Day: January 7, 2025

Egypt welcomed a record-breaking 15.7 million tourists in 2024, despite ongoing geopolitical challenges in the region, Minister of Tourism and Antiquities Sherif Fathy announced during a meeting of the Culture, Tourism, Antiquities, and Media Committee. This marks a historic achievement for Egypt’s tourism industry. Minister Fathy credited this success to…

The Central Bank of Egypt (CBE) announced that the banking sector’s net foreign assets (NFA) reached a surplus of $5.95bn (EGP 295.6bn) in November 2024, down from a surplus of $9.2bn (EGP 450.861bn) in October 2024. This marks a continued upward trend, with NFA in the sector turning positive in…

Minister of Housing, Utilities, and Urban Communities, Sherif El-Sherbiny, reviewed the achievements of the Central Agency for Reconstruction in 2024, an entity affiliated with the ministry. The agency has successfully completed 37 diverse projects, including roads, services, utilities, and housing, with a total cost of EGP 1.068bn. These initiatives align…

Egypt’s banking sector saw a significant increase in local liquidity, rising to EGP 11.34trn in November 2024, a boost of EGP 2.46trn from the EGP 8.88trn recorded in December 2023. The Central Bank of Egypt (CBE) reported that the money supply reached EGP 2.775trn in November 2024, up from EGP…

Egypt’s Minister of Investment and Foreign Trade, Hassan El-Khatib, recently met with the European Union’s Ambassador-designate to Egypt, Angelina Eichhorst, to explore opportunities for enhancing trade and investment cooperation between Egypt and the EU. The discussion focused on strategies to develop economic relations, foster a more competitive business environment, and…

The Egyptian Ministry of Transport, through the Public Authority for Land and Dry Ports, has signed a contract with Swiss company MEDLOG for the financing, design, construction, operation, and maintenance of the 10th of Ramadan City Dry Port and Logistics Zone. The agreement was witnessed by Deputy Prime Minister for…

Egypt has secured the first installment of a EUR1 billion (EGP billion 52) financial package from the European Union (EU). The funds, transferred to the Central Bank of Egypt (CBE) last Friday, aim to stabilize the nation’s economy while addressing financing needs for the fiscal year 2024/2025. Prime Minister Mostafa…

The Central Bank of Egypt announced on Monday, that net foreign reserves have increased to $47.109 billion in December, compared to $46.952 billion at the end of November.    Egypt’s foreign reserves consist of a basket of major international currencies, including the US dollar, the euro, the British pound, the…