Egypt’s business digest Oct. 6: Egypt’s GDP to grow by 3.8 percent in FY 2016, says WB report

CAIRO: No more browsing from site to site, view the top business stories in Egypt on Oct. 6 here:

Egypt’s GDP to grow by 3.8 percent in FY 2016: WB report

It is expected that Egypt’s GDP to grow by 3.8 percent in FY 2016/2017, slightly lower than 4.2 percent growth in FY 2015/2015, said a report from the World Bank on Egypt, published on Thursday.

“Growth in FY16 is expected to be entirely driven by domestic demand as consumption remains resilient and public investments crowd-in the private sector,” the report read.


Nasr meets with head of Egyptian-American Enterprise Fund

Minister of International Cooperation Sahar Nasr, met with Chairman of Egyptian-American Enterprise Fund James Harmon on Wednesday evening, on the sidelines Egyptian delegation’s meetings at the World Bank Washington DC, Youm7 reported on Thursday.

Nasr chairs the Egyptian delegation to discuss cooperation portfolio of programs and projects financed with USD 8 billion, given that the International Bank for Reconstruction and Development (IBRD) provides USD 6 billion for development projects and the IFC provides USD 2 billion for the private sector, according to a statement from the Ministry.


USD exchange rate ‘stable,’ reaches 8.88 EGP

The USD exchange rate has been stable against the Egyptian Pound, where it reached Thursday 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.


Egypt’s Finance Minister, CBE governor participate in Institute of International Finance meetings

(Reuters) Central Bank of Egypt Governor Tarek Amer and Egypt Minister of Finance Amer El Garhy participate in discussion on “Egypt” before the Institute of International Finance annual meeting in Washington.



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