News
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Sylndr, Egypt’s online used-car retailer, raises $12.6m in a pre-seed round
Sylndr, is set to build trust in the used-car market by providing customers with a hassle-free experience to buy, sell and finance their cars.
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Egypt’s Suez Canal revenues to hit $7bln
Egypt expects the Suez Canal’s revenues to reach about $7 billion by the end of the current FY — ends on 30 June — up from $5.5 billion last year.
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EIB studies financing water desalination projects in Egypt
This is within the framework of projects that the bank contributes to financing, according to Water sector expert at the EIB, Walid Salem.
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AfDB’s 57th annual meetings to kick off on Monday
The 57th round of the African Development Bank (AfDB) Group’s annual meetings will kick off on Monday in the Ghanian capital of Accra.
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CBE raising interest rates by 2% explained
MPC decided that raising policy rates is necessary to contain inflationary pressures, which is consistent with achieving price stability.
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Egypt and EU strengthen cooperation
The European Union is strengthening its cooperation with Egypt in fighting terrorism and building bilateral relations.
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HSBC launches $1bn lending fund for female entrepreneurs in Egypt
This comes alongside the introduction of the ‘HSBC Roar Initiative’, which enables female entrepreneurs to access a series of masterclasses.
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Egypt’s Sovereign Fund becomes a full IFSWF member
The International Forum of Sovereign Wealth Funds (IFSWF) is a global network of sovereign wealth funds from over 40 countries.
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Egypt-US trade exchange volume reached $9 billion in 2021
This came within the framework of a visit by the GreenTech Business delegation to Egypt.
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IFC partners with Rameda to ‘green’ its pharmaceutical business
“greening" operations means improving production efficiencies and boosting the company’s productivity.
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Egypt’s PM discusses cooperation with UAE, Jordan
The Prime Minister held a meeting to review means of enhancing cooperation with UAE and Jordan in the industry sector.
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Egypt records 29.4% decrease in trade deficit during February 2022
Meanwhile, the value of some exported commodities decreased, including fresh oranges by 31%.
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Egypt says government purchases exempted from India's wheat exports ban
India said it would still allow exports backed by letters of credit that were already issued, and sales to countries that request supplies.
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Egypt to privatise key state companies as inflation surges
Madbouli laid out plans for 10 state-owned companies and two army-owned companies to be listed on the stock market later this year.
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Egypt FM meets delegation from the US’s GreenTech Business Mission
The US GreenTech Business Mission delegation includes many companies and financing agencies interested in investing in green energy in Egypt.
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Unemployment in Egypt down to 7.2% in first quarter of 2022
The unemployment rate in Egypt declined by 0.2 percent in the first quarter of 2022 compared to the same period last year to 7.2% of the workforce.
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Egypt's economy loses USD 7 billion due to Russia-Ukraine war
Before the beginning of Moscow's operation in Ukraine, Egypt had been importing 42 per cent of its grains from Russia and Ukraine, Madbouly said.
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Egypt's food exports increase by 5% in 1Q of 2022
Exports of the Egyptian food industry increased by 5 percent in the first quarter of 2022, recording $1.04 billion against $996 million in 2021.
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Egypt announces plan to boost economy against global crisis
The Prime Minister explained that foreign direct investments decreased due to the global economic and the Russian-Ukrainian crises.
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Fitch Solutions revises Egypt’s real GDP growth slightly
Fitch Solutions revised up Egypt’s real GDP growth forecast by 0.1 percent for 2022 to reach 5.6 percent, up from the 5.5 percent it projected April.