Sunday 20 August 2017
(Andalou Agency 08/18/17)
Egypt fears Ethiopia’s Grand Renaissance Dam will diminish its historical quota of Nile water. Sudanese President Omar al-Bashir on Thursday vowed to prevent any reduction of Egypt’s historical share of Nile water due to Ethiopia’s construction of a massive hydro-electric dam on the Blue Nile River. At a joint press conference held in Khartoum with Ethiopian Prime Minister Hailemariam Desalegn, al-Bashir reiterated his country’s longstanding commitment to a 1959 water-sharing agreement between upstream and downstream states. “Sudan is totally committed to the 1959 agreement, which established the parameters for water-sharing between Sudan and Egypt,” he said. “We can also ensure that Egypt will not be affected by the dam’s construction,” he added. Desalegn, for his...
(News24 08/18/17)
Sudan's President Omar al-Bashir said on Thursday that the construction of Ethiopia's controversial Grand Renaissance Dam on the Nile River would not impact water supplies to Egypt as feared by Cairo. Visiting Ethiopian Prime Minister Hailemariam Desalegn, for his part, said the project was a "win-win" for the peoples of all three countries if it was not politicised. Construction of the massive dam on the Blue Nile in Ethiopia has poisoned relations between Cairo and Addis Ababa, with Egypt fearing its share of water from the Nile will be hit once the project is completed. "We are fully committed to ensure that the Egyptian share of the Nile water will not be affected because of the building of the Renaissance...
(Reuters (Eng) 08/18/17)
GB Auto, the Egyptian automotive assembler and manufacturer, expects demand for cars to pick up by the end of 2017 as dealers run down inventories, the company's CEO said on Thursday. Consumer demand in Egypt took a hit in November last year, when the central bank floated the pound currency to secure a three-year $12 billion International Monetary Fund loan, a move which more than halved the value of the currency. The IMF programme is tied to reforms such as...
(Reuters (Eng) 08/17/17)
Egypt's cabinet passed regulations on Thursday for a new investment law aimed at attracting foreign investors to help the economy recover after a 2011 uprising. Investment Minister Sahar Nasr said the law will now be passed to Egypt's administrative court, the state council, which is expected to give a final legal review before the law enters into force. The law aims to cut bureaucracy, especially for starting projects, and provide more incentives to investors looking to put money into Egypt...
(Egypt Independent 08/17/17)
Egypt’s central bank is seen leaving key interest rates unchanged this month, a Reuters poll indicated on Tuesday, after it raised them by 200 basis points last month for the second time in a row as inflation soared. Egypt has raised key interest rates by 7 percentage points since it floated the pound in November as part of a $12 billionInternational Monetary Fund programme aimed at boosting the economy. “I expect no change given that the CBE has already hiked...
(Egyptian Streets 08/17/17)
Egypt’s Minister of Investment and International Cooperation (MIIC) Sahar Nasr to meet with a delegation from the World Bank on Sunday to discuss final procedures before giving Egypt the final $US 1 billion tranche of a $US 3 billion loan. According to Nasr, the loan is to finance the social and economic development projects. The Regional Director of the International Bank in Egypt Assad Allam and Nasr have met to follow on the progress of the development projects in Upper...
(Reuters (Eng) 08/17/17)
Egypt's first bitcoin exchange will go live later this month, the founders of Bitcoin Egypt said, linking the Middle East's most populous country with a cryptocurrency that has surged in value in recent months. Many governments around the world are still mulling how to regulate and classify bitcoin, a volatile digital currency that has captured the interest of speculative investors worldwide as its value has soared, roughly quadrupling since the start of 2017 and trading at around $4,400 on Thursday...
(Bloomberg 08/16/17)
Egypt’s tourism receipts almost tripled and worker remittances rose in the last three months of its fiscal year, marking another step in the country’s economic recovery from a crippling dollar shortage. Tourism revenue rose to $1.5 billion in the fourth quarter that ended June 30, from $510 million in the same period a year ago, according to initial central bank data that it shared with Bloomberg. Full-year receipts rose 16 percent to $4.4 billion. Remittances grew 9 percent to $4.8...
(Bloomberg 08/16/17)
Egypt plans to return to the international debt markets in January to raise as much as $4 billion to fund the budget deficit, a Finance Ministry official said. The ministry may approach investment banks to select advisers for the possible sale within three months, the official told Bloomberg on condition of anonymity because the plans have yet to be finalized. The amount and the timing would depend on market conditions, the official said. Egyptian Finance Minister Amr El-Garhy said this...
