Egypt’s business digest Sept. 30: Egypt expected to sign $500 mln deal with World Bank next week – Minister
International Cooperation Minister Sahar Nasr

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

 

 

Egypt to sign $500 mln deal with World Bank next week

Minister of International Cooperation Sahar Nasr announced that a deal worth $500 million is expected to be signed with the World Bank next week, Youm7 reported.

The deal aims to support local development program of Upper Egypt.

Egypt received $1 billion earlier this month, the first tranche of a $3 billion three-year loan from the World Bank aimed at supporting the government’s economic reform program.

Prime Minister Sherif Ismail told Reuters on Thursday that Egypt wants to receive the second tranches of World Bank and African Development Bank (ADB) loans before the end of this year.

 

Main EGX index declines by 3.39% in September: report

The main stock market exchange index EGX30 has declined by 3.39 percent during September, according to EGX monthly report.

The report added that EGX 100 has decreased by 2.13 percent, and EGX20 also declined by 4.20 percent.

 

Heightened control measures at customs outlets to combat smuggling: Minister

Minister of Finance Amr el-Garhy said there will be heightened monitoring measures at customs outlets in a bid to combat smuggling attempts, Youm7 reported.

Garhy made his remarks during a surprise inspection visit at Cairo International Airport.

Customs authorities at Egyptian airports and ports have seized several attempts of smuggling drugs, sex toys, artifacts and spying cameras.

 

USD exchange rate ‘stable,’ reaches 8.88 EGP

 

The USD exchange rate has been stable against the Egyptian Pound, where it reached Friday 8.88 EGP for sale and 8.85 for purchase. Euro exchange rate reached 9.93 EGP for purchase and 9.96 EGP for sale.

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