Economy news

Govt to hold more talks with IMF on loan next week

11 Apr 2013
The Cabinet has made progress in talks with the International Monetary Fund (IMF) on a US$4.8 billion loan and will continue negotiations next week, Finance Minister Morsy Hegazy said on Thursday. "Talks are continuing with the...
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Egypt hits 2-wk high after funding pledge

11 Apr 2013
The stock exchange hit a two-week high on Thursday after Qatar and Libya pledged US$5 billion in funding to a cash-strapped Egypt, while most Gulf markets also gain in earnings anticipation. Qatari Prime Minister Sheikh Hamad bin Jassim...
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Egypt gets US$2 bn loan from Libya

An Egyptian woman walks into a currency exchange office in downtown Cairo.
10 Apr 2013
Egypt and Libya finalized a US$2 billion loan agreement Wednesday evening to shore up the Egyptian economy and foreign reserves, according to state news agency MENA. The interest free loan is repayable in five years, with a grace period of...
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Barclays Egypt starts adopting expansion plans

Edward Marks, Managing Director of Barclays Bank Egypt  
10 Apr 2013
  Barclays Egypt has begun adopting its expansion plans to add more branches in Egypt this year, after it re-opened a branch in Maadi, said a statement by the bank on Wednesday. “Despite the current conditions the Egyptian...
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Egypt inflation jumps in March with rise in fuel and food prices

Foodstuff prices are expected to rise by next year 2010.
10 Apr 2013
Egypt's monthly inflation rate was once again on the rise in March, increasing by 0.8 percent to 8.2 percent, the statistics agency CAPMAS said on Wednesday. However, urban consumer inflation eased to 7.6 percent in the 12 months up...
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Qatar pledges additional aid, gas deal for Egypt

Doha, Qatar, January 3, 2011.
10 Apr 2013
Qatar will provide Egypt with natural gas to fill the gap in its energy sector, particularly as summer approaches, Qatari Prime Minister Sheikh Hamad bin Jassim al-Thani announced Wednesday. Speaking at a joint press conference with...
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Egypt may ask for larger IMF loan, minister says

Minister of Planning and International Cooperation Ashraf al-Araby
10 Apr 2013
Egypt might ask the International Monetary Fund to increase a previously requested $4.8 billion (LE3.1 billion) loan to cover its budget deficit, the country's planning minister said on Wednesday. "It's very possible that we...
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Egypt mulls wheat imports from Kazakhstan

Wheat, the most important element in the global food crisis
09 Apr 2013
Egypt is considering resuming wheat imports from Kazakhstan after a two-year hiatus, an adviser to the minister of supply said in an interview with state news agency MENA on Tuesday. Supply Minister Bassem Kamal is meeting a delegation...
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Egypt scraps tax on dividends, investment gains

The opening ceremony of the new Egyptian Stock Exchange in Smart Village, outside of Cairo.
08 Apr 2013
Egypt will cancel a tax on stock dividends and investment gains from takeovers and will return revenue already levied on one bank tie-up, a government official said on Monday, after protests by investors in the country's struggling...
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Morsy calls for more investment in Sudan

Egypt's President Mohamed Morsy (R) meets with Sudan's Foreign Minister Ali Ahmed Karti at the presidential palace, Cairo, August 25, 2012. A group of protesters continued a sit-in outside Egypt's presidential palace on Saturday, demonstrating against what they call a power grab by the Muslim Brotherhood and the candidate they supported, Mohamed Morsy, who took office in early July.
04 Apr 2013
During his first two-day visit to Khartoum on Thursday, President Mohamed Morsy called for increased economic cooperation between Egypt and Sudan, calling on Egyptian businessmen in particular to boost their investments in the neighboring...
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