First Independent Mena Newspaper
The Financial Regulatory Authority (FRA) reported a notable increase in non-banking financing across various sectors in July 2024. According to the latest figures, the number of consumers benefiting from consumer finance rose to 2.127 million in July 2024, up from 1.986 million in July 2023. The total volume of outstanding loans for micro, small, and […]
Egypt has been elected to lead the Arab Labor Organization (ALO) as President of its Board of Directors for the 101st session, marking the first time in 20 years that the country has held this position. The presidency, which extends until October 2025, was secured during the ALO board meeting held in Cairo on Thursday. […]
The inflow of Egyptian arms to Somalia in a context of increasing tension with its Ethiopian neighbor risks triggering a proxy war in the horn of Africa opposing Cairo to Addis Ababa. Reports mentioned a second shipment of Egyptian arms to Somalia this week, despite threats by Ethiopia that such move represents an act of […]
Egypt’s total public debt fell by 2.1 percent in the final quarter of the 2023/2024 fiscal year, according to the Ministry of Finance. By the end of June, the debt had decreased to LE 12.52 trillion from LE 12.78 trillion recorded in March 2024. This reduction was primarily driven by a 2.7 percent decline in […]
Egypt’s ambitious goals to have renewable energy accounting for over 42% of Egypt’s energy mix by 2040 were outlined during the BRICS Energy Ministers Conference held in Moscow this week. In an address before the conference, Minister of Electricity and Renewable Energy, Mahmoud Esmat, said Egypt also targets to capture 5-8% of the global green […]
The European Bank for Reconstruction and Development (EBRD) has adjusted Egypt’s economic growth projection upward, anticipating a 4% increase in FY2024/2025, indicating a positive recovery trajectory. Growth for FY2023/2024 was revised to 2.7%, with GDP expansion expected to reach 3.2% in 2024 and 4.5% in 2025. Inflationary pressures have moderated, with inflation declining to 25.7% […]
Egypt has unveiled its strategic objectives to scale up exports to over $140 billion by 2030 and secure annual foreign direct investment (FDI) inflows of $20 billion. “This is a realistic and achievable target,” Prime Minister Mostafa Madbouly said at a press conference on September 25. He emphasizing the feasibility of these economic milestones, highlighting […]
Beltone Holding announced that its subsidiary, Beltone Leasing and Factoring, has signed a leasing and factoring agreement with Madkour Group, totaling EGP 400 million. The agreement includes a sale and leaseback arrangement for Madkour Group’s administrative unit assets at the “Zizinia” project in New Cairo, valued at EGP 300 million. Additionally, it provides EGP 100 […]
Egypt’s Minister of Foreign Affairs, Badr Abdelatty, reaffirmed the country’s right to safeguard its water security in response to the challenges posed by the Grand Ethiopian Renaissance Dam (GERD), asserting that Egypt will protect its interests in line with international law. In an interview with Asharq News published on September 22, Abdelatty highlighted the existential […]
The Speaker of the Libyan House of Representatives (HoR), Aqila Saleh, praised the recent rapprochement between Egypt and Turkey, stating that it plays a crucial role in resolving the Libyan crisis and facilitating the withdrawal of foreign forces from the country. In a statement to Russian news agency Sputnik on September 17, Saleh said that […]