Egypt’s Business digest July 27: IMF confirms Egypt funding request, will send mission to Cairo
Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo in this file photo dated October 10, 2012. REUTERS/Kim Kyung-Hoon


CAIRO: No more browsing from site to site, view the top business news stories on July 27 here:


IMF confirms Egypt funding request, will send mission to Cairo

(Reuters)-The International Monetary Fund confirmed on Tuesday that Egypt has asked it for financial support program and said an IMF staff mission will visit Cairo for about two weeks starting July 30.

“We welcome this request, and look forward to discussing policies which can help Egypt meet its economic challenges. Our goals are to help Egypt return to economic stability and to support strong, sustainable and job-rich growth,” Masood Ahmed, the IMF’s Middle East director, said in a statement.


EGX bullish at open, equities gain 9.6 EGP

The Egyptian Exchange (EGX) rebounded at the open of Wednesday’s session, market capitalization gained 9.6 billion EGP in first 30 minutes of trading to record 413, 533 billion EGP, Youm7 reported.

The benchmark index EGX30 inched up 4.45 percent, while the small- and medium-sized enterprises (SME) index EGX-70 dipped 0.86 percent.


Egypt intensifies crackdown on dollar black market traders

The public funds police department intensified its crackdown on local money changers, a day after the Egyptian pound weakened on the black market reaching over 13 EGP against the US dollar, Youm7 reported.

Plainclothes police personnel were deployed in the vicinity of major exchange offices to arrest informal traders, security source told Youm7. Egypt depreciated the pound for the third time this year after the nation’s foreign reserves tumbled and the currency fell to an all time record in black market trading.


Investment minister to sign $10 b worth development projects contracts

Investment Minister Dalia Khourshid will sign on Thursday the contracts of 17 new development projects worth 90 billion EGP ($10.1 b) in the north coast, Youm7 reported.

Governor of Mediterranean city of Marsa Matrouh said the signing comes after the government have studied and completed the legal procedures required.

The projects will be held on land allocated by the General Authority for Investments and Free Zones (GAFI.)


Mexican business delegation in Cairo late Sep.: minister

Representatives of member companies at the Arab Mexican Chamber of Industry and Commerce (CAMIC) will visit Cairo late September to promote bilateral business relations with Egypt, Youm7 reported Wednesday.

The delegation will attend a joint business forum that will focus on “the available investment opportunities and the most important advantages and incentives enjoyed by the Egyptian market,” Minister of Trade and Industry Tarek Qabil was quoted by Youm7 following a meeting with Mexico’s Ambassador to Cairo.

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