Egypt’s business digest Sept. 5: Egypt’s budget deficit rises by 16.8 pct yr/yr in first nine months
Egypt's pound notes are pictured in stacks of 100 as employees count money at an exchange office in downtown Cairo June 5, 2014. REUTERS/Amr Abdallah Dalsh
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CAIRO: No more browsing from site to site, view the top business news stories on Sept. 5 here:

Egypt’s budget deficit rises by 16.8 pct yr/yr in first nine months

(Reuters) Egypt’s budget deficit rose by 16.8 percent to 254.9 billion Egyptian pounds ($28.71 billion) in the first nine months of 2015/16, the Planning Ministry said in a document on Monday.

Real GDP growth for the first nine months reached 4.3 percent versus 4.8 percent in the same period a year earlier. ($1 = 8.8799 Egyptian pounds)

 

Minister of International Cooperation talks on WB’s loan of $500 mln for Upper Egypt

Minister of International Cooperation Sahar Nasr met Sunday with World Bank Regional representative in Egypt to discuss the WB’s   $500-million loan to Egypt for development of industrial areas in Upper Egypt, the Ministry announced in a statement Sunday.

 

Delegation of Indian-Egyptian business Council arrives in Cairo

A delegation from the Egyptian Indian Business Council arrived in Cairo Monday after a seven-day visit during which the delegation of representatives of 14 Egyptian companies signed a number of agreements with Indian government in many fields, particularly petrochemicals and construction, Youm7 reported.

During his visit to Indian, President Abdel Fatah al-Sisi has met with the Council members in Indian, discussing new batch of cooperation deals.

 

Egypt foreign reserves rise to $16.564 bln end-August

(Reuters) – Egypt’s net foreign reserves rose to $16.564 billion at the end of August, the central bank said on Sunday. Reserves stood at $15.536 billion at the end of July.

Egypt had roughly $36 billion in reserves before an uprising in 2011 overthrew Hosni Mubarak. That ushered in a period of political turmoil that scared away tourists and foreign investors, key sources of foreign exchange.

The United Arab Emirates said last month it had agreed to provide Egypt’s central bank with a $1 billion deposit for a duration of six years.

The International Monetary Fund (IMF) agreed in principle to grant Egypt a $12 billion three-year facility to support a government reform program aimed at plugging a budget gap and rebalancing the currency market, but this must still go to the IMF board for approval.

The lending program is contingent upon the government securing $5-6 billion in bilateral financing for the first year.

 

5.9 increase in air flights in 2015: CAPMAS

The total number of flights in airports reached 325,500 flights in 2015 compared to 307,400 flights in 2014, with an increase of 5.9 %, according the annual bulletin of the Central Agency for Public Mobilization and Statistics (CAPMAS) Monday.

“The total passenger traffic for Airports reached 34.8 million passengers in 2015 compared to 34.5million passengers in 2014, an increase of 0.8%,” the bulletin read.

 

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