Update – Egypt’s business digest Aug. 22: UAE sends Egypt $1B in deposit to be paid back in 6 yrs
CBE building - YOUM7 (Archive)

CAIRO: No more browsing from site to site, view the top business news stories on August 22 here:

UAE sends Egypt $1B in deposit to be paid back in 6 yrs

The United Arab Emirates announced on Monday sending $1 billion in deposit to Egypt, which will pay it back over six years. A top Egyptian official told Youm7 the deposit is the second installment of $2 billions the UAE had pledged, and the first installment was received last May.

Parliament approves JAICA loan to improve power distribution

The parliament approved a $455-million loan from Japan International Cooperation agency Monday to be received by the Electricity Holding Company to improve power distribution in Cairo, Alexandria and the northern Delta.

$120 mln loan from SFD to develop Kasr el-Ainy hospital

Parliamentary sub-committee concerned with education and scientific research has approved an agreement with the Saudi Fund for Development to provide a $120 million loan to develop Kasr el-Ainy Hospital.

 

SRL price rise pushes Hajj pilgrims to cancel trip 

A total of 220 Egyptians have cancelled their trip to Saudi Arabia to perform the annual Hajj Islamic ritual this year due to the rise of the Saudi Riyal exchange rate against the Egyptian pound reaching 2.35 EGP for purchase, according to a Health Ministry statement. Another reason for the cancellations was due to health circumstances.

The ministry’s statement said that the 220 pilgrims were selected per the Hajj lottery system.

 

Egypt’s imports of soda water reach $1.6 mln in 4 months

Egypt’s imports of soda water within four months are estimated at $1.6 million, non-alcoholic beverages for $815,314 and whisky for $1,567, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS.)

 

Egypt’s traffic crashes cost 30.5 bln EGP in 2015

A total of 14,500 traffic accidents that took place in 2015 have cost the country’s budget around 30.2 billion EGP, Youm7 reported.

Human error constituted around 64 percent of the reasons behind the fatal crashes, according to official reports. However, road experts blamed the accidents on lack of maintenance and safety measures.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Monday 8.88 EGP for sale and 8.86 for purchase.

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