First Independent Mena Newspaper
The Central Bank of Egypt (CBE) abolished a February 2022 circular requiring the use of letters of credit for imports, and allowed the use of collection documents instead, Arab Finance reports. The CBE in a late December circular scrapped the letter of credit which provides an irrevocable guarantee to the exporter that the importer’s bank […]
Egypt’s President Abdel Fattah al-Sisi on Thursday approved a document outlining 62 economic activities the state will withdraw from and turn over to the private sector, a cabinet statement said. The document’s approval was required by the International Monetary Fund, which this month approved a $3 billion financial support package for Egypt. The statement said […]
Japan will release to Egypt $301 million to finance the implementation of phase one of Cairo Metro’s fourth line. The related agreement was signed between Egypt’s Minister of International Cooperation, Rania El-Mashat and the Minister of Transport, Kamel El-Wazir, and Japan’s Embassy in Egypt and the Japan International Cooperation Agency (JICA), Mubasher reports. The funds […]
An Egyptian-Qatari Business Forum will be launched during the first quarter (Q1) of 2023, Mubasher reports citing sources familiar with the matter. Egypt’s General Authority for Investment and Free Zones (GAFI) has been mandated to arrange the event, the sources indicated noting that the forum will be launched at the Gulf country’s recommendation. A number […]
The World Bank has granted Egypt a new development financing of $500 million to support the “Takaful and Karama” program according to the Arab country’s Minister of International Cooperation Rania Al-Mashat. Takaful and Karama program supports the most vulnerable classes against the implications of the global economic crises and external shocks. The financing will support […]
Egyptian customs at Cairo airport arrested Thursday a passenger coming from Germany who attempted to smuggle in bladed weapons and narcotics, Arab News reports. Customs officers said the passenger, who arrived on an EgyptAir flight from Frankfurt, appeared confused while trying to exit the customs area. The man, who has not been named, also had […]
Egypt has toppled Russia as a fertilizer exporter to European markets, with exports amounting to 1.5 billion euros during the first ten months of this year, compared to 521 million euros for the same period last year, Asharq Business reports, citing the Egyptian Export Council for Chemical Industries. The council on Wednesday quoted a report […]
Egypt and Zambia are poised to bolster their cooperation in several telecommunications and information technology fields under a MoU signed by Egyptian Ministry of Telecommunications and Information Technology and the zambian Ministry of Technology and Science. Egypt and Zambia will cooperate in the fields of digital transformation, postal services, the building of institutional competencies, skill […]
Egyptian Ministry of Trade and Industry and the European Union (EU) are contemplating the organization in the arab country of a joint business forum meant to attract further European investments in the Egyptian market and boost exports to Africa. Ahmed Samir, the Egyptian Minister of Trade according to his department held an extensive discussion session […]
French high-end luxury fashion house Dior is considering opening a shop in Egypt, reports say. Ali Al-Musailhi, Egypt’s Minister of Supply and Internal Trade met Monday with the head of the Christian Dior International Fashion House Chirome Body, the delegated member of the company Pierre de Majoria, accompanied by the president and delegated member of […]