UPDATE: Egypt’s business digest July 30:Int’l cooperation minister, Saudi fund delegation discuss measures to fund Sinai development projects
Sahar Nasr and Lim Sung-Nam sign an agreement, witnessed by Abdel Fattah al-Sisi and Park Geun-Hye at the presidential house in Seoul


CAIRO: No more browsing from site to site, view the top business news stories on July 30 here:

Int’l cooperation minister, Saudi fund delegation discuss measures to fund Sinai development projects

International Cooperation Minister Sahar Nasr a delegation of the Saudi Fund on Saturday to review final measures of the first batch of a Saudi loan to fund development projects in Sinai, Youm7 reported.

Egypt will receive 500 million dollars worth of the first batch of a 1.5-billion-dollar loan offered by the Saudi Fund for Development.

During her meeting, Nasr urged the delegation to speed up the implementation the development project meant to provide Sinai residents with services and create job opportunities especially for youth and women.


Finance ministry to borrow 9.7b in T-bills and T-bonds on Sunday.

The Finance Ministry is set on Sunday to borrow a total of 9.7 billion EGP through bonds and treasury bills, Youm7 reported.

The Central Bank of Egypt (CBE) on behalf of the ministry will hold a 91-day auction at a value of 4.7b EGP, a 266-day auction at a value of 5b EGP.

Egypt’s budget deficit is expected to reach 322 b EGP during the 2015-206 fiscal year.


Egypt’s trade minister, Mitsubishi delegation review future projects

Minister of Trade and Industry Tarek Qabil met with a delegation of Mitsubishi Heavy Industries and reviewed the developments of the company’s projects in Egypt.

The two sides reviewed power plant, an iron and steel factory projects, which were proposed during an earlier meeting with Egyptian President Abdel Fatah al Sisi.

Mitsubishi opened a regional office in Egypt earlier this year.


Egypt, IMF talks on $12 bln loan kick off Sunday

The negotiations between the Egyptian government and the mission of the International Monetary Fund (IMF) officially kick off Sunday to last for two week, as Egypt negotiate to take $12 billion loan to boost its economy over the coming three years.


EGPC pumps $6.1 bln to explore, develop onshore and offshore petroleum fields

Companies owned by the Egyptian General Petroleum Corporation ((EGPC) have pumped out a total of $6.1 billion to explore and develop onshore and offshore concession nationwide over 2015, Youm7 reported officials from the EGPC.

Minister of Trade meets with delegation from Mitsubishi Hitachi Power Systems

Ministry of Trade Tarek Qabil held Saturday a meeting with a delegation from Mitsubishi Hitachi Power Systems to discuss certain projects would be establshied in Egypt, Youm7 reported.

In February, President Abdel Fatah al-Sisi met with the Mitsubishi Hitachi Power Systems president , and discussed “projects include the rehabilitation  of a number of existing power plants, providing high-efficiency turbines for natural-gas-fueled power plants, providing modern technology for coal-fired power plants in addition to contributing to the Suez Canal Area Development project,” according to a statement from Egyptian presidential office.

CBE puts forwards treasury bills totaling 10 billion EGP Sunday

The Egyptian Bank of Egypt (CBE) will put forward Sunday Treasury Bills (T-Bills) totaling 907 billion EGP. The T-bills are to be offered in two installments; the first valued at 4.7 billion EGP with 91-day term, while the second worth 5 billion EGP with a 273-day term, Youm7 reported Saturday.


Egypt’s pound steady against U.S. dollar Saturday

Central Bank of Egypt (CBE) held Saturday the value of the Egyptian pound steady against the U.S. dollar; value of the pound preserved at 8.8571 against the U.S. dollar for purchase in the banks, which will sell the dollar to clients at 8.8800 EGP, Youm7 reported.


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