News
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Int’l Cooperation Ministry reviews efforts to back entrepreneurship
Report stated that Egypt was the first country in the Middle East to launch this initiative after being initiated by the UN in more than 50 countries.
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Islamic Development Bank approves $344.5 mln fund for Egypt's electric express train
During its 350th meeting in Jeddah, the Islamic Development Bank's (IsDB) board of executive directors approved three projects worth a total of $403m.
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Egypt’s Tourism Promotion Authority hosts Chinese delegation
The Chinese delegation’s visit to Egypt comes ahead of the upcoming visit of the Chinese tourism minister.
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Cambodia, Egypt sign 3 MoUs in culture, antiquities, diplomacy
The two ministers also agreed to promote bilateral trade and economic cooperation, tourism, education, and agriculture.
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NBE denies issuance of CDs at 30% interest rate
The Vice Chairman of the Bank’s Board of Directors Yehia Aboul-Fotouh in a press statement stressed the need to refer to official sources.
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Solo Women Travel, Female-Led Tours Are Booming In Popularity
The most popular destinations for solo travel include Egypt, Asia, India and Indonesia with Vietnam, Thailand and Japan on the rise.
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Egypt’s Central Bank raises interest rates to highest level since 2017
In its meeting, the overnight deposit rate, overnight lending rate, and the rate of the main operation was raised by 200 bps to 18.25 percent, 19.25.
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Egypt, EU sign 40 mln euro grant agreement to enhance food security
The grant is part of the "European Union's support for food security in Egypt" programme grant of 100 million euros.
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Russia’s ROSATOM permitted to build El-Dabaa Nuclear Power Plant’s 3rd unit
Located in Matrouh governorate, the power plant will house four nuclear power reactors that generate 1,200 megawatts each.
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Military production min. reviews development plan of Giza Zoo, Orman Garden
The meeting reviewed the initial development plan of the project with the timetables of the final design.
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Egypt president approves extra $5.4bln budget for social spending
The additional money was allocated for wages, subsidies and grants, and for social benefit spending.
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Explanation of the raising of interest rates by 200 bps
On the global front, forecasts for international commodity prices have eased compared to those underlying the previous MPC meeting.
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Turkish firms pledge $500M in Egypt investments, eye $20B in trade
Denizer noted that the bilateral trade volume has always remained at the same level, at around $5 billion, while this has also begun to change.
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Egypt OKs new facilitations for investors, real estate developers
The facilities also include granting real estate developers a reduction of 50% on the interest applied on the due installments.
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Maait: Financial Allocations for Public Investments in New Budget Grew by 56%
Its expenditures, according to estimates for the next fiscal year, about EGP 3 trillion, with an annual growth rate of 44.4%.
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National Bank of Egypt denies issuance of new high return saving certificates
According to official statements, the proceeds of the CDs reached $750 billion in just 70 days and came to maturity in March.
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GV Investments group signs strategic partnership with the Gulf Organisation
The strategic agreement was signed by Dr. Yousef Alhorr, founding Chairman of GORD, and Mr. Sherif Hamouda, Chairman of GV Investments Group.
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Sisi signs decree on disbursement of periodical bonus
President Abdel Fattah El Sisi issued a decree bringing forward the disbursement date of periodical bonuses.
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Orascom Development: Earnings release 2022
The company's top line, bottom line, and real estate sales figures were the highest in more than ten years.
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JLL: Record inflow of FDI and substantial support from regional developers
Trading Economics recorded that FDI in the capital had reached an all-time high of USD 7.7 billion in Q1 2022.