UPDATE: Egypt’s business digest June 30:Egypt to return $1bln to Qatar tomorrow: CBE governor
Central Bank of Egypt Governor Tarek Amer - Youm7 Archive

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CBE governor denies change to debit card usage rules abroad

Central Bank of Egypt Governor Tarek Amer said on Thursday that there was no change to the rules on using debit cards abroad and that it was up to individual banks to set limits on client usage, according to Reuters.

Amer’s comments came a day after an official CBE letter reviewed by Reuters showed the bank ordered bank chiefs to ban usage of debit cards linked to local currency accounts abroad.

Egypt to return $1bln to Qatar tomorrow: CBE governor

Egypt will return a $1 billion deposit to Qatar, the last of the Qatari deposits at the central bank on Friday, the bank’s Governor Tarek Amer was quoted by Al Ahram.

Qatar gave Egypt $7.5 billion in loans and grants during the one-year tenure of former President Mohamed Morsi but relations between the two countries tensed due to Qatari opposition to Morsi’s ouster in 2013.

Egypt will also repay $800 million of debt to the Paris Club of creditor countries next July, Amer said.

 Eni begins digging for Zohr’s fifth gas well

Italian energy company Eni has finished the digging work of the fourth gas well in Zohr Mediterranean gas field and has begun digging for the fifth well. Six wells should be producing gas by the end of 2017 with a capacity of a billion cubic meters of gas daily.

1888 Menoufia aqueduct to be replaced

A new aqueduct will be established in Menoufia, the Delta to replace the 128-year old Bagouria aqueduct. The project will cost up to 70 million EGP, head of the Water tanks and Aqueduct Sector at the Irrigation Ministry Ahmed Karrat told Youm Thursday.

Mahalla Textiles loses 659.7M EGP

Mahalla Textiles Company lost about 659.7 million EGP in the fiscal year 2015\2016 with plans to reduce losses to 500 million EGP in the next fiscal year, Youm7 reported. The losses were attributed to the lack of cotton, marketing problems, dilapidating machines, and rising gas and fuel prices.

Water, wastewater facilities being built at new administrative capital at 250M EGP

Egico, a company affiliated with the Holding Company for Construction and Development, is establishing facilities at the New Administrative Capital at a cost of 250 million EGP, head of Egico Ahmed Abou Shabana told Youm7 in a Thursday report.

Growth of Al-Ahly Bank’s deposit portfolio 21%

The growth of the deposit portfolio of Al-Ahly Bank amounted to 21% in the past 11 months from 484 billion EGP to 535 billion by the end of May 2016, member of the the bank’s board Hussein Refaei told Youm7 in a Thursday report. The growth expected in the next fiscal year is 15%.

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