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What if foreign investment flows in?

Statements on investment and economic achievements made by Mubarak-regime ministers were never met with trust by the general public, while specialists could see that they were nothing more than media fireworks systematically set off to improve the picture of utter destruction the country’s state of affairs had reached. A simple review of the number of …

Mustafa Sakr

Presidential decree solidifies military control of land in Sinai

Within the coming few days a presidential decree is to be issued to amend Sinai Development Act number 14 for the year 2012, which Prime Minister Hisham Qandil’s cabinet approved in its last meeting, state-run Al-Ahram reported Saturday. According to Al-Ahram’s report, the presidential amendment stipulates the establishment of a National Authority for the Development …

Islam Serour

Ministry of Finance to issue more FRNs

The Ministry of Finance has reported it will issue an additional EGP one billion in Floating Rate Notes (FRNs) by the beginning of October. FRNs are bonds with a variable interest rate that changes every six months and is tied to a certain money-market index. According to experts, FRNs provide protection to investors against drops …

Islam Serour

Egypt struggles to boost agriculture and livestock wealth

By Mohamed Gamal In a continuing effort to promote the agricultural sector, Egyptian officials agreed with Qatari businessmen to explore investment opportunities in the Egyptian agricultural sector. Last Friday, Prime Minister Hesham Qandil held talks with a Qatari delegation headed by Sheikh Nasser Bin Mohammed Al Hajri, CEO of Hassad Food, who expressed interest in …

Daily News Egypt

The Economist: Egypt third most indebted nation in the world

By Hend El-Behary Egypt is the third most indebted country in the world, according to the Economist magazine. Egyptian public debt currently stands at US$206.999 billion, which amounts to 82 per cent of GDP. The current economic status could drive Egypt into full financial crisis, the magazine reported. Spain and Greece were the first equal …

Daily News Egypt

Government promotes public-private partnerships

Driven by the current financial shortfall, the Egyptian government has begun discussions regarding prospective public-private partnerships (PPP). According to officials, PPP are intended to catalyse infrastructure development, of which the country is in desperate need. The Ministry of Finance launched the MENA Project Finance and PPP two day conference yesterday, under the patronage of Prime …

Islam Serour

OPEC’s development fund gives $30m to Egypt for food security and poverty alleviation

Members of the Organisation of Petroleum Exporting Countries have confirmed a $30million loan for Egypt aimed at food security and poverty alleviation. The international development funding arm of OPEC, the Fund for International Development (OFID), approved 12 loans and grants to 29 developing countries, worth $201 million, for the purpose of improving socio-economic conditions. OFID’s …

Islam Serour

Turkey bolsters Egypt’s coffers

The Turkish government has agreed to inject US two billion into Egypt’s ailing economy following the visit of an Egyptian delegation to Istanbul for the purpose of strengthening Turkish-Egyptian economic ties. The government’s quest to bridge the state budget deficit and promote economic growth was recently manifested by a request to increase the proposed International …

Islam Serour

Review: columnists observe Morsy’s attitude, IMF loan, and Coptic community

Egyptian opinion writers have explored a variety of topics that relate to President Morsy’s surprising moves, starting from his first trip to Saudi, to his latest in Iran. Many columnists continue to dissect Egypt’s internal platform with regards to the growing fears of the Coptic community in the country. Others criticise the acceptance of the …

Daily News Egypt

Tax Authroity new head vowes to boost tax revenues

Egypt’s Tax Authority (TA) hopes to increase tax revenues to EGP 230 billion, according to newly appointed chairman Mamdouh Omar. The TA plans to promote new leadership to ensure justice within the body, Omar told a meeting with heads of regional bureaus and managers of different departments on Monday. According to commentators, taxation in Egypt …

Islam Serour

OPIC to focus investments on franchise, renewable energy and SMEs

As part of the US delegation’s mission to Egypt, the Overseas Private Investment Corporation (OPIC), a US government financing institution, signed a $150 million deal with private equity group Abraaj Capital. The new commitment targets the enhancement and development of small and medium-sized enterprises (SMEs). Managed by Aureos Capital, Abraaj’s SMEs investment platform, the Riyada …

Mohamed El-Bahrawi

US supports Egypt’s technology infrastructure

The US business delegation, currently in Cairo for a four day visit, completed two US grant agreements to boost Egypt’s information and communication technologies infrastructure, Carl Kress, US Trade and Development Administration (USTDA) Regional Director for the Middle East and North Africa, announced yesterday. Developing information and communication technology infrastructure will help boost Egypt’s economic …

Islam Serour

CBE reports EGP 11.3billion balance of payment deficit

The Central Bank of Egypt (CBE) announced Monday that Egypt’s balance of payment totalled USD eight billion during the 2011/2012 fiscal year, compared to a surplus of $571.2 million in the previous fiscal year. The decline was attributed to reduced tourism profits and the current political atmosphere in Egypt and the region. CBE reported that …

Islam Serour

US business delegation promisese support for Egyptian economy

A United States business delegation has pledged to support Egypt in its transition to democracy through bolstering investment to create more jobs and promote economic growth. “We hope that this delegation returns home with a very simple message: Egypt is open for business,” Thomas Nides, head of the US business delegation and the deputy of …

Islam Serour