First Independent Mena Newspaper
Remittances to Africa and the Middle East, which play a pivotal role in many regional economies, significantly contributing to their GDP, are estimated to have increased 5.4% in 2024, primarily due to rebounded flows to Egypt, after a 14.6% decline in 2023. In 2024, remittance flows to low- and middle-income countries are expected to reach […]
The Egyptian Government plans to drill 46 new oil and gas wells this fiscal year, with an investment of $748.5 million. Minister of Petroleum and Mineral Resources, Karim Badawi, announced on Monday that 15 agreements are in the pipeline, accompanied by $20 million in signing bonuses. The Government aims to boost domestic output, reduce imports, […]
The Egyptian House of Representatives officially approved on Dec.15 a key financing agreement between the Egyptian Government and the Abu Dhabi Exports Office (ADEX). This agreement aims to support Egypt’s wheat imports through the General Authority for Supply Commodities (GASC), ensuring a reliable supply of wheat for the country. The framework outlined in the agreement […]
Apple Pay, Apple’s mobile payment and digital wallet service, has officially launched in Egypt, December 10, marking a major milestone in the nation’s digital payment evolution. Users can now make secure, contactless transactions through Apple devices such as iPhones, Apple Watches, iPads, and Macs. The initial rollout includes partnerships with the National Bank of Egypt, […]
The Egyptian New and Renewable Energy Authority has released a report on its official website detailing the private sector’s involvement in the development of electricity generation projects from solar and wind energy, aiming for a total capacity of 18,550 megawatts by 2030. The report highlights that new wind energy power plants, set to be operational […]
Egypt’s army has replaced a supply firm to take full control of the imports of strategic commodities such as wheat, in a move that highlights the growing role of the Egyptian armed forces in the economy, Reuters reported. The army will conduct tenders on wheat and other strategic commodities instead of the General Authority for […]
The Egyptian Ministry of Petroleum, led by Minister Karim Badawi, is set to launch a new gold and associated minerals exploration bidding process in the first quarter of 2025. This announcement came during a meeting with officials from South Africa’s AngloGold Ashanti, where discussions centered on the ongoing exploration and drilling operations in Egypt’s Sukari […]
On December 3, the Central Bank of Egypt (CBE) announced that Kuwait has agreed to extend a $2 billion deposit for an additional year. Originally set to mature in April 2024, the deposit will now mature in April 2025, according to the CBE’s latest external position report. This decision provides Egypt with crucial financial breathing […]
Egypt’s external debt reached a record $168.1 billion in 2023, a 2.9% rise from the previous year and the highest level since 2012, according to the World Bank’s International Debt Report (IDR) released on December 3. However, the Central Bank of Egypt (CBE) reported a 5% quarterly decline, with external debt falling to $152.88 billion […]
Egypt’s House of Representatives approved on Monday, December 2, a Memorandum of understanding (MOU) with the European Union, securing a €1 billion financial support mechanism aimed at stabilizing the Egyptian economy and bolstering the national budget, according to the Ministry of Planning, Economic Development, and International Cooperation. This funding is part of a broader €7.4 […]