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Egypt's economy is forecast to grow by 5.5% in FY21/22
20 October 05:52 PM Fitch maintains Egypt's rating at B+; outlook stable
Cairo – Mubasher: Fitch Ratings has maintained Egypt's long-term foreign-currency issuer default rating (IDR) at 'B+' with a stable outlook. The rating is backed by the country's "recent record of fiscal and economic reforms, which the authorities …
The Egyptian Exchange
20 October 05:19 PM EGX announces new rules for temporary trading suspension limit
Cairo – Mubasher: The Egyptian Exchange (EGX) announced new rules under which trading will be temporarily halted when the EGX100 EWI moves up or down by 10% within the day’s trading session, compared to a previous limit of 5%.  The trading will be …
The country allocated 7,650 square kilometres of lands to renewable energy projects
20 October 03:53 PM Egypt targets to boost renewables share to 42% of energy mix by 2035
Cairo – Mubasher: Egypt aims to increase the share of renewable energy in the country's electricity mix to 42% by 2035, according to the Minister of Electricity and Renewable Energy, Mohamed Shaker.  During a meeting with Chris Antonopoulos, CEO …
Minister of Trade and Industry Nevine Gamea
20 October 01:27 PM Egypt's non-oil exports rise to $2.6bn in September
Cairo – Mubasher: Egypt's non-oil exports increased by $349 million or 16% to $2.560 billion in September, compared to $2.212 billion in the same month a year earlier, the Minister of Trade and Industry, Nevine Gamea, said in a statement on …
The country's food exports to Iraq grew to $125 million in 2020
20 October 12:33 PM Egypt's food exports to Iraq hit $84m in eight months
Cairo – Mubasher: Egypt's food exports to Iraq rose by 1% to $84.2 million in the first eight months of 2021, compared to $83.7 million in the year-ago period, the Deputy Executive Director of the Egyptian Food Export Council, Tameem El-Dawy, was …
Minister of Finance Mohamed Maait
20 October 11:15 AM Egypt's health sector receives EGP 24bn in Q1 to face pandemic
Cairo – Mubasher: Egypt has provided the health sector with more than EGP 24 billion in order to face the COVID-19 pandemic during the first quarter (Q1) of fiscal year (FY) 2021/2022, posting an annual growth rate of 35%, the Minister of Finance, …
Minister of International Cooperation Rania El-Mashat
20 October 10:40 AM Egypt's House of Representatives approves $259m development financing deals
Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, announced that the House of Representatives approved three development financing agreements worth $259 million. These agreements are aimed at supporting the …
The loan will be used for the development of the electricity sector in Egypt
19 October 05:42 PM Egypt's House of Representatives approves Japanese loan for power sector
Cairo – Mubasher: The Egyptian House of Representatives approved presidential decree no. 324 of 2021 ratifying the letters exchanged between the governments of Egypt and Japan.  These letters include a loan worth JPY 25 billion from the Japan …
Cabinet meeting
19 October 04:24 PM Egypt's cabinet approves setting up Digital Egypt Fund
Cairo – Mubasher: The Egyptian cabinet approved a draft law for the establishment of the Digital Egypt Fund to activate and promote digital community services.  The fund will support various sectors in implementing plans and initiatives related to …
Minister of International Cooperation Rania El-Mashat
19 October 03:44 PM Egypt's House of Representatives approves $255m development funding deals
Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, announced that the House of Representatives approved four development financing agreements worth $255 million with bilateral development partners. The …
President Abdel Fattah El-Sisi
19 October 02:01 PM El-Sisi witnesses signing MoUs with Greece, Cyprus
Cairo – Mubasher: The Egyptian President, Abdel Fattah El-Sisi, witnessed the signing of several memorandums of understanding (MoUs) between Egypt, Greece, and Cyprus on the sidelines of the ninth trilateral summit held in Athens, the Middle East …
Egypt's exports to Greece surged by 194.9% to $807.4 million
19 October 12:55 PM Trade exchange between Egypt, Greece hits $1bn in H1-21
Cairo – Mubasher: Bilateral trade between Egypt and Greece jumped by 112.8% year-on-year (YoY) to $1 billion in the first half (H1) of 2021, compared to $477.6 million, according to data released by the Central Agency for Public Mobilization and …
El-Sisi also stressed the importance of slashing the overall budget deficit
19 October 10:36 AM El-Sisi directs gov't to cut debt, budget deficit
