USD 400 million in development financing from the World Bank for Egypt
On Tuesday, the World Bank announced that Egypt would receive $400 million in development financing to boost the logistics and transportation sectors. The funding comes within the framework of a project to develop a trade logistics line between Cairo and…
IMF expects a new loan deal with Egypt soon
On Tuesday, Reuters said that Egypt’s negotiations with the International Monetary Fund to obtain a new loan have finally reached a very advanced stage. The fund’s managing director, Kristalina Georgieva, expected the two parties to reach an expert-level agreement very…
Egyptian parliament about to approve new EUR 345 million loans
On Tuesday, the House of Representatives Transport and Communications Committee approved two loans worth 345 million euros from the European Bank for Reconstruction and Development and the French Agency for developing the metro and railway network. In September, the European…
Egypt’s non-oil private sector continues to shrink
The Purchasing Managers’ Index, which measures performance in the non-oil private sector economy, has recorded 47.6 points, the worst level in seven months. With this, the index continues its contraction for the 22nd consecutive month, remaining below the 50-point level…
CBE: Net foreign assets deficit hits negative USD 19.7 billion
On Monday, the Central Bank of Egypt reported the net foreign assets deficit increased by about 5% every month to reach negative $19.7 billion. According to Asharq Business, net foreign assets started declining in October 2021 and then turned negative…
Hundreds of employees protest arbitrary dismissal from Agricultural Bank
The Agricultural Bank has fired hundreds of its employees over the past two years after the management issued a new human resources regulation that relaxed the dismissal terms. An employee said she was dismissed in February 2021 based on a…
Terrorism lists: Egyptian authorities’ tool to persecute dissidents
The Cairo Criminal Court decided to include journalists Ahmed Sebei, Badr Mohamed Badr and 55 others on the “terror lists” for five years. This decision has many effects, most notably the inclusion on the travel ban lists and the anticipation…
Lack of greenback alarms food and medicine shortages in Egypt
The dollar shortage crisis in Egypt, which began at the beginning of this year, has exacerbated the possibility of affecting the primary diet of Egyptians, such as wheat, pasta, eggs and meat. At the same time, the crisis has affected…
Egypt’s government raises the prices of subsidized food commodities
The Ministry of Supply has announced raising the prices of eight subsidized food commodities starting from October. The commodities are cheese, oil, lentils, vinegar, ghee, sauce, washing powder, and soap. The ministry disbursed temporary additional support for food commodities last…
King Charles III will not attend COP27
Sunday, Buckingham Palace released a statement saying that King Charles III will not attend the 2022 United Nations Climate Change Conference (COP27) scheduled to be held in Egypt next month. The Sunday Times had alleged that Prime Minister Liz Truss…
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