Egypt’s business digest Aug. 13: Sisi says Egypt’s written off debts reach $43 bln; Egypt talks with to fund greenhouses of the 1.5 million feddan project
Egyptian Ministry of International Cooperation Sahar Nase has met with a delegation from (Islamic Development Bank (IDB)- Photo courtesy of The Ministry of International Cooperation
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CAIRO: No more browsing from site to site, view the top business news stories on August 13 here:

Sisi: Egypt’s written off debts reach $43 bln

Egypt’s debts that have been written off have reached $43 billion, announced Egyptian President Abdel Fatah al-Sisi Saturday during inauguration of the long planned complex of the Egyptian Ethylene & Derivatives Co. (Ethydco) in Alexandria, Youm7 reported.

He added that the government’s plan of removing the subsidy on the electricity, which is carried out gradually, will save $20 billion for the electricity sector.

 

 

Egypt talks with IDB delegation to fund greenhouses of the 1.5 million feddan project

Egyptian Ministry of International Cooperation Sahar Nase has met with a delegation from (Islamic Development Bank (IDB) to discuss bilateral relations and the bank’s ongoing and future investments in Egypt, particularly finance greenhouses within the 1.5 million feddan project, according to a statement from the ministry Friday.

The IDB has funded projects worth $2.3 billion, while the International Islamic Trade Finance Corporation’s (ITFC) contributes in financing the purchase of oil products worth $3 billion, the statement added.

 

USD exchange rate ‘stable’ at 8.88 EGP Saturday

The USD exchange rate against the Egyptian pound remained “stable” at 8.85 EGP for purchase and 8.88 EGP for sale, while the Euro reached 9.88 EGP for purchase and 9.90 EGP for sale Saturday.

 

Finance ministry to borrow 10.2 bln EGP in T-bills on Sunday

The Finance Ministry, via the Central Bank of Egypt, is set on Sunday to borrow a total of 10.2 billion EGP through treasury bills (T-Bill), Youm7 reported.

The auction is divided into two installments:  the first 91-day-term treasury bonds are to the value of 4.7 billion EGP, while the second 266-day-term bills’ value is estimated at 5.5 million EGP.

 

CBE pumps 120 $mln into domestic banks Tuesday amid expected devaluation of the pound

The Central Bank of Egypt (CBE) will pump $120 million into domestic banks Tuesday, amid expectation of devaluating the Egyptian pound against the U.S dollar in coming period after its negotiation with the International Monetary Fund (IMF) to get $12 billion loan, Youm7 reported.

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