Egypt’s business digest Sept. 12: Egypt increases prices of cigarettes after applying VAT law; CBE governor chairs Egypt’s mission in IMF, WB meetings
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CAIRO: No more browsing from site to site, view the top business news stories on Sept. 12 here:

CBE governor chairs Egypt’s mission in IMF, WB meetings

Central Bank of Egypt (CBE) Governor Tarek Amer will chair an Egyptian mission, which will participates in the annual meeting s of the International Monetary Fund (IMF) and the World Bank  (WB) during the period of  October 5 and 9, Youm7 reported Monday.

It is scheduled that Egyptian Ministers of Finance and International Cooperation Sahar Nasr and Amr al Gharhi will participate in the Washington-held meetings.

 

Egypt increases prices of cigarettes after applying VAT law

Egypt’s smoke cigarettes division at the Federation of Egyptian Industries officially increased the prices of cigarettes Sunday, two days after applying the new value-added tax law, Youm7 reported Monday.

In February 2015, the government raised sales taxes on both local and imported cigarettes by 50 percent, according to a Sunday presidential decree. Last July, President Abdel Fatah al-Sisi raised taxes on local and imported cigarettes and alcoholic beverages by up to 200 percent.

 

171 companies’ capitals increase to 3.8 bn EGP in August

The General Authority for Investment and Free Zone, which affiliates with the Egyptian Ministry of Investment, has announced that the increase of q total 171 companies’ capitals has reached 3.8 billion EGP (around $428 million) in 2016 August, compared with 2.7 billion EGP ($304 million) increase in 2016 July.

“This increase reflects investors’ confidence in the business environment of the Egyptian market, which still holds a lot of ingredients,” said Minister of Investments Dalia Khorshid in the statement Monday.

 

Apache pumps new investments with $796 mln in 2016

U.S. Houston’s Apache Corp has pumped new investments in Egypt worth at $796 million during this year to explore and develop natural gas fields, according to a statement from the Egyptian Ministry of Petroleum Monday.

 

Egypt talks African Development Bank (AFDB) on $300 mln to develop slum areas

Egyptian Minister of International Cooperation Sahar Nassr met Sunday with the African Development Bank representative in Cairo Laila al Moqadem to discuss the ways of the bank’s participation with $300 million soft loan in the government’s plan to develop the slum areas nationwide, Youm7 reported a statement from the ministry Monday.

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