Business - Economy

States of East Mediterranean Gas Forum agree to develop initiatives to confront climate change

The state members of the East Mediterranean Gas Forum (EMGF) agreed on Thursday to cooperate to develop initiatives addressing climate change ahead of the UN Climate Change Conference (COP27), due to be held in Egypt next year.

MBR Initiative, UN-Habitat launch 'Decade of Action Challenge' to promote sustainable urbanisation

The Mohammed bin Rashid Initiative for Global Prosperity (MBR Initiative) and the United Nations’ Human Settlements Programme (UN-Habitat) have announced the launch of the ‘Decade of Action Challenge’, to promote sustainable and inclusive urbanisation through innovative solutions, partnerships, and transformative ideas.

Egypt’s exports to COMESA member states increased by 32% in 2021’s first nine months: CAMPAS

Egypt’s exports to the COMESA member states jumped 32.4 percent during the first nine months of 2021, reaching $2.3 billion, compared to $1.7 billion during the same period in 2020, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

UAE’s GMIS2022 to be held in Pittsburgh

The Global Manufacturing and Industrialisation Summit (GMIS2021) announced on Tuesday that its inaugural edition of the annual event will take place in 2022 in Pittsburgh as homage to a city that has rebounded from significant industrial challenges.

Turkey lira crashes as Erdogan warns of 'economic war'

The Turkish lira plunged to record lows Tuesday after President Recep Tayyip Erdogan stuck to his support for interest rate cuts, warning his country was in a "war of economic independence".

GMIS2021 calls for adopting 4th industrial revolution's tech to accelerate global recovery from pandemic

Public and private officials from all over the world asserted the necessity of adopting the technologies of the fourth industrial revolution under a global umbrella, as they are expected to accelerate the global recovery from the socio-economic implications of the pandemic and contribute to curbing the severe impacts of climate change, particularly in developing countries.

Egypt to chair 21st COMESA Summit on Tuesday in New Administrative Capital: Trade minister

Egypt will chair the 21st Summit of COMESA Heads of State and Government in the New Administrative Capital (NAC) on Tuesday, Minister of Trade and Industry Nevine Gamea announced on Sunday.

Dubai’s GMIS 2021 calls for accelerating digitisation and green transition in Arab countries

Arab countries, including Egypt, need to accelerate digitisation and the transition to a green economy in order to increase their economic growth and boost their industrial sectors, according to Badr Salim Al-Olama.

Indonesia, Denmark sign agreements boosting green economy

Denmark and Indonesia signed on Monday a pair of agreements that aim to boost the large Asian nation's green and sustainable development goals.

Egypt participates in global manufacturing summit in Dubai

The fourth Global Manufacturing and Industrialisation Summit (GMIS 2021) kicked off on Monday in Dubai amid the activities of EXPO Dubai 2020.

EBRD’s annual meetings to kick off on 10 May in Marrakech

The 31st annual meetings of the European Bank for Reconstruction and Development (EBRD) along with its business forum will kick off on 10 May 2022 in Marrakech and will last over 3 days.

Egyptian bank boards to grant 2 seats for women: CBE governor

The Central Bank of Egypt (CBE) decided that two seats in each of Egypt's bank boards will be reserved for women, CBE Governor Tarek Amer told MENA, the state-owned news agency, on Wednesday.

Egypt’s latest US dollar-dominated T-bills attract over $1.6 billion

Egypt’s recent US dollar-dominated treasury bills (T-bills) have managed to attract over $1.6 billion, according to the Central Bank of Egypt (CBE).

CBE approves amendments on forming banks’ board of directors

The Central Bank of Egypt (CBE) approved on Sunday new amendments to the rules on the formation of banks’ board of directors.

EBRD approves €250 mln loan to establish Alexandria’s Abu Qir metro line

The European Bank for Reconstruction and Development approved a €250 million loan for Egypt to finance the Abu Qir metro line in Alexandria, Minister of International Cooperation Rania Al-Mashat announced in a statement on Monday.

New Unified Finance Law to merge two pieces of legislation into a single bill: Finance minister

Egypt’s Minister of Finance Mohamed Maait told MPs in a plenary session on Sunday morning that the new Unified Finance Law represents a radical step towards upgrading the process of drafting the state’s annual budget.

Absence of debt transparency in poorest countries to hinder their recovery: World Bank

The poorest countries will emerge from the COVID-19 crisis with their largest debt burdens in decades, while limited debt transparency in such countries will delay critical debt reconciliation and restructuring, the World Bank said a new report.

Egypt to raise public investments to EGP 933 bln in FY2021/22

Egypt is aiming to increase public investment allocations significantly in the current FY2021/22 to EGP 933 billion, up from EGP 637 billion in FY2020/21, the Ministry of Finance announced on Thursday in a report.

Egypt's economic reforms attract French investments, say economists

A number of French economists said economic reforms that Egypt has implemented over the past seven years strengthened the investment-friendly environment and boosted the GDP growth.

INTERVIEW: Egypt has potential to be a regional economic hub: WB

Egypt has done well regarding the implementation of its economic reforms and the government’s performance amid the pandemic, and it has the potential to serve as a regional economic hub, Merza Hasan, the dean of the Board of Executive Directors at the World Bank Group told Ahram Online.

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