العربية

Day: November 2, 2024

Madbouly inspects Egypt’s Urban Development Fund projects

Egypt’s Prime Minister Mostafa Madbouly inspected several projects undertaken by the Urban Development Fund on Saturday, emphasising the government’s focus on developing informal settlements into service areas. Madbouly began his tour by visiting the construction site of the “Craft Workshops” and “Alternative Housing” complex in the North Craftsmen area of…

Al-Mashat outlines new economic development framework to UN, international partners

Rania Al-Mashat, Egypt’s Minister of Planning, Economic Development, and International Cooperation, presented a new operational framework for economic development to representatives of the United Nations, its specialised agencies, and international financial institutions on Friday. The meeting, which included Elena Panova, UN Resident Coordinator in Egypt, and representatives from around 20…

Egypt, Global Environment Facility discuss funding issues

Yasmine Fouad, Egypt’s Environment Minister, has discussed with Carlos Manuel Rodriguez, CEO of the Global Environment Facility (GEF), ways to improve biodiversity funding mobilization and the GEF’s role as a primary funding mechanism for the three Rio Conventions considering its internal reform process. This came on the sidelines of Fouad’s…

MSMEDA launches ambitious financing programme for solar energy: Chief

Basel Rahmy, CEO of Egypt’s Micro, Small, and Medium Enterprises Development Agency (MSMEDA), announced the launch of a new financing programme in collaboration with the United Nations Industrial Development Organization (UNIDO). This initiative aims to support Egyptian companies working in the solar energy sector. Rahmy highlighted that the programme aligns…

Egypt, Google discuss expanding collaboration in tourism promotion

Egypt’s Minister of Tourism and Antiquities, Sherif Fathy, met with Google Egypt’s Country Director, Hisham El Nazer, along with other Google officials. During the meeting, they discussed ways to deepen collaboration between the ministry and Google, particularly in promoting Egypt as a vibrant and youthful tourist destination. This aligns with…

Fitch Ratings raises Egypt’s long-term foreign-currency rating to ‘B’ with stable outlook

Fitch Ratings has upgraded Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B-‘, citing improved external finances supported by significant foreign investments and enhanced policy measures. Key developments include the Ras El-Hekma investment, which contributed $24 billion, and a substantial increase in non-resident holdings of domestic debt. Egypt’s…

Egypt, Huawei discuss localising electric grid equipment manufacturing

Mahmoud Esmat, Egypt’s Minister of Electricity and Renewable Energy, recently met with Jim Liu, CEO of Huawei Egypt, and his delegation to discuss localizing the manufacturing of electric grid equipment and communication tools. The meeting focused on integrating meters to accurately measure energy consumption, detect consumption irregularities, and support existing…

Banks’ commitment to foreign currency requirements for import

Through its distinguished monetary policy and wise decisions, the Central Bank of Egypt (CBE) has managed to maintain exchange rate flexibility. With all the economic changes, banks have emerged as a fundamental pillar in supporting various economic sectors by providing the necessary cash to meet import needs. In this context,…