News
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Egypt: Lotus for Agricultural Investments’ profits up 82% YoY in 2023
Lotus for Agricultural Investments and Development’s net profits after tax increased 82.2% year on year (YoY) in 2023 to EGP 22.384 million.
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Total hard currency sold to Egypt's exchange firms hits $20M within 6 days
Al-Ahly Exchange Company accounts for the largest proportion of the proceeds, with a value of EGP 577 million since the decisions of the Central Bank.
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Germany pledges to make 258 million euros available to Egypt as debt swap
Germany has pledged to make 258 million euros available in the form of debt swaps, grants, and concessional financing.
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Ready-made clothing topped the list of Egypt's highly exported goods last December
Ready-made clothing, which recorded about $264 million last December, compared to $211 million in the same month in 2022.
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El Gouna, Heazy Skate Park join forces to build Africa’s largest skate park
This partnership is in line with El Gouna’s vision to become a premier destination for diverse local and international sports events.
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US dollar rate drops in major banks by 1.5% on Tuesday to EGP 48.8/1 USD
The US dollar rate against the Egyptian pound declined on Tuesday by approximately 1.5 percent to EGP 48.8/1 USD for selling.
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IMF Lines Up $1.5 Billion to Egypt within Weeks
The amount will include the first and second review tranches, which were postponed earlier.
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Egypt Achieved Gains from the Deal to Sell a Stake in Eastern Company
During the state's repeated offering of its shares, no tobacco company came forward to buy a stake, except for an Emirati company.
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Egypt receives 4 offers to explore for gold near Sukari mine
Once the two gold-rich areas are fully explored and developed, three additional regions will be opened up for a fresh round of auctions.
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Egypt aims for $83.3B investments in communications & IT sector by 2023/2024
The sector's investments account for 5% of the total investments in the plan, with the private sector playing a crucial role in driving growth.
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Egypt targets primary surplus of 3.5% in GDP in FY2024/2025
Egyptian government targets a primary surplus of 3.5 percent in its GDP in the upcoming fiscal year (FY) 2024/2025, Minister of Finance Mohamed Maait
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UNIDO, Egypt sign agreement for $3M green Hurghada project
The Green Hurghada project targets the mitigation of greenhouse gas emissions, the preservation of biodiversity in the coastal Hurghada region.
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In Egypt, FAO leads an evaluation of the national food control system
The project aims to assist Egypt in adhering to international standards, fostering greater harmonization and trade within the region.
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Is Egypt finding its path towards economic recovery?
Egypt's new currency devaluation and interest rate hike will lure foreign investors but ordinary Egyptians are feeling the pain of soaring prices.
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Egypt to build 18 new hospitals in 2024
The budget allocated is LE10.9 billion as 2,747 beds will be added, including 459 in ICUs, 527 dialysis devices, 441 incubators, and 96 operation room
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SIG partners with Plastic Bank and GIZ in project to boost recycling and empower collection communities in Egypt
According to PractiQ Consulting, Egypt generates more than 95 million tons of waste annually and currently only 60% of this waste is collected.
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Egyptian Adtech Startup dKilo Secures USD 3.2 M Seed Funding
Founded in 2020 by Mohamed Mousa and Sherif Abdelaty, dKilo is a technology company in the AdTech space.
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Inflation in Egypt increases to 36% during February: CAPMAS
The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that annual inflation recorded 36 percent in February compared to 2023.
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What should Egypt do to ensure steady FX inflows?
The IMF statement mentioned that the increase in the loan was prompted by "significant macroeconomic challenges" that have become more complex.
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Egypt’s trade balance deficit hits $3.03B in December 2023: CAPMAS
During December 2023, the value of Egypt's exports declined by 23.0 percent, to record $3.48 billion, in contrast to $4.52 billion in 2022.