In Addis Ababa, the parliament has decided to replace the treaty written by Britain in 1929, which gave Egypt veto power over projects in the upstream of the Nile. It is one of the latest actions following the exchange of words between Egypt and Ethiopia over the construction of the Grand Renaissance dam. Speaking in [...]
Fayyaz Azz El-Din, Chairman of the Canadian Chamber of Commerce in Egypt and the Middle East, has lambasted the Egyptian government for its lack of economic vision to pull the country out of its ongoing crisis. In his analysis, he said that the economic growth of Egypt for the future seems to diminish in the [...]
The Egyptian government is battling to complete oil supply deals that it has concluded with Libya and Iraq due to the lack of acceptable bank guarantees. Amidst fuel shortages, the inability to secure an acceptable guarantee highlights the weakness of the public coffers. The deals were expected to solve the country’s energy problems, but an [...]
Egypt has signed an agreement with Saudi Arabia to link their electricity grids. The agreement is worth an estimated value of $1,6billion and it is expected to generate around 3,000 megawatts of power. The project is expected to be functioning by 2016, while the construction works necessary for the project are expected to be achieved [...]
The European Bank for Reconstruction and Development (EBRD) should be deciding on Wednesday whether they will fund oil drilling projects in Egypt with a $40m loan to Kuwait Energy. The latter is expected to drill in five different areas within the country but a group of NGOs have voiced their will against the loan. The [...]
The International Monetary Fund has voiced out its observations about Egypt, citing that inflation will rise to 10,9% this year; thereby surpassing the previous estimation of 8,2% published last month in its half-yearly analysis of the world economy. These observations which were published as part of IMF’s regional outlook also stated that Morocco, Tunisia and [...]
The Egyptian pound has strike a new low against the US dollar, after official exchange rates reached LE7, a rate unseen since 2003, in commercial banks in the country. It marks another turning point in the country’s crisis, despite financial assistance from Qatar and Libya. Egypt was able to register an increase in its foreign [...]
Prime Minister Hesham Qandil has pointed out that the government is willing to offer some areas around the Suez Canal for investment projects, but it will be under the terms of usufruct. He made these remarks at the first conference on the Suez Canal Corridor Development Project. A law has been designed to regulate the [...]
Tourism minister, Hisham Zaazou, said the government still has “optimistic goals” for tourism and welcomes visitors who can drink alcohol and wear bikinis during their stay. The arrival of an Islamist government raised fears that their policies will turn away tourists. Tourism continues to be an important sector and Minister Zaazou said they are planning [...]
The National Bank of Egypt (NBE) and Banque Misr have made clear their desire to sell their foreign assets, prompting investors to term the Egyptian market which is undergoing crisis as attractive and promising. The most prominent of these banks includes Banque Misr, which through its investment wing, Misr Capital Investments, seeks to sell 3million [...]
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