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The Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, approved USD 87 mn in funding for Lekela Egypt’s 250 MW wind project in the Gulf of Suez last week, Saur Energy reports. It is expected that OPIC will provide over USD 250 mn in additional capital to finance the project.
Author Archives: enterpriseam admin
Posted inManufacturing
Court postpones challenge to increased duties on imported iron pellets
A court has postponed looking into a legal challenge filed by 22 factory owners against a decision to increase import duties on iron pellets to 15%, the local press reported. The Trade Ministry in April introduced 180-day import duties of 25% on finished steel rebar and 3-15% on iron pellets in a bid to protect […]
Posted inHealth + Education
Govt to increase health insurance subsidies to EGP 252 mn in FY2019-2020
The government will increase subsidies for people unable to pay health insurance premiums to EGP 252 mn in the upcoming fiscal year, up from EGP 219 mn currently, Al Mal reports. The Universal Healthcare Act requires the government to pay the equivalent of 5% of the standard minimum wage to cover healthcare for each person […]
Posted inTourism
Azerbaijani national airlines to restore charter flights to Cairo, Sharm El Sheikh in July
Azerbaijan’s national carrier will resume charter flights between Baku and Cairo on 8 July and Sharm El Sheikh on 18 July, Al Mal reported. The decision came during Tourism Minister Rania El Mashat’s visit to the country for the UN World Tourism Organization’s governing council meeting.
Posted inAutomotive + Transportation
Egypt’s all-female ride-hailing startup plans to come to Alexandria
Ride-hailing app Fyonka is planning to debut in Alexandria after having recently launched in Greater Cairo, co-founder Abdallah Hussein said. The ride-hailing startup has a staff of all-female drivers.
Posted inBanking + Finance
Orascom Development signs debt rescheduling agreement with Egyptian banks
Orascom Development Egypt (ODE) signed a CHF 228.1 mn (EGP 3.8 bn) debt rescheduling agreement with Egyptian banks that will see it pay CHF 38.9 mn (EGP 650 mn) by the end of June 2019, the company said in a statement. Lenders also agreed to reduce the interest rate margin on the foreign currency debt […]
Posted inON YOUR WAY OUT
Egypt’s Raneen El Welily and Karim Abdel Gawad crowned champions of CIB squash tournament
Egypt’s Raneen El Welily and Karim Abdel Gawad were crowned champions of the 2018-19 CIB Professional Squash Association World Tour Finals, which ran from 9-14 June at Cairo’s Mall of Arabia. The tournament, held at Marakez’s Mall of Arabia, featured the world’s top eight male and female players, including women’s world no.1 El Welily and […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.69 | Sell 16.79 EGP / USD at CIB: Buy 16.67 | Sell 16.77 EGP / USD at NBE: Buy 16.71 | Sell 16.81 EGX30 (Thursday): 14,181 (+0.2%) Turnover: EGP 560 mn (28% below the 90-day average) EGX 30 year-to-date: +8.8% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
1H2019 (date TBD): Investment Minister Sahar Nasr will head a delegation of businessmen into Mexico City to explore cooperation avenues with the Latin American country. June: International Forum for small and medium enterprises (SMEs). June: Egypt will host the first economic forum for Union for the Mediterranean (UfM) countries to promote trade and investment in […]
Posted inWhat We're Tracking Today
What we’re tracking on 13 June 2019
Monday’s inflation figures are still receiving attention as we prepare to slide into the weekend. Shuaa’s Asset Management Portfolio Manager Aarthi Chandrasekaran tells Bloomberg TV that the spike in annual headline inflation to 14.1% in May will not have come as a surprise to the central bank, adding that the figures will accelerate further in […]