Business
Foreign reserves take hit in November; politics, low tourism to blame
December 6, 2012
Foreign reserves take hit in November; politics, low tourism to blame
Foreign cash reserves held by the Central Bank of Egypt dropped by US$448 million in November, falling from $15.483 billion…
Stock market loses LE10.4 billion Thursday
December 6, 2012
Stock market loses LE10.4 billion Thursday
The violent clashes in front of the presidential palace Wednesday night affected the stock market negatively on Thursday.
Official: Egypt negotiates delaying foreign debt repayment
December 6, 2012
Official: Egypt negotiates delaying foreign debt repayment
The Planning and International Cooperation Ministry is holding negotiations with creditor countries to delay an external debt payment of US$1…
Africa rising: Can Egypt capitalize on its neighbors’ growth?
December 6, 2012
Africa rising: Can Egypt capitalize on its neighbors’ growth?
As Egypt struggles to recover from a period of political tumult and a two-year economic downturn, the country’s market officials…
Egypt holds crude oil tender for first quarter 2013
December 5, 2012
Egypt holds crude oil tender for first quarter 2013
The Egyptian General Petroleum Corporation launched a tender for the purchase of 6 million barrels of oil, or 2 million…
Egypt to close loan deal with African Development Bank
December 5, 2012
Egypt to close loan deal with African Development Bank
The African Development Bank has tentatively agreed to provide Egypt with US$2.5 billion over the next two years, which coincides…
Stock exchange gains LE8 billion despite Tuesday protests
December 4, 2012
Stock exchange gains LE8 billion despite Tuesday protests
Stock indexes jumped collectively Tuesday after an intense round of purchases by foreign and Arab investors, despite the “Final Warning”…
Minister: New iron import fees will drive up steel prices, but protect local industry
December 3, 2012
Minister: New iron import fees will drive up steel prices, but protect local industry
The Industry and Trade Ministry is planning to raise fees on iron imports in order to protect local industry, said…
Saudi Development Fund lends Egypt US$230 million
December 3, 2012
Saudi Development Fund lends Egypt US$230 million
Prime Minister Hesham Qandil attended the final signing ceremony of three loan agreements granted to Egypt, totaling US$230 million, from…
Finance Ministry: LE500 million sold in bonds
December 3, 2012
Finance Ministry: LE500 million sold in bonds
The Finance Ministry has sold LE500 million in 3-year treasury bonds (due to mature on 9 October 2015), it announced…