Egypt Today A memorandum of understanding (MoU) to build an automotive factory in the Suez Canal Economic Zone (SCzone) was signed on Tuesday. Egyptian Prime Minister Mostafa Madbouly was in attendance. The factory, dubbed EPAZ, would produce 75,000 vehicles a year in the first phase of operations. It is a …
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Ahram Online According to a report by the World Bank on Tuesday, the economic growth rate projection for the Egyptian economy is expected to rise from 5.9% to 6.1% in the fiscal year (FY) 2021/22. “The Egyptian economy is expected to record 4.8% growth in the FY 2022/23, a 0.7% downgrade …
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Egypt Independent The Egyptian pound recorded its highest exchange rate in a month against the US dollar on Thursday. Dollar price recorded its lowest price, since 20 April, at £E18.32, slightly below the £E18.35 recorded on Wednesday. On 10 April, the dollar was traded for £E18.30. The Egyptian Central Agency …
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Doaa Moneim – Ahram Online “A consortium of investors comprising of Amethis, the European Bank for Reconstruction and Development (EBRD) and SPE Capital have acquired a majority stake in Egypt-based GlobalCorp, a non-banking financial services provider”, the parties announced in a joint statement on Tuesday. Established in 2015, GlobalCorp is …
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Doaa Moneim – Ahram Online Egypt and the European Union (EU) delegation in Egypt signed number of development finance agreements worth €138 Million on Monday. The development agreements cover administrative reform, healthcare, environment, rural and social development along with governance enhancements. The signing took place at a ceremony hosted by …
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Doaa Moneim – Ahram Online The International Finance Corporation (IFC), a World Bank Group member, invested $15 Million in the second fund from venture capital firm ‘Algebra Ventures’ on Monday. The investment supports tech start-ups with access to finance, innovation and job opportunities primarily in Egypt. Algebra Ventures is the …
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Egypt Independent The US dollar exchange rate against the Egyptian pound rose at the beginning of Thursday’s trading, after witnessing a large increase lately followed by a limited decline. Dollar price maintained a relatively stable rate at major Egyptian banks. The Central Bank of Egypt (CBE) offered the lowest rates …
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Ahram Online Japanese automotive components producer Yazaki Europe Limited will establish a €20 Million euro facility to locally produce components for cars in Fayoum, South-West of Cairo. On Tuesday, a memorandum of understanding (MoU) was signed between Yazaki Europe Limited’s CEO Hans Lemmens, and the Egyptian General Authority for Investment …
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Egypt Today The Central Bank of Egypt (CBE) signed an agreement with the Arab Monetary Fund on Thursday to participate in the ‘Buna’ payment platform. The payment platform is a regional system for clearing and settlement of inter-Arab payments, which will be conducted in cooperation with the Arab Monetary Fund. …
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Mai Ghandour – Ahram Online “The Sovereign Fund of Egypt, in cooperation with the Saudi Public Investment Fund, aim to attract investments worth $10 Billion over the coming period”, Egyptian Prime Minister Mostafa Madbouly said on Wednesday. The Prime Minister held a ministerial meeting with Saudi counterparts, where they approved …
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