Business

Foreign reserves take hit in November; politics, low tourism to blame

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

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

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?

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

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

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

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

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

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

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…
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