First Independent Mena Newspaper
The Shura Council’s last week decision to raise taxes on bank loan provisions has generated discontent from the banking sector, after the amendments were submitted to the legislature without being discussed at the Shura. Banks in the country criticized the move which was initiated by a parliament member from Muslim Brotherhood’s Freedom and Justice Party. […]
The International Monetary Fund (IMF) has announced that it will be holding back on negotiations for the $4,8billion loan to Egypt, because the country’s financial situation is worsening. It has decided to only continue with talks when it receives updated economic information and reform plans from the government. The freezing of negotiations which have been […]
President Mohamed Morsy is currently on a working visit to Brazil and has urged its businessmen to invest in Egypt in order to increase trade between the two countries. Egypt is the biggest trading partner of the Latin American country in Africa and transactions between them have always been on the rise for more than […]
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, and the Egyptian government have reached a financial and initial working capital terms agreement in Cairo. The agreement is essential for works on the Al Nouran Sugar Project, where an amount of $372 million […]
After signing a strategic partnership agreement in February, Huawei and Etisalat Misr have sealed a new contract that will provide the latter with the latest BTS3900 radio base station technology. The deal is meant to improve quality and speed to the Etisalat Misr’s radio network. The BTS3900 will help the Egyptian company to save expenditures […]
According to an official at the Egyptian finance ministry, Libya will be giving Cairo a loan to ease the pressure on the government. It will be offering a $2 billion five-year loan after an agreement was signed to formalize the deal. The loan will be interest free for Egypt with a 3year grace period. The […]
The Egyptian government has made another U-turn after a lot of pressure from investors. The government decided to unveil a 10% tax on stock dividends and investment gains from takeovers in December 2012, but the decision wasn’t welcomed by investors. The government says it is part of the austerity measures that should be implemented to […]
At the ongoing conference under the theme “Saving the Egyptian economy, towards an alternative program,” the Al-Tayar Al-Sha’aby party has claimed that they have an alternative economic model to remedy the country’s situation. Hussein Abdel Ghani, a member of the party, criticized “the current state of the country” and blamed the government for “no suitable […]
President Morsi is on a two-day visit to Sudan with the prospect of promoting bilateral relations and cooperation. He is accompanied with a high powered business delegation. Sudanese came out in the hundreds to give him a warm welcome. Speaking upon his arrival, Morsi said that the “internal and external challenges” that both countries have […]
Alex Bank-Intesa San Paolo witnessed the March Entrepreneurs Festival and was impressed with the potentials showcased by the participants and their proposed projects. The festival which was held at the KEY Career Development Centre office was hosted by the Egyptian Junior Business Association (EJB) in cooperation with community service and environmental development organizations from several […]