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ITFC funds import of oil derivatives for Egypt since March 2015
The International Islamic Trade Finance Corporation, member of Islamic Development Bank Group, has funded a total of $1.4 billion to import oil derivatives for Egypt’s General Petroleum Authority since March 2015, Youm7 reported high-level official at the Egyptian Ministry of the International Cooperation Saturday.
The finance was conditioned in a $3-billion deal signed between the Corporation and Egypt during Sharm el-Sheikh Economic Conference in March 2015 to import petroleum products to Egypt.
Egypt’s revenues of potato exports decline by 23% over the past nine months
Egypt’s revenues of potato exports have dropped by 23 percent in the period between September 2015 and May 2016, according to data from the Egyptian Agricultural Export Council. Egypt has exported a total of 338,000 tons of potatoes, estimated at $170 million, in this period, compared with 599,000 tones, with $221 million, in the same period of the previous year.
Egypt’s imports decrease by $106 mln over three months
Egypt’s imports have reached to $5.750 billion in the period between 2016 March and May, compared with $5.856 billion in the same period of previous year, Youm7 reported officials from the Egyptian Customs Authority Saturday.
Egypt’s Ministry of Housing to start development projects in new Alamein city in FY 2016/2017
The Egyptian Ministry of Planning has farmed a plan to establish a group of development projects in of new Alamein city during the fiscal year 2016/2017, a part of the development of the northwest coast project, Youm7 reported Saturday. The development projects will be conducted on several phases. The first phase will be established on 8,000 acres at a cost of 3 billion EGP.
Egypt’s pound steady against U.S. dollar Saturday
Central Bank of Egypt (CBE) held Wednesday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8574 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP, Youm7 reported. In the black market, the Egyptian purchase the dollar for 10.93 EGP, and sell it for 11 EGP.