(Xinhuanet 08/14/17)
The volume of trade exchange between Egypt and China recorded 5.178 billion dollars from January to June 2017, state news agency MENA reported on Monday. China's exports to Egypt decreased by 20.79 percent on a year-on-year basis to 4.518 billion dollars, MENA cited the latest statistics released by the Chinese General Administration of Customs as saying. While Chinese imports from Egypt increased by 298.37 percent to reach 660 million dollars, it added. In June, the volume of trade exchange between Egypt and China amounted to 928 million dollars. Chinese imports from Egypt upped by 181.69 percent on annual basis to 80.58 million dollars, while exports dropped by 17.83 percent to reach 847 million dollars.
(Xinhuanet 08/14/17)
Egypt issued a new law aiming at facilitating measures to issue permits for establishing industrial facilities and attract more industrial investments, the MENA news agency reported on Sunday. The Egypt's Trade and Industry Minister Tarek Qabil asserted on Sunday that the executive regulations of the law aiming at facilitating measures to issue permits for establishing industrial facilities will make a revolution concerning industrial investment rates in Egypt in the coming period. This came on the sidelines of a press conference...
(Reuters (Eng) 08/14/17)
Egypt's Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday. The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said. Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. He expects the company to manage the initial public offering of a pharmaceutical company worth over 1 billion Egyptian pounds ($56.37 million) on the Egyptian...
(Bloomberg 08/11/17)
Egypt has received $40 billion in investments and transfers from abroad since floating its currency in November and securing the largest International Monetary Fund loan to a Middle East nation. The funds include receipts from exports, investors selling dollars to buy Egyptian assets, and the exchange of dollars for Egyptian pounds, either on the local market or through remittances, central bank sub-governor Rami Aboul Naga said on Thursday. The figure does not include financing Egypt has received, such as IMF loan tranches or $7 billion in Eurobonds Egypt
(Bloomberg 08/10/17)
Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fueled by a new round of subsidy cuts ordered under the government’s economic reform program. Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Fuel and electricity price increases went into effect at the start of the new fiscal year on July 1, for the second time in less than a year. The measures are part of an International Monetary Fund-backed reform effort
(Reuters (Eng) 08/10/17)
Egypt's key inflation rates soared to multi-decade highs on Thursday on the back of energy subsidy cuts agreed with the International Monetary Fund as a condition of its $12 billion three-year loan. Annual urban inflation for July hit a critical high of 33.0 percent from 29.8 percent in June, the official CAPMAS statistics agency said, the highest since June 1986, and the second highest since Reuters data began in 1958. Core inflation, which strips out volatile items like food, rose...
(Reuters (Eng) 08/10/17)
Egypt on Tuesday tightened rules for obtaining food subsidy cards, capping the number of new claimants per family and setting income limits as it works to reform its bloated economy. Egypt agreed a $12 billion three-year loan with the International Monetary Fund in November, in exchange for a program including subsidy cuts and tax hikes. It hopes the reforms will help attract back investors who fled after an uprising in 2011. Inflation has soared since import-dependant Egypt floated its pound...
(Bloomberg 08/09/17)
Egypt tightened access to a costly rations program on which the majority of the population relies, the latest in a series of painful and politically-sensitive measures seeking to repair public finances and restore investor confidence. The decree unveiled Tuesday restricts access to new ration cards to people earning 1,500 pounds ($84.50) a month or less for applicants in the public or private sector, the Supply Ministry said in a statement. Lower caps apply to other segments of the population, including...
(Haaretz 08/09/17)
New law promises to put an end to years of uncertainty and could lead to big contracts for Tamar and Leviathan gas fields. After years of delays and uncertainty, Egypt could be on its way to becoming a major market for Israeli natural gas exports after President Abdel Fattah al-Sissi signed legislation on Tuesday forming a gas regulatory authority and permitting private sector companies to import gas. Egypt, along with Turkey, is one of two regional markets that could buy...
(Al-Monitor 08/09/17)
“A year ago, I never would have envisioned myself sharing my home with a complete stranger, but desperate situations demand desperate measures,” Sherine Moustafa, a 45-year-old hotel sales executive and divorcee, told Al-Monitor. Struggling to cope with the soaring prices of goods and services prompted by the November 2016 flotation of the Egyptian pound and successive cuts in fuel subsidies, Sherine has had to look for new and innovative ways to boost her income. Since April, she has been renting...
(Al-Monitor 08/09/17)
CAIRO — While Egypt’s tourism industry faces troubled times, one lawmaker is thinking of innovative ways to bring in revenue to some of the country’s top destinations. Parliamentarian Mohamed al-Massoud announced July 26 that he had completed a monumental and wide-reaching study on the establishment of a free trade zone in Sharm el-Sheikh. The study, he said, was conducted in accordance with the new law on foreign and local investments, which was issued June 1. Massoud, a member of parliament's...

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