First Independent Mena Newspaper
Commercial International Bank or CIB, one of Egypt’s leading private banks, has signed up for a $150 million loan from the European Bank for Reconstruction and Development (EBRD) to cushion against economic risks, a bourse statement said. Per the statement, the loan has a maturity of 10 years and will be used to optimize the […]
Egypt’s Supreme Council for Vehicle Manufacturing is set to sign four partnership agreements with various companies, within a few days to manufacture automobiles in the country, a statement from the office of Prime Minister Mostafa Madbouly said, without specifying the names of the concerned companied. The statement came following a Cabinet meeting on Tuesday November […]
Libya has begun the deportation of 600 undocumented Egyptians who sneaked illegally into the oil-rich African country used as a launch-pad for crossing the Mediterranean for Europe. Mohamad Bardaa, deputy for security affairs at the Directorate of Combating Illegal Migration answering to the Tripoli-based government, told AFP that deportees had entered Libya illegally, Ahram Online […]
Abdourahmane Diaw, the African Development Bank (AfDB) country manager for Egypt, has revealed the Abidjan-based lender will provide the North African country with $350 million in financing for public and private development projects before the end of 2023. The financing will go to the private sector via credit lines to loaning companies and bank and […]
The United Arab Emirates will pump more investments in Egypt across various development sectors, the Gulf country’s minister of Investment Mohammed Al-Suwaidy has told Egyptian Premier Mostafa Madbouly. Al-Suwaidy conveyed to Madbouly UAE’s eagerness to invest in various development sectors, highlighting that the directive to do so was issued by President Sheikh Mohamed bin Zayed […]
French Schneider Electric company is planning to inject additional €30 million in Egypt until 2025 to boost the production capacity of its electrical panels factory in Badr City, the company’s Northeast Africa and Levant Cluster President Sebastien Riez said in an interview with CNN Business Arabic, ‘Arab Business’ reports. €10 million of the €30 million […]
Egyptian holding company GYPTO pharma and several other local companies signed Monday $129.44 million worth of contracts with Saudi Arabian Med City Pharma company to transfer drug manufacturing technology and production to the kingdom, ‘Ahram Online’ reports. Under the deal, GYPTO Pharma will also manufacture some of its drug brands in Med City’s factories in […]
Chinese power and fiber optic cable manufacturer Hengtong will set up a plant in Egypt to produce fiber cable as result of a deal between the Chinese company and the Suez Canal Economic Zone (SCZONE). Hengtong will invest $18 million for the project with a capacity of up to 2 million kilometers in the zone. […]
Libyan and Egyptian authorities have reached an agreement to ban the trade of pharmaceutical drugs, other than Egyptian-made, in Libya, ‘Libya Observer’ reports. The move came following a request by the Egyptian Customs Authority to the Libyan Finance ministry to allow only the entry of Egyptian-origin medicine through the Salloum border crossing with Libya. The […]
Egypt’s Premier Mostafa Madbouly announced Monday October 9 the government decision to suspend from next Saturday duties and customs on essential goods as part of the efforts to curb inflation, especially in food prices. Speaking at a press conference, Madbouly indicated that the government also agreed to reduce the prices of seven basic commodities by […]