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CBE Governor Tarek Amer will meet with members of the Union of Egyptian Investors Associations early next week to resume talks on the repayment of LCs issued before the EGP float, Al Borsa reported. The meeting will look into rescheduling the loans, set a fixed exchange rate for the debt as well as interest rate, […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
EEHC seeking EGP 10 bn loan to fund future expansions
The Egyptian Electricity Holding Company (EEHC) is seeking an EGP 10 bn loan from banks to fund future expansions in electricity transmission and distribution, Al Borsa reports. According to the newspaper, the EEHC is planning to approach the National Bank of Egypt and Banque Misr for a syndicated loan to fund the first phase of […]
Posted inOther Business News of Note
Move in the House to exempt recruitment firms from VAT
There is a move in the House of Representatives to try and exempt recruitment agencies from the value-added tax (VAT). the House Proposals Committee has recommended the move to the House Planning Committee and the Legislative Committee. They argue that this would facilitate workers seeking abroad and send back remittances, Al Shorouk reports.
Posted inLegislation + Policy
House signs off on protest law amendments, proposed amendments to personal status law
The legislative committee at the House of Representatives’ signed off on amendments to the protest law adopted last month that would have the Interior Ministry seek court approval before it can disperse it or change a protest’s location, Al Shorouk reported. The committee also approved the government’s proposed amendments to the personal status law, which […]
Posted inLegislation + Policy
EFSA finalizing draft of accounting procedures
Al Borsa published the most recent draft of the Egyptian Financial Supervisory Authority’s accounting procedures to factor in the EGP float. Amendments to this are expected.
Posted inEgypt Politics + Economics
Importers division wants cheaper USD, fixing for at least three months
The importers division at the Federation of Chambers of Commerce has rejected the government’s fixing of the customs USD exchange rate at EGP 18.5 per USD 1 until February, Al Mal said. The division believes the rate should be closer to EGP 16 per USD 1 and wants the government to fix the rate for […]
Posted inEgypt Politics + Economics
Saudi funded development projects ongoing -sources
Projects financed by Saudi Arabia in Egypt have not come to a standstill, a government source told Al Borsa, a day after the Higher Administrative Court’s ruling to annul the maritime border demarcation agreement with Saudi Arabia. According to the USD 1.5 bn agreement from the Saudi Development fund, completing 25% of any project triggers […]
Posted inNational Security
Egyptian Air Force to equip Hercules aircraft with electronic intelligence capability
Egypt will equip at least one of its Lockheed Martin C-130 Hercules transport aircraft with an electronic intelligence (ELINT) capability, IHS Jane’s reported. “According to a notification posted on the Federal Business Opportunities website, the US Air Force has contracted Sierra Nevada Corporation to deliver the capability. No further details were revealed. The Egyptian Air […]
Posted inSports
Egypt ties with Mali as El Hadary becomes oldest player in Africa Cup of Nations
Egypt played a disappointing game in its first match of the Africa Cup of Nations against Mali, ending with a 0-0 draw after Arsenal's Mohamed Elneny wasted two chances in the first-half. Egypt now ties with Mali in second place in Group D after favorites Ghana beat Uganda 1-0. Egypt’s next game will be this […]
Posted inON YOUR WAY OUT
Gov’t promoting investing in crocodiles around Lake Nasser
We’re investing in crocodiles now, apparently: Al-Monitor picks up where we left off in November with a look at the Egyptian Environmental Affairs Agency’s new project to creating Nile crocodile farms and terrariums after their numbers increased noticeably in Lake Nasser recently.