Day: February 1, 2024

Egypt’s central bank hiked key interest rates by 2% on Thursday, aiming to curb rising inflation despite signs of an economic slowdown. The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) raised the overnight deposit rate, overnight lending rate, and the rate of the main operation by 200 basis…

Egypt’s real estate developer Cred has announced the launching of its latest and largest projects to date, Ever New Cairo.  In partnership with the New Urban Community Authority, the project is located in New Cairo spanning over 128.5 feddans of land with total investments of EGP 30bn.  Ever New Cairo…

The Cleopatra Hospitals group intends to invest EGP 2bn over the next 18 months as part of its profit expectations strategy before interest, taxes, and depreciation over the next two years. The focus will primarily be on completing the first and second phases of the Sky Hospital project in East…

Nevine El-Kabbaj, Minister of Social Solidarity, awarded 10 inspiring women with EGP 20,000 each during the third season of the “New Woman” initiative, sponsored by Victory Link and Nasser Bank. The ceremony was attended by Enjy El-Sabban, CEO of Victory Link and co-founder of the initiative; writer and novelist Ahmed…

Egypt’s manufacturing and extractive industries saw a slight decline in November 2023, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). The agency has updated its methodology for calculating the index, now using the 2012/2013 base year and aligning with the Industrial Activity Manual (ISIC…

The European Bank for Reconstruction and Development (EBRD) has approved a senior unsecured loan of up to $5m (€4.6m) to Tanmeyah Microenterprise Services under the Financial Intermediaries Framework (FIF). The loan has a tenor of 3 years, including a 1-year grace period for principal repayment. The loan will help Tanmeyah…

The International Monetary Fund (IMF) has revised its growth projections for the Egyptian economy on Tuesday 30 January, reflecting the challenges faced by the country.  According to the recent World Economic Outlook report, published on Tuesday 30 January, the IMF lowered its growth expectations for Egypt in the current fiscal…

Mohamed Maait, Minister of Finance and Chairperson of the General Authority for Comprehensive Health Insurance, expressed Egypt’s interest in strengthening cooperation with international partners. He said that this would boost development efforts in various fields, especially human development, such as health and education. He said that this would help achieve…

The Ministry of International Cooperation said that the cooperation portfolio between Egypt and Italy amounted to about €82m in various development sectors and that the debt swap programme was one of the main pillars of cooperation between the two sides. It said that three components of the programme worth $350m…

Egyptian billionaire Naguib Sawiris criticized the delay in implementing the long-awaited devaluation of the Egyptian pound, proposing that authorities match the rising price in the black market to address the country’s chronic shortage of foreign currency. In a post on the social media platform “X,” (formerly Twitter) Sawiris said that…