Egypt’s business digest July 25: EGX closes on collective rise Monday; EGP weakens on black market amid devaluation talk
The stock market - Youm7 (Archive)

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EGX closes on collective rise Monday

The Egyptian stock market closed Monday’s transaction session on a collective rise to all indices, powered by Arab and foreign purchases, while Egyptians’ trading was mostly sale.

The market capitalisation won 2.6 million EGP during the session, reaching 402,324 billion EGP.


Egypt’s pound weakens on black market amid devaluation talk – Reuters

The Egyptian pound weakened to an unprecedented 13 to the dollar on the black market on Monday, hit by expectations of a devaluation as an acute hard currency shortage hampers trade in the import-dependent country.


General Electric: developing Nubaria power plant turbines to increase production by 6.7%

General Electric Company announced that it will continue developing two gas turbines of “GI9FA”at Nubaria power plant, which would reduce fuel consumption at the station by 3 percent and increase the production by 6.7 percent, MENA reported.


Egypt to receive $1 bln from Saudi Arabia in few days: Minister

Egypt will receive $1 billion in grants and investments from Saudi Arabia within the coming few days, Youm7 reported Egyptian Minister of International Cooperation Sahar Nasr Monday.

An amount of $500 million is the second installment of Saudi 205 billion grant, while other $500 million represent the one-third of 1.5 billion in soft loan for Sinai development, the Minister added.

Early June, Egypt has asked for $500 million installment Saudi Arabia, the second installment of 2.5 billion grant to establish a number of projects in Egypt, an Egyptian official told al-Mal newspaper Saturday evening.

On June1, Egypt’s Minister of International Cooperation Sahr Nasr has announced that Egypt has received the first installment of $500 million. The grant has been signed between both sides in April during Saudi King Salman bin Abdelaziz’s visit to Egypt.


Egypt’s 50% of investing companies see political instability causes slowdown in economic growth: global report

50 percent of Egyptian companies see that post-2011 revolution political instability and corruption are main factors of slowdown of the economic growth, according to a report issued by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the World Bank.

According to the report, of which Youm7 has a copy, showed that private sector investments could be a key factor for enhancing the economic growth in North African and the Middle East.


Egypt signs deal of $40 mln with OFID to finance small-and medium enterprises

Minister of International Cooperation also signed Monday an agreement of $40 million with the OPEC Fund for International Development (OFID) to finance Egyptian small and medium enterprises, Youm8 reported.

The 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.


Establishment of 1,306 investment projects at a cost of 21.3 billion EGP approved: Minister

Licenses o f a total of 1,306 investment projects at a cost of 21.3 billion EGP (around $2.3 billion) have been provided by the Ministry of Trade and Industry, Youm7 reported Minister Tarek Qabil Monday during his tour in 6th October city.

The projects will be established inside and outside the industrial zones nationwide, and will provide a total of 54,000 job opportunities for the youth.


Egyptian pound declines against U.S. dollar in black market Monday

The value of Egyptian pound declined against U.S. dollar scale Monday in the black market, Youm7 reported; the Egyptians purchase the dollar for 12.60 EGP, and sell it for 12:40 EGP.  Central Bank of Egypt (CBE) held the value of the Egyptian at 8.8571 against the U.S. dollar for purchase in the banks.

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