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Egypt’s exports of agricultural products reach 3.9m tons: Ministry report
Egypt’s total exports of agricultural products to Europe and Gulf countries have reached 3.9 million tons so far; Youm7 quoted a report issued by the Agriculture Ministry.
The report noted that there are discussions carried out between Egypt and nine other countries to open markets for Egyptian agricultural products like: citrus fruits, and fodder beet and grape.
KFAED to finance power delivery to 26 Sinai localities
The Kuwait Fund for Arab Economic Development (KFAED) has agreed in principle to finance a project to deliver power lines and transformers to 26 localities in Sinai with initial cost of $12m (106.8 million EGP,) Youm7 quoted a source at the Ministry of International Cooperation.
The source said that the financing is part of the Kuwaiti fund’s package worth $900 million earmarked for Sinai development projects during the period from 2016 to 2019.
Committee tasked with allotting lands for investors in Port Said: Min.
Investment Minister Dalia Khorshid said that a committee will be formed to be tasked with allocating lands for investors in Port Said governorate within the framework eliminating obstacles facing investors in Egypt, Youm7 reported.
Khorshid added that the committee will begin its work as of the next week.
Areas cultivated by cotton decline by 47 percent: report
The total area planted in cotton declined by 47 percent to register 131,000 feddans during this summer season, compared with 247,000 feddans during last summer, Youm7 reported Saturday citing a report issued by the Agriculture Ministry.
The report said the decline was caused by several reasons including the lack of mechanisms to market the crop. Additionally, the cost of cotton cultivation is high reaching 9000 EGP/feddan; companies also tend to import cotton from abroad to get more profit.
USD exchange rate steady at 8.88 EGP Saturday
The U.S. dollar exchange rate remained steady against the Egyptian pound in the official market at the beginning of Saturday’s trading, where the USD reached 8.8572 EGP in purchasing and 8.8794 EGP for selling. The Euro exchange rate against the EGP reached 10.09 EGP for purchasing and 10.12 for selling. The Saudi Riyal exchange rate against the EGP reached 2.361 in purchasing and 2.367 for selling.