Egypt’s Business digest June 20: Egypt’s Suez Canal charging VLCCs coming from the Arabian Gulf $155,000, OFID finances ten ongoing projects worth at $322 million in Egypt
A Container ship crosses the Suez Canal at Port Said, northeast of Cairo February 1, 2013. REUTERS
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Egypt’s Suez Canal charging VLCCs coming from the Arabian Gulf $155,000

(REUTERS)Egypt’s Suez Canal Authority has set new toll rates for oil tankers as part of a six-month experiment that came into effect on Thursday, it said on its website.

Very large crude carriers (VLCCs) transiting the canal from the Arabian Gulf after discharging at the SUMED oil pipeline will be charged $155,000 if they are carrying more than 250,000 in deadweight tonnage. VLCCs are to pay $230,000 on their return ballast trip.

 

OFID finances ten ongoing projects worth at $322 million in Egypt

The OPEC Fund for International Development (OFID) has participated in financing a total of 23 development projects in Egypt since 1976, with $ 587.6 million in soft loans, according to a reported issued recently by the OFID. The Fund is financing ten ongoing projects, worth at $322 million, in fields of energy, health, agriculture, and small and medium enterprises.

 

Deposits of Banque Misr reach 431 billion EGP in May: CEO

Volume of the deposits at Egypt’s second biggest bank of Egypt Banque Misr has increased to 431 billion EGP ($48.5 billion) at the end of May, Banque Misr CEO Mohamed al-Itrebi told Youm7 Sunday.

 

Egypt-S.Korea Business Council talks increasing exports to Seoul

 

The Egypt-S.Korea Business Council has been divided into a number of committees to discuss the ways of increasing the Egyptian exports to South Korea and attracting more Korean investments to the Egyptian market, council member Osama Genidi told Youm7 Sunday.

 

Egypt prices 4G license at 3.54 bln EGP: Orange

(Reuters): Orange Egypt said on Sunday that Egypt’s telecommunications regulator had set the price of a license to provide fourth-generation mobile services at 3.54 billion Egyptian pounds ($398.6 million), half of which must be paid in dollars.

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