Cairo – Mubasher: The Egyptian President, Abdel Fattah El-Sisi, directed the government to maintain the positive performance of the state budget in order to achieve a primary surplus of 1.5% of the gross domestic product (GDP). El-Sisi also …
Minister of Communications and Information Technology Amr Talaat
18 October 06:04 PM Egypt hosts 13 subsea cables with five more under construction
Cairo – Mubasher: The Egyptian Minister of Communications and Information Technology, Amr Talaat, said that the country hosts 13 subsea cables with five more under installation.  During his talk at the “Investment Opportunities in IT and …
The new factory has the capacity to produce up to 400 tonnes per day
18 October 04:17 PM Egypt inaugurates EGP 55m animal, poultry feed factory in New Valley
Cairo – Mubasher: Egypt's Ministers of Trade and Industry, Supply and Internal Trade, Local Development, and Agriculture as well as the Governor of New Valley have inaugurated a factory for animal and poultry feed production in the city of …
Central Bank of Egypt
18 October 11:08 AM Remittances from Egyptian expats hit $18.7bn in seven months
Cairo – Mubasher: Remittances from Egyptian expatriates rose by 10.2% year-on-year (YoY) or $1.7 billion during the first seven months of 2021, according to data by the Central Bank of Egypt (CBE). Remittances from Egyptians living abroad reached …
The project will be implemented over a period of 12 months
18 October 10:57 AM Elsewedy Electric's unit inks EGP 178m deal to build substation for Zayed monorail
Cairo – Mubasher: The Egyptian Electricity Transmission Company (EETC) has signed a contract with Elsewedy Electric for Trading and Distribution, a subsidiary of Elsewedy Electric Co., to build a substation in Sheikh Zayed for the monorail …
The issuance will be used to finance the country’s budget deficit
18 October 10:36 AM CBE offers EGP 9bn T-bonds on Monday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bonds (T-bonds) worth EGP 9 billion on Monday on behalf of the Ministry of Finance. The first tranche of the T-bonds will be offered through two-year notes valued at EGP 7 …
Minister of Petroleum and Mineral Resources Tarek El-Molla
17 October 05:48 PM Egypt's electricity makes up 60% of gas consumption
Cairo – Mubasher: Egypt's consumption of natural gas posted a more than 20-fold increase to reach 47 million tonnes in fiscal year (FY) 2020/2021, the Minister of Petroleum and Mineral Resources, Tarek El-Molla, said.  The electricity sector …
The value of date exports reached $43 million in 2020
17 October 04:58 PM Egypt aims to raise date exports to $100m in four years
Cairo – Mubasher: Egypt aims to increase its date exports to $100 million over the coming four years, the Deputy Executive Director of the Egyptian Food Export Council, Tameem El-Dawy, was cited by the Middle East News Agency (MENA).  On the …
The imported goods included strategic goods and general cargo
17 October 03:02 PM Port Said collects EGP 2.8bn customs, taxes in September
Cairo – Mubasher: The Egyptian Customs Authority collected EGP 2.840 billion in customs duties, taxes, and charges at Port Said during September. The total value of taxes and customs duties collected for imported goods at Port Said reached EGP …
Minister of Finance Mohamed Maait
17 October 12:17 PM Egypt allocates EGP 109bn for health sector
Cairo – Mubasher: Egypt is working on enhancing the efficiency of expenditures and revenues, supporting growth opportunities, and maintaining the downward trajectory of debt rates.  On the sidelines of the 2021 International Monetary Fund (IMF) …
Saudi Arabia topped Egypt's furniture export market destinations
17 October 11:48 AM Egypt's furniture exports hit $161m in eight months
Cairo – Mubasher: Egypt's furniture exports rose by 19% year-on-year (YoY) to $161.413 million during the first eight months of 2021, compared to $136.154 million, the Middle East News Agency (MENA) reported on Sunday.  In August, the …
This step comes within the expansion strategy of e-finance
17 October 10:49 AM Egypt launches e-Health firm for healthcare digital solutions
Cairo – Mubasher: Egypt's Universal Health Insurance Authority (UHIA) has launched e-Health, a new company for the development, management, and operation of health technology and digital solutions, in collaboration with e-finance.  This step is …
The issuance will be used to finance the country’s budget deficit
17 October 10:28 AM CBE offers EGP 17.5bn T-bills on Sunday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 17.5 billion on Sunday on behalf of the Ministry of Finance. The first tranche of the T-bills will be offered through 91-day notes valued at EGP …