News / Government

CBE Cuts Interest Rates for 1st Time in 6M

The Central Bank of Egypt (CBE) announced that the Monetary Policy Committee (MPC) has decided to cut interest rates by 150 basis points, marking the first cut in six months or since February

Gov’t, Private Developers Annually Pump EGP 200 bn in Housing Industry

Egyptian housing ministry and private sector pump total annual investments of nearly EGP 200 bn in the construction and real estate investment sector, which significantly contribute to the growth of the local economy.

Developers to Finish New Alamein Towers’ Exterior by July 2020

Prime Minister Mostafa Madbouly has called on New Alamein property developers to finalize finishing works of all towers' exterior facades before July 2020, entailing all companies to sign a formal acknowledgment to betoken their commitment to meet the target dates.

New Aswan Sees EGP 1.2 bn Investments Since 2014

Egypt has pumped investments worth EGP 1.2 bn in New Aswan since 2014 up to date, compared to a total of EGP 750 mn beforetime

Egypt to Launch Online Industrial Investment Map in September

President Abdel-Fattah El-Sisi mandated on August 15 the launching of a government portal for the unified industrial investment map by next month, in line with the state's efforts to promote the Egyptian industrial sector as one of the vital pillars of the national economy.

Egypt’s July Headline Inflation Dips to Four-Year Low

Egypt’s annual headline inflation rate had fallen to a four-year low, dipping to 8.7% in July from 9.4% a month earlier, despite the fresh round of subsidy cuts that pushed domestic fuel prices up by 16-30%.

Egypt Blooming to be Breakout Nation: Morgan Stanley

American investment bank Morgan Stanley indicates that Egypt’s reform program, including EGP flotation and successive rounds of subsidy cuts, alongside public investment in infrastructure, energy, and various megaprojects, have put it "on track to become a breakout nation."

Gov’t Completes 236 Social Housing Buildings in New Aswan

New Aswan has witnessed the finalization of 236 social housing buildings, while 100 others are still underway.

Egypt Draws Final USD 2 bn Tranche of IMF Loan

Egypt has received USD 2 bn from the International Monetary Fund (IMF), drawing the sixth and final tranche of the USD 12 bn, three-year loan program that kicked off back in November 2016

Egypt Invests EGP 1.3 bn in Neediest Villages in FY 2018/19

Deputy Minister of Planning and Administrative Reform Ahmed Kamaly said Egypt has carried out investments worth EGP 1.3 bn in 158 most needy villages during FY 2018/19, benefitting merely 2.5 mn citizens residing in five governorates

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