Egypt’s business digest Nov. 10: Cabinet discuss finalizing long-awaited investment bill by end of Nov.
The Egyptian Cabinet during the weekly meeting on Wednesday. Youm7


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Cabinet discuss finalizing long-awaited investment bill by end of Nov.

The Egyptian Cabinet, headed by Prime Minister Sherif Ismail reviewed a report on current procedures adopted for preparing the new Investment draft law, Youm7 reported Wednesday.

During the weekly meeting of the cabinet on Wednesday, Ismail called for finalizing the draft law within three months.

Investment Minister Dalia Khourshid said that the ministry is set to finish revising the New Investment Law within three week in order to submit the final draft to the Cabinet by the end of November.

The primary draft of the law was prepared in accordance with an earlier draft made by the state’s Supreme Legislative Reform Committee, she added.

The new law will focus on the diversification of incentives and guarantees for foreign and local investors, she added.

The law, which aims to boost investor confidence and eliminate bureaucracy, was approved by the government in March 2015 before it was amended in December.


Bourse gains 6b EGP at Thursday open

The Egyptian Exchange (EGX) indices went up at the opening of a trading session on Thursday, backed by wide purchases by foreign institutions and investment funds, Youm7 reported.

The main benchmark index EGX30 went up 2.2 percent to reach at 10,447 points, while the small and mid-cap index EGX70 added 1.46 percent to reach 396 points.

The market capitalization gained about 6 billion EGP at the opening of Thursday’s trading session.


18b EGP proceeds of new investment certificates: Banque Misr chairman

The proceeds of the new investment certificates, issued on Thursday with 16-20 percent interest rates reached 18 billion EGP so far, Banque Misr chairman Mohamed al Etribi told state news agency MENA on Wednesday.

Last week, several Egyptian state-owned banks provided new 18-month investment certificates with highest yields offered so far reaching 20 percent and distributed every three months. The banks, including the Banque Misr and the National Bank of Egypt (NBE) have also provided a three-year investment certificate with 16 percent yields distributed every month.


Egypt’s annual urban consumer price inflation eases to 13.6 pct in Oct-CAPMAS

(Reuters) – Egypt’s annual urban consumer price inflation eased to 13.6 percent in October from 14.1 percent in September, the official statistics agency CAPMAS said on Thursday.

Egypt’s urban consumer price inflation had jumped in August, raising concerns about an upward trend in prices.

The central bank floated the pound on Thursday and raised interest rates by three percent.


Egypt reaches terms for $2 billion repurchase transaction with global banks

(Reuters) – Egypt’s Central Bank has reached terms for $2 billion in financing from international banks, it said in a statement on Thursday.

“The central bank initiated a repurchase transaction with a consortium of international banks for a total amount of funding of $2 billion with a maturity of one-year,” the statement said.

It said the transaction was provided by the banks against the entire amount of newly issued Egyptian dollar-denominated sovereign bonds with maturities of December 2017, November 2024 and November 2028.

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