feb 2021 - 04:41 GMT

"Egypt is the only MENA country to have avoided a contraction in 2020. Still, high-frequency indicators."

Egyptian investors resort to int’l arbitration over businesses harmed in Tigray’s conflict

Mon, 08 Feb 2021 - 07:31 GMT

The Ethiopian side has set conditions that their Egyptian counterpart should come to Ethiopia to negotiate this dispute, but the Egyptian side rejected due to the lack of guarantees.

Gov’t investments to Upper Egypt within 3 years hit LE 104B

Mon, 08 Feb 2021 - 12:46 GMT

The unemployment rate decreased to 7.3 percent in the first quarter of the current fiscal year, compared to 9.6 percent in the fourth quarter of 2019/2020.

Economic reform program placed Egypt among fastest-growing economies: Maait to parliament

Mon, 01 Feb 2021 - 01:52 GMT

Maait added that the strong political will and courage with the support of the great Egyptian people contributed to achieving this growth with economic reforms.

Egypt lost $14 billion because of coronavirus pandemic

Fri, 29 Jan 2021 - 10:57 GMT

Some vital sectors such as tourism, hotels, and civil aviation were negatively affected by the virus.

Egypt's economy expected to rise by 5.4% in 2021: UN's report

Tue, 26 Jan 2021 - 12:55 GMT

“In terms of fiscal years, GDP growth is estimated at 3.5 percent for FY 2020, and for FY 2021, the forecast is 2.1 percent,” it stated.

Fully explained for non-specialists: The split-up of the National Company for Iron and Steel

Mon, 18 Jan 2021 - 03:09 GMT

The National Company for Iron and Steel is going through a horizontal split-up, a difficult step that was met with widespread criticism, prompting the Cabinet to explain the decision in a statement.

IMF raises its forecast for Egypt's economy growth to 2.8% in 2020/21

Sun, 10 Jan 2021 - 03:38 GMT

IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023.

Planning min approves EGP 50 mn to communication ministry to launch Egypt digital initiative

Thu, 07 Jan 2021 - 01:43 GMT

"Total investments allocated for the communication sector within 2020/2021national budget mount to dlrs 10 bn, with a 300% increase," noted the minister.

Egyptian economy still able to face repercussions of coronavirus: Fin. Min.

Mon, 04 Jan 2021 - 12:45 GMT

The elaborate implementation of the economic reform program and dealing with a proactive methodology helped a lot in containing the repercussions of the coronavirus crisis, and mitigating the shock.

Petroleum ministry reaches 12 new exploration agreements worth $1.4 bln

Fri, 01 Jan 2021 - 10:46 GMT

The agreements, worth about $1 billion, aiming to drill 17 new exploration wells, Molla said in statements Friday.

European Investment Bank, Banque Misr support private sector with 425 million euros

Thu, 31 Dec 2020 - 04:08 GMT

Director of the European Investment Bank Neighboring Countries Flavia Palanza said, the bank is proud to work with Banque Misr and hailed the partnership’s effect on the lives of people in Egypt, it said.

State managed to improve salaries despite COVID-19: Finance min.

Thu, 31 Dec 2020 - 09:54 GMT

As for the new taxes law, he noted that the new law is meant to realize justice, expounding that the number of people exempted from taxes rose to 60 percent.

Petroleum min.: Two fuel supply projects at dlrs 3.4 bn in Upper Egypt

Thu, 31 Dec 2020 - 09:41 GMT

The minister made the remarks on Thursday while inspecting the complex and other vital fuel projects in Upper Egypt governorates.

Chinese amb. hails Egypt's economic achievements amid Covid crisis

Tue, 29 Dec 2020 - 05:22 GMT

Chinese Ambassador in Cairo Liao Liqiang has praised the economic achievements by Egypt that have contributed to reduce the negative impacts of the novel coronavirus.

Egypt is working on establishment of first commodity exchange company: Cabinet

Sun, 27 Dec 2020 - 02:04 GMT

The new exchange aims at shrinking the circle of commodity trading from the source to the consumer, and saving the transportation cost, which represents 30% of the total cost of goods.

Finance min.: Promoting transit trade of Sudanese goods via Egyptian ports

Sun, 27 Dec 2020 - 11:03 GMT

"Egypt will offer full support to the Sudanese side to overcome all obstacles hindering flow of goods," the minister said.

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