Update – Egypt’s Business digest June 19: Sisi demands no more loans unless Cairo can afford
International Cooperation Minister Sahar Nasr
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CAIRO: No more browsing from site to site, view the top business news stories of Egypt on June 19.

Sisi demands no more loans unless Cairo can afford

President Abdel Fatah al-Sisi requested International Cooperation Minister Sahar Nasr that Egypt approves no more loans unless it is certain the country would be able to pay back. Nasr said the rate of withdrawal from Egypt’s financing portfolio has increased from 10% to 44% to implement major projects, especially those with a societal aspect.

A total of 70 agreements have been signed in 2015-2016, and for housing projects the World Bank provided Egypt with $500 million while the African Development Bank provided $300 to fund projects to develop slums, a presidential statement quoted Nasr as saying.

220 licenses issued for mineral excavation since March

A total of 220 licenses have been issued since mid-March to excavate in search for ores, while 30 other requests for licenses have been filed in the same period, head of the Mining Authority Omar Teima told Youm7 Sunday.

Port Said Container Company to increase capacity into 1.5m containers yearly

The development of Port Said Container Company by the Armed Forces will contribute to raise the capacity of the company by about 500,000 containers, increasing the total capacity to 1.5 million containers a year, head of the Holding Company for Maritime and Inland Transport Mohamed Youssef told Youm7 Sunday.

Asyut, Midor labs to increase diesel, benzene production into 3.5m tons yearly

Refining Labs of Asyut and Midor for producing diesel and benzene will be developed at investments worth $3 billion in the next three years to increase the production to 3.5 million tons a year, according to a aSunday report by the Ministry of Planning.

Finance Ministry puts forward treasury bonds totaling 9.5 b EGP

The Ministry of Finance, represented in the Central bank of Egypt (CBE,) is set to put forward a total of 9.5b EGP (around $1 billion) in treasury bonds Sunday.

The T-bonds are to be offered in two installments; the first valued at 4.5 billion EGP with 91-day term, while the second worth 5 billion EGP with a 266-day term.

USD exchange rate steady at 8.88 EGP Sunday

The U.S. dollar exchange rate remained steady against the Egyptian pound in the official market at the beginning of this week’s trading, where the USD reached 8.8575 EGP in purchasing and 8.8794 EGP for selling. The Euro exchange rate against the EGP reached 9.91 EGP for purchasing and 9.94 for selling.

Gov’t signs protocol with NGOs to distribute food for free in Ramadan

The Ministry of Supply is scheduled to sign a cooperation protocol Sunday with the Misr el-Kheir Foundation and the Egyptian Food Bank; a charitable association to distribute free food commodities among the needy during the holy month of Ramadan.

CAPMAS to announced Monday results of time-use survey

The Central (CAPMAS) will hold a press conference Monday to announce the results of a survey on how Egyptians, including males and females, spend their time and whether the activities they do are related to paid labor market or unpaid.

South Sinai Investors Association launches promotional campaign abroad

Chairman of the South Sinai Investors Association, Hisham Ali announced that the association is preparing to launch a huge promotional campaign in 10 countries to promote tourism in Sinai, attract more tourists and court holidaymakers from different countries, according to Youm7.

Ali added that the campaign will include visits to several countries including: Lithuania, Georgia, Romania, Germany and some Arab countries.

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