First Independent Mena Newspaper
The Suez Canal Authority announced Tuesday it will temporarily raise fees levied on tankers carrying crude oil and petroleum derivatives for ships transiting the waterway in both directions from the beginning of May. Egypt’s Suez Canal Authority has temporarily raised a surcharge levied on tankers carrying crude oil and petroleum derivatives transiting the canal in […]
Libya’s new Prime Minister-designate Fathi Bashagha arrived in Cairo where he is expected to hold consultations on the situation in the oil-rich country with Egyptian top officials and the US ambassador, reports Italian news agency Nova. The agency citing unnamed sources adds that Bashagha will meet with U.S. Special Envoy and Ambassador to Libya, Richard […]
The Egyptian Finance Ministry has entered into deal with US technology company IBM’s consulting arm and German software firm SAP to automate the country’s tax system, as part of the Egyptian government’s digital transformation strategy. The two firms will equip Egypt’s finance ministry with a “comprehensive business operations automation platform,” Arab Finance reports. Ten tax […]
Egypt is seeking to obtain billions of dollars from the Green Climate Fund (GCF) to finance six green energy projects as the Arab country strives to tackle climate change issues. Egyptian Environment minister Yasmine Fouad made the announcement Tuesday as she met with GCF CEO Yannick Glemarec, report says. Yasmine Fouad indicated that her country […]
Three Egyptian banks, including Banque du Caire, will launch this month a fintech fund estimated at around $83 million amid increase in investment in Egypt’s fintech industry. Banque du Caire is joined by National Bank of Egypt (NBE) and Banque Misr to carry out the initiative, Rasha Negm, Assistant Sub-Governor Information Technology at NBE indicated. […]
Speaker of Egypt’s Senate Abdel-Wahab Abdel-Razek has called for enhancing further cooperation ties with Morocco through support measures propping up partnership between the two countries. He made the remarks following his meeting Tuesday in Rabat with Moroccan foreign minister Nasser Bourita. Speaker of the Egyptian Senate is visiting Morocco to take part in the 11th […]
The Egyptian government is set to dedicate 30% of the new budget for green investments, as compared to 15% in FY 2021/2022, minister of Finance said. Mohamed Maait also indicated that Egypt is planning to raise green investments under the FY 2024/2025 budget to 50%, Arab Finance reports. Egypt has embarked on the development of […]
The International Islamic Trade Finance Corporation (ITFC) will provide Egypt with $1.5 billion, a new financing agreement earmarked for imports of petroleum and basic commodities. Hani Sonbol, ITFC CEO announced the agreement to Bloomberg Asharq adding that the amount includes $800 million for petroleum imports and $700 million for basic commodities. The new deal is […]
The Egyptian President Abdelfattah al-Sisi Wednesday named the country’s first coptic christian to head the Supreme Constitutional Court, the highest judicial body. The Egyptian leader picked Judge Boulos Fahmy, 65, from the five oldest of the court’s 15 sitting judges, as required by law, and is the 19th judge to preside over the court since […]
Egypt is seeking another financial support from the International Islamic Trade Finance Corporation (ITFC) to back micro-, small-, and medium-sized enterprises (MSMEs) after the country secured last month $2.6 billion to fund developmental projects. The Ministry of Planning and Economic Development Monday indicated that the signing will take place this month, Arab Finance reports. The […]