Egypt’s commodity exports surged in January; trade deficit shrinks

Egypt’s commodity exports witnessed substantial growth in January, surpassing $3 billion, a significant rise from the $2.8 billion recorded in January 2023, resulting in a decline in trade deficit, Minister of Trade and Industry Ahmed Samir said on Tuesday. Samir cited the latest report from the General Authority for Export and Import Control, which detailed […]

Minister Mashat to meet new EIB President Calviño in Luxemburg

Minister of International Cooperation Rania Al-Mashat arrived in Luxembourg on Monday for an official visit to the headquarters of the European Investment Bank (EIB), the European Union’s (EU) financing arm and Climate Bank for Europe, to meet its new president, Nadia Calviño. This visit, which is her first after the appointment of Calviño earlier in […]

Minister of Industry: We aim to launch a giant project for the automobile industry in cooperation with 3 international companies

Ahmed Samir, Minister of Trade and Industry, said during the plenary session of the Senate on Sunday that President Abdel Fattah El-Sisi, President of the Republic, directed a package of investment incentives to support the industrial sector and the national product specifically, in addition to the directives from the political leadership, initiatives, and incentives stipulated […]

CBE’s Monetary Policy Committee ends 2023 with key interest rates unchanged

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to keep key interest rates unchanged. This leaves the overnight deposit rate at 19.25%, the overnight lending rate at 20.25%, the rate of the main operation at 19.75% and discount rate at 19.75%. This marks the third time the committee has maintained interest rates. […]

Egypt adopts new strategy to increase industry’s contribution to domestic product by 20%

The Egyptian Ministry of Industry is currently approaching the preparation of the national strategy for industry, which focuses on attracting investments to deepen the industry. The ministry is targeting prioritizing industrial sectors in which Egypt has an industrial base, opportunities and competitive advantages at the regional and global levels. The strategy aims to achieve a […]

The National Bank of Egypt is getting USD 100 mn from the EBRD to on-lend

NBE is getting USD 100 mn from the EBRD: The European Bank for Reconstruction and Development (EBRD) will be granting the National Bank of Egypt (NBE) up to USD 100 mn senior unsecured loan to be on-lent to micro, small, and medium enterprises (MSMEs), according to an EBRD statement. The beneficiaries: Half of the loan will be used […]

Exports, taxation at center of suggestions in National Dialogue’s session on manufacturing sector

CAIRO – 6 September 2023: Participants in the National Dialogue’s manufacturing session stipulated Tuesday the necessity of boosting the volume of exports, making commercial attaches more effective, and setting a national strategy to develop the sector. Member of the Coordination Committee of Political Parties’ Youth and Young Politicians Rime al-Qady suggested establishing industrial zones dedicated […]