Egypt’s business digest June 28: Int’l cooperation minister becomes EBRD deputy of Governors Board
A Whiting Petroleum Co. pump jack pulls crude oil from the Bakken region of the Northern Plains AP/Matthew Brown (archived)

CAIRO: No more browsing from site to site, view the top business news stories on June 28 here:

Int’l cooperation minister becomes EBRD deputy director Governors Board

International Cooperation Minister Sahar Nasr has been selected by the European Bank for Reconstruction and Development (EBRD) to be a deputy of the Board of Governors director in 2016/2017.

Egypt became an EBRD recipient country in October 2015; the bank’s forecast for the country’s real GDP growth in 2017 is 4.2%.

Oil, gas investment agreements amount to $14.340B in 2 years

Investment agreements signed by the Petroleum Ministry in the past two years with international companies operating in the field of oil and gas have amounted to $14.340 billion, according to a Tuesday statement by the ministry.

A total of 67 agreements have been signed by June; the ministry had signed no agreements for three years before that.

$120M to be pumped into banks operating locally

About $120 million will be pumped into banks operating in the domestic market by the Central Bank of Egypt after merging the three weekly tenders into one every Tuesday. CBE pumped $33 billion in five months for import purposes.

Value-added Tax to be applied in Sept.

The value-added tax will be applied starting from September after the parliament passes it; the total tax revenues expected for the fiscal year 2016/2017 range between 20-25 billion EGP, Finance Minister Amr al-Garhy told Youm7 Monday.

The Ordinary and Extraordinary General Assembly of Beltone Financial Holding has approved trade-off contract with Orascom Telecom on the acquisition of 100% of the total shares of Arab Finance at a cost of 23 million EGP, according to a Tuesday statement by Beltone.

A similar contract has been approved to acquire 70% of the shares of Reefy for micro projects at a cost of 105 million EGP.

95% of private sector small, micro projects: Amr Aboul Azm

Small and micro projects represent 95% of the private sector in Egypt in terms of the number of projects, and they have a faster ability to create job opportunities and a bigger capacity to grow, said Amr Aboul Azm, deputy head of the Micro Projects Services Development.

However, only 10% of Egyptians have bank accounts, which means that their chances in obtaining bank finances are very low, he told Youm7.

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