Update – Egypt’s Business digest June 17: Telecommunications at forefront of EGX last week
The Egyptian Exchange (EGX) - YOUM7 (Archive)

CAIRO: No more browsing from site to site, view the top business news stories of Egypt on June 17.

Telecommunication at forefront of EGX last week

The telecommunications sector came in the forefront of the Egyptian Stock Exchange last week with a trading volume of 2,554 million shares worth 270.2 million EGP, followed by real estate and then the financial services sector.

Deputy Finance Min. discuss value-added tax with companies

Deputy of Finance Minister Amr al-Mounir met with representatives of major companies to discuss the application of the value added tax as part of a tax reform program.

Renovation of Kafr el-Dawar factories to yield profit in 2 yrs

The plan to renovate the factories of Kafr al-Dawar Textiles Company will cost 300 million EGP, raising the produce of the company to 60 tons of textiles daily and earning profits in two years, head of the company Ahmed al-Sawy told Youm7 Friday.

Parliament to debate value added tax bill mid-July

The House of Representatives will debate the long-awaited value added tax (VAT) bill, which was approved by the cabinet last year.

The VAT is part of governmental financial reform program which includes the introduction of other new tax measures to contain the country’s budget deficit.

Social fund for development, agriculture bank sign agreement to develop SMEs

Secretary General of the Social Fund for Development (SFD) Soha Soliman and the Principal Bank for Development and Agricultural Credit signed a cooperation protocol worth 25 million EGP to develop small and medium enterprises in the field of agriculture, according to Youm7.

Egypt, Canada sign 3 grant agreements in education and food fields

International Cooperation Minister Sahar Nasr signed with her Canadian counterpart Marie-Claude Bibeau three grant agreements worth C$30.6m in the fields of technical education, food security, and small- and medium-sized enterprises (SMEs.)

The agreements were signed during the Montreal International Conference concluded Thursday in Canada.

African Development Bank delegation due in Cairo Sat. to deliver $500 m loan

A delegation from the African Development Bank (AfDB) is scheduled to arrive in Cairo Saturday in preparation for the release of a loan agreement of US $500 million.

The loan is the second in a programmatic series of three single-tranche budget support operations aimed at supporting the Government’s ongoing bold economic reform programs.

Central bank raises 3 b EGP in T-bonds Monday

The Central Bank of Egypt (CBE) on behalf of the Ministry of Finance is set to auction 3 billion EGP (around $337 million) in treasury bonds Monday, according to the bank’s official website.

The T-bonds are to be offered in two installments; the first valued at 2.5 billion EGP with five-year term, while the second worth 0.5 billion EGP with a ten-year term.

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