News / Government

ACUD Receives Over 10 Foreign Offers to Invest in NAC: Official

Khaled El Hosseini, spokesperson of the Administrative Capital for Urban Development (ACUD), has received more than ten offers by foreign companies to develop projects in the New Administrative Capital (NAC).

El Gazzar Says 15 Coastal Towers Underway in New Alamein

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said 15 coastal towers are underway in New Alamein city, with up to 41 floors and comprising nearly 4,500 units, confirming that the towers' finishing works are being carried out in parallel with the construction works.

Gov’t Imposes Temporary Tariffs on Steel, Iron Imports

Egypt's Ministry of Finance has commenced the imposition of temporary fees of 15% on iron billets and 25% on steel rebar for 180 days, starting April 15.

Gov’t to Soon Finalize 707,000 Social Housing Units: Official

CEO of Mortgage Finance Fund (MFF) Mai Abdel Hamid has unveiled that a total of 707,000 social housing units are being finalized to accommodate 226,000 citizens, which will be complemented with 761,000 service projects.

Gov’t Investments in New Obour Amount to EGP 4.9 bn

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has confirmed that investments worth EGP 4.9 bn are being pumped into existing and underway projects in New Obour city, of which EGP 1.4 bn are to be invested in the current fiscal year.

Net Foreign Reserves Rise to USD 44.11 bn by End-March

The Central Bank of Egypt (CBE) announced on April 3 that the country’s net foreign reserves rose to USD 44.11 bn by the end of March, compared to USD 44.06 bn in the month-ago period.

Egypt’s Debt to Drop to 74% of GDP by FY 2022/23: IMF

The International Monetary Fund (IMF) said on April 6 that Egypt's total public debt is expected to continue shrinking to nearly 74% of the gross domestic product (GDP) by 2022/23, on the back of the implementation of its economic reform program.

Moody’s Reveals Economic Forecasts for Egypt

US-based credit rating agency Moody's has announced its forecasts for the Egyptian economy, following the government's approval of the budget for the fiscal year 2020.

CBE Reports USD 44.11 bn Foreign Reserves by End-March

The Central Bank of Egypt (CBE) announced on April 3 that the country’s net foreign reserves climbed to USD 44.11 bn at the end of March, up from USD 44.06 bn a month earlier.

World Bank Contribute USD 1.3 bn to Housing Ministry Projects

The Egyptian housing ministry has confirmed that the World Bank (WB) contributions to the first phase of the state's social housing project and the first phase of the sustainable sanitation program stand at USD 500 mn each.

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