Egypt to secure €5.8B from EU for Macro-Financial Assistance mechanism
The Ministry of Planning, Economic Development, and International Cooperation has launched negotiations with the European Union for the second phase of the Macro-Financial Assistance mechanism. This phase aims to provide €4 billion in budget support and €1.8 billion in investment guarantees, according to Minister Rania Al-Mashat during a meeting with the National Press Authority attended […]
Egypt leads negotiations to end war in Gaza
From the onset of the Israeli war on Gaza, which began on October 7, 2023, Egypt has intensified its diplomatic efforts to halt military operations and protect the lives of the Palestinian people. Cairo has launched multiple initiatives to deliver aid to Gaza, a territory that has been under siege, showcasing its commitment to regional […]
EGX reveals landmark year with new milestone report
Breaking several records, 2024 saw EGX indices hit new all-time highs. On March 11, 2024, the EGX30, the main benchmark index, closed at a record 33,382 points. The Egyptian Exchange (EGX) reported a year of remarkable milestones in 2024, with significant improvements across key indicators, trading volumes, and market capitalization, according to Ahmed El-Sheikh, Chairman […]
Egypt Invests LE 7 Billion in Renewable Energy Transmission Projects
The Egyptian government, through the Egyptian Electricity Transmission Company (EETC), has earmarked LE 7 billion for investments aimed at transmitting electricity from renewable energy projects and integrating it into the national grid by 2025, according to a statement reported by Asharq Bloomberg. These projects will involve the construction of transformer stations to transfer energy generated […]
Egypt’s car imports rise to $1.7B in 1st 8 months of 2024: CAPMAS
Egypt’s car imports surged during the first eight months of 2024, totaling $1.692 billion, up from $1.155 billion during the same period in 2023. This represents an increase of approximately $536.6 million, reflecting a growing demand for vehicles according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS). In August 2024, car […]
Egyptian Exchange indices close higher Tuesday
The Egyptian Exchange (EGX) ended Tuesday’s trading session on a positive note, with indices posting gains across the board. The market capitalization rose by nearly LE 2.226 trillion, reaching LE 135.48 trillion, with total transactions amounting to LE 2.9 billion. The EGX 30 benchmark index edged up by 0.05 percent, closing at 30,284.35 points. Meanwhile, […]
Sanofi appoints new leader for Africa and Egypt
Sanofi announced the appointment of Adrien Delamare-Deboutteville as General Manager Pharma for Africa and Managing Director for Sanofi Egypt. Adrien has been leading Sanofi’s operations in the region following his appointment as head of Africa in February 2024. In his new role, he will continue to oversee Sanofi’s strategic direction and operations across the continent, […]
Oriental Weavers unveils its vision for 2025 at the Egypt Market Week Event
Oriental Weavers, the world’s leading manufacturer of woven carpets, successfully concluded its exclusive annual Egypt Market Week event, held under the theme “Innovation Rooted in Heritage” at its headquarters. The event served as a vital platform for discussing plans and opportunities for the upcoming year, highlighting the latest developments in carpet industry innovation. The event […]
Fitch Solutions predicts Egypt’s current account deficit to decline to 4.8% of GDP
Fitch Solutions has forecasted that Egypt’s current account deficit will decrease from 6.8 percent of GDP in the previous fiscal year to 4.8 percent in the current fiscal year, driven by a robust recovery in remittances from Egyptians abroad. Despite this improvement, the report noted a widening trade deficit and reduced Suez Canal revenues. Looking […]
IFC confirms agreement on key elements of Egypt’s airport privatization plan
The International Finance Corporation (IFC) has confirmed significant progress in the discussions with the Egyptian government regarding the country’s airport privatization program. In a meeting held on November 24, 2024, Sergio Pimenta, Vice President for Africa at the IFC, stated that the two parties have reached consensus on most key aspects of the plan. Pimenta […]