Author Archives: enterpriseam admin

CBE leaves interest rates on hold: The central bank’s Monetary Policy Committee left the country’s key interest rates unchanged during its Thursday meeting. Rates remain at 18.75% for overnight deposits and 19.75% for overnight lending. The discount rate also remained unchanged at 19.25%, the CBE said in a statement. The MPC acknowledged improvements in economic […]

Finance Minister Amr El Garhy wants economic reforms to achieve stability, he told Euromoney in an interview. He wants to see Egyptian exports grow, saying that while they are annually in the USD 20 bn region, other peers like Malaysia and Indonesia export ten times the volume. El Garhy also noted that subsidy reform was […]

Stop us if you’ve heard this one before: An electronic visa system for inbound tourists is set to launch “within weeks,” Tourism Minister Yehia Rashed said, according to a report in Al Shorouk. Ministries and government bodies operating the system, including the civil aviation, foreign affairs, and defense ministries, are currently running trials ahead of […]

Prepaid mobile phone credit prices rise 36%: The National Telecommunications Regulatory Authority (NTRA) approved an effective price hike on prepaid mobile phone scratch cards, leaving face values unchanged, but lowering the value of airtime charged on each, Al Mal reports. An NTRA source tells the newspaper that consumers will not be paying more per card, […]

Egypt could see USD 1 bn in funding from the IFC this fiscal year: Egypt will be the key beneficiary of a 20% increase in funding the International Finance Corporation (IFC) is planning to provide to the MENA region this year, said the IFC’s MENA director Mouayed Makhlouf. The IFC is planning to raise MENA […]

This comes as the Green Climate Fund’s board has agreed invest some USD 350 mn in Egyptian projects, Environment Minister Khaled Fahmy said on Saturday, Al Mal reports. Those include USD 154.7 mn for renewable energy projects and a USD 31.4 mn grant to support a climate change adaptation program in the North Coast, which […]

MOVES- Limited changes to management, boards of state-owned banks: The Ismail cabinet approved on Thursday changes to the boards and management of a number of state-owned banks, according to a statement picked up by Al Borsa. CBE Deputy Governor Tarek Fayed was appointed chairman of Banque du Caire, replacing Mounir El Zahed, with Mahmoud Mashhour […]

Ten companies have presented financial and technical offers for the Education Ministry’s PPP schools project, unnamed government sources tell Al Borsa. These include Cairo Development and Investment, Middle East Education Services Group, a consortium of Egypt’s Gezira Academy and Saudi Arabia’s Madinat Al Oloum, Baraem Modern School, and Kuwait’s Excellence for Creativity Company. Orascom Construction’s […]

There are >104 mn of us, according to the census: Egypt’s population is growing at a rate of approximately 2 mn people per year, The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed yesterday when it announced the results of its 2017 national census (paywall). According to the census, Egypt’s overall population has reached